TTT vs. SPY
TTT (UltraPro Short 20+ Year Treasury) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, TTT returned -0.81%/yr vs 15.70%/yr for SPY. At a 0.19 correlation, their price movements are largely independent. TTT charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
TTT vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 0.95% return, which is significantly lower than SPY's 9.74% return. Over the past 10 years, TTT has underperformed SPY with an annualized return of -0.81%, while SPY has yielded a comparatively higher 15.70% annualized return.
TTT
- 1D
- 1.82%
- 1M
- -5.76%
- YTD
- 0.95%
- 6M
- 1.96%
- 1Y
- -4.56%
- 3Y*
- 10.25%
- 5Y*
- 18.56%
- 10Y*
- -0.81%
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
TTT vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.95% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between TTT and SPY is -0.23, 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 (1Y) Calculated over the trailing 1-year period | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | 0.19 |
The correlation between TTT and SPY shifts across timeframes, from -0.23 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TTT vs. SPY — Risk / Return Rank
TTT
SPY
TTT vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and State Street SPDR S&P 500 ETF (SPY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TTT | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.32 | ||
| Sortino ratioReturn per unit of downside risk | -2.94 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.39 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.21 | 3.01 | -3.22 |
| Martin ratioReturn relative to average drawdown | -0.38 | 13.54 | -13.92 |
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Drawdowns
TTT vs. SPY - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for TTT and SPY.
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Drawdown Indicators
| TTT | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -55.19% | -38.81% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -8.88% | -13.30% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -18.76% | -30.93% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -24.50% | -25.19% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -33.72% | -48.04% |
Current DrawdownCurrent decline from peak | -78.83% | -1.75% | -77.08% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -9.04% | -61.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.88% | 1.97% | +9.91% |
Volatility
TTT vs. SPY - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.37% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.37% | 4.64% | +1.73% |
Volatility (6M)Calculated over the trailing 6-month period | 19.81% | 9.75% | +10.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.38% | 12.43% | +15.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 17.14% | +29.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.39% | 17.99% | +25.40% |
TTT vs. SPY - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
TTT vs. SPY - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 9.58%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
TTT UltraPro Short 20+ Year Treasury | 9.58% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TTT and SPY have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (6.37%) compared to SPY (4.64%). In terms of maximum drawdown, TTT dropped -94.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.70% vs -0.81% for TTT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.70% return vs -0.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for TTT.
TTT has the higher dividend yield at 9.58%, compared with 1.01% for SPY.
TTT is categorized as Leveraged Bonds, while SPY is S&P 500. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for TTT and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.16), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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