TLT vs. TBT
Compare and contrast key facts about iShares 20+ Year Treasury Bond ETF (TLT) and ProShares UltraShort 20+ Year Treasury (TBT).
TLT and TBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TLT is a passively managed fund by iShares that tracks the performance of the Barclays Capital U.S. 20+ Year Treasury Bond Index. It was launched on Jul 26, 2002. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. Both TLT and TBT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TLT or TBT.
Performance
TLT vs. TBT - Performance Comparison
Returns By Period
In the year-to-date period, TLT achieves a -5.58% return, which is significantly lower than TBT's 20.80% return. Over the past 10 years, TLT has outperformed TBT with an annualized return of -0.37%, while TBT has yielded a comparatively lower -2.62% annualized return.
TLT
-5.58%
-1.81%
1.13%
3.40%
-6.09%
-0.37%
TBT
20.80%
4.59%
1.40%
0.74%
8.97%
-2.62%
Key characteristics
| TLT | TBT | |
|---|---|---|
| Sharpe Ratio | 0.26 | 0.01 |
| Sortino Ratio | 0.46 | 0.22 |
| Omega Ratio | 1.05 | 1.02 |
| Calmar Ratio | 0.09 | 0.00 |
| Martin Ratio | 0.60 | 0.01 |
| Ulcer Index | 6.30% | 12.81% |
| Daily Std Dev | 14.73% | 29.17% |
| Max Drawdown | -48.35% | -94.99% |
| Current Drawdown | -41.17% | -86.63% |
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TLT vs. TBT - Expense Ratio Comparison
TLT has a 0.15% expense ratio, which is lower than TBT's 0.92% expense ratio.
Correlation
The correlation between TLT and TBT is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Risk-Adjusted Performance
TLT vs. TBT - Risk-Adjusted Performance Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 20+ Year Treasury Bond ETF (TLT) and ProShares UltraShort 20+ Year Treasury (TBT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Dividends
TLT vs. TBT - Dividend Comparison
TLT's dividend yield for the trailing twelve months is around 4.07%, less than TBT's 5.07% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.07% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% | 2.67% | 3.26% |
TBT ProShares UltraShort 20+ Year Treasury | 5.07% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
TLT vs. TBT - Drawdown Comparison
The maximum TLT drawdown since its inception was -48.35%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TLT and TBT. For additional features, visit the drawdowns tool.
Volatility
TLT vs. TBT - Volatility Comparison
The current volatility for iShares 20+ Year Treasury Bond ETF (TLT) is 4.65%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 9.11%. This indicates that TLT experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.