TSYW vs. TBT

Last updated Jun 4, 2026

TSYW (Roundhill Treasury Bond WeeklyPay ETF) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - TSYW is a Leveraged Bonds fund actively managed by Roundhill, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. TSYW is actively managed, while TBT is passively managed. At a correlation of -0.97, they often move in opposite directions. TSYW charges 0.99%/yr vs 0.93%/yr for TBT.

Performance

TSYW vs. TBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Roundhill Treasury Bond WeeklyPay ETF (TSYW) and ProShares UltraShort 20+ Year Treasury (TBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSYW achieves a -2.14% return, which is significantly lower than TBT's 3.12% return.

TSYW

• 1D: -0.50%
• 1M: 0.63%
• YTD: -2.14%
• 6M: -4.49%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

TBT

• 1D: 0.76%
• 1M: -1.08%
• YTD: 3.12%
• 6M: 7.77%
• 1Y: -2.58%
• 3Y*: 10.56%
• 5Y*: 15.44%
• 10Y*: 2.10%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TSYW vs. TBT - Yearly Performance Comparison

	2026 (YTD)	2025
TSYW Roundhill Treasury Bond WeeklyPay ETF	-2.14%	-2.56%
TBT ProShares UltraShort 20+ Year Treasury	3.12%	4.85%

Correlation

The correlation between TSYW and TBT is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 14, 2025	-0.97

Return for Risk

TSYW vs. TBT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBT

TBT Risk / Return Rank: 7
TBT Sharpe Ratio Rank: 7
TBT Sortino Ratio Rank: 7
TBT Omega Ratio Rank: 7
TBT Calmar Ratio Rank: 7
TBT Martin Ratio Rank: 7

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TSYW vs. TBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Roundhill Treasury Bond WeeklyPay ETF (TSYW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TSYW	TBT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.13	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.49	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.07	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.78	-0.33	-0.45

Drawdowns

TSYW vs. TBT - Drawdown Comparison

The maximum TSYW drawdown since its inception was -9.79%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TSYW and TBT.

Drawdown Indicators

	TSYW	TBT	Difference
Max Drawdown Largest peak-to-trough decline	-9.79%	-94.99%	+85.20%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.89%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-33.83%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.83%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-65.09%	—
Current Drawdown Current decline from peak	-6.51%	-85.63%	+79.12%
Average Drawdown Average peak-to-trough decline	-3.99%	-77.33%	+73.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.50%	—

Volatility

Volatility by Period

	TSYW	TBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	13.20%	—
Volatility (1Y) Calculated over the trailing 1-year period	10.78%	19.76%	-8.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.78%	31.42%	-20.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.78%	28.79%	-18.01%

TSYW vs. TBT - Expense Ratio Comparison

TSYW has a 0.99% expense ratio, which is higher than TBT's 0.93% expense ratio.

Dividends

TSYW vs. TBT - Dividend Comparison

TSYW's dividend yield for the trailing twelve months is around 7.44%, more than TBT's 2.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TBT ProShares UltraShort 20+ Year Treasury	2.89%	3.21%	4.64%	4.98%	0.42%	0.00%	0.32%	2.12%	0.99%
TSYW Roundhill Treasury Bond WeeklyPay ETF	7.44%	1.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSYW and TBT in my portfolio?

TSYW and TBT have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSYW or TBT?

On fees, TBT is cheaper at 0.93% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TSYW or TBT?

TBT is cheaper with a 0.93% expense ratio, compared with 0.99% for TSYW.

Which ETF pays a higher dividend yield, TSYW or TBT?

TSYW has the higher dividend yield at 7.44%, compared with 2.89% for TBT.

What is the main difference between TSYW and TBT?

TSYW is categorized as Leveraged Bonds, while TBT is Inverse Bonds. They also come from different issuers: Roundhill and ProShares. Their fees differ too: 0.99% for TSYW and 0.93% for TBT.