TTT vs. TBF
TTT (UltraPro Short 20+ Year Treasury) and TBF (ProShares Short 20+ Year Treasury) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%). Both are passively managed. Over the past 10 years, TTT returned 0.71%/yr vs 3.40%/yr for TBF. With a 0.99 correlation, they move nearly in lockstep. TTT charges 0.95%/yr vs 0.94%/yr for TBF.
Performance
TTT vs. TBF - Performance Comparison
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Returns By Period
In the year-to-date period, TTT achieves a 8.27% return, which is significantly higher than TBF's 4.15% return. Over the past 10 years, TTT has underperformed TBF with an annualized return of 0.71%, while TBF has yielded a comparatively higher 3.40% annualized return.
TTT
- 1D
- 1.71%
- 1M
- 5.70%
- 6M
- 9.78%
- YTD
- 8.27%
- 1Y
- 0.44%
- 3Y*
- 10.81%
- 5Y*
- 22.32%
- 10Y*
- 0.71%
TBF
- 1D
- 0.61%
- 1M
- 2.11%
- 6M
- 4.63%
- YTD
- 4.15%
- 1Y
- 3.02%
- 3Y*
- 8.15%
- 5Y*
- 11.60%
- 10Y*
- 3.40%
TTT vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 8.27% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
TBF ProShares Short 20+ Year Treasury | 4.15% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
Correlation
The correlation between TTT and TBF is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | 0.99 |
The correlation between TTT and TBF has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
TTT vs. TBF — Risk / Return Rank
TTT
TBF
TTT vs. TBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and ProShares Short 20+ Year Treasury (TBF). 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 | TBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.31 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.06 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.42 | -0.40 |
| Martin ratioReturn relative to average drawdown | 0.04 | 0.89 | -0.85 |
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Drawdowns
TTT vs. TBF - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than TBF's maximum drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for TTT and TBF.
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Drawdown Indicators
| TTT | TBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -70.40% | -23.60% |
Max Drawdown (1Y)Largest decline over 1 year | -22.18% | -7.23% | -14.95% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -17.79% | -31.90% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -17.79% | -31.90% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -38.39% | -43.37% |
Current DrawdownCurrent decline from peak | -77.29% | -42.42% | -34.87% |
Average DrawdownAverage peak-to-trough decline | -70.40% | -47.40% | -23.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.12% | 3.40% | +8.72% |
Volatility
TTT vs. TBF - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 8.57% compared to ProShares Short 20+ Year Treasury (TBF) at 2.88%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.57% | 2.88% | +5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 20.35% | 6.72% | +13.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.99% | 9.22% | +18.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.97% | 15.66% | +31.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.18% | 14.45% | +28.73% |
TTT vs. TBF - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than TBF's 0.94% expense ratio.
Dividends
TTT vs. TBF - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 8.96%, more than TBF's 2.73% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.73% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TTT UltraPro Short 20+ Year Treasury | 8.96% | 9.87% | 4.86% | 12.15% | 0.34% | 0.00% | 0.29% | 1.88% | 0.44% |
Frequently Asked Questions
With a correlation of 0.99, TTT and TBF move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TTT has higher volatility (8.57%) compared to TBF (2.88%). In terms of maximum drawdown, TTT dropped -94.00% vs TBF's -70.40%.
On 10-year performance, TBF leads with 3.40% vs 0.71% for TTT. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 3.40% return vs 0.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for TTT.
TTT has the higher dividend yield at 8.96%, compared with 2.73% for TBF.
TTT is categorized as Leveraged Bonds, while TBF is Inverse Bonds. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TBF tracks U.S. Treasury 20+ Year Index (-100%). Their fees differ too: 0.95% for TTT and 0.94% for TBF.
TBF currently has the higher Sharpe Ratio (0.33 vs 0.02), 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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