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 1.47%/yr vs 15.07%/yr for SPY. Their 0.19 correlation means their historical movements had little consistent relationship. 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 16.17% return, which is significantly higher than SPY's 10.13% return. Over the past 10 years, TTT has underperformed SPY with an annualized return of 1.47%, while SPY has yielded a comparatively higher 15.07% annualized return.
TTT
- 1D
- 2.51%
- 1M
- 13.81%
- 6M
- 14.99%
- YTD
- 16.17%
- 1Y
- 16.61%
- 3Y*
- 10.12%
- 5Y*
- 25.60%
- 10Y*
- 1.47%
- ALL TIME*
- -8.89%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $37.27B | $35.99B | $39.23B | |
| $399.02K | $307.25K | $386.76K |
TTT vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 16.17% | -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 | 10.13% | 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 -0.21, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.21 |
Correlation (3Y) Balances recent behavior with more history. | -0.17 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.08 |
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 -0.21 (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 | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.31 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.27 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 2.20 | -1.58 |
| Martin ratioReturn relative to average drawdown | 1.24 | 9.40 | -8.16 |
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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 | -19.51% | -8.88% | -10.63% |
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 | -75.64% | -1.40% | -74.24% |
Average DrawdownAverage peak-to-trough decline | -70.43% | -9.01% | -61.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 2.08% | +7.70% |
Volatility
TTT vs. SPY - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 7.13% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. 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 | 7.13% | 3.58% | +3.55% |
Volatility (6M)Calculated over the trailing 6-month period | 20.38% | 10.14% | +10.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.76% | 12.89% | +14.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.79% | 17.18% | +29.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.16% | 17.95% | +25.21% |
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 8.35%, 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 | 8.35% | 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 -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TTT has higher volatility (7.13%) compared to SPY (3.58%). In terms of maximum drawdown, TTT dropped -94.00% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs 1.47% for TTT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. 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 15.07% return vs 1.47%. 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 8.35%, 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 (1.52 vs 0.44), 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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