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 -0.85%/yr vs 2.89%/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 0.59% return, which is significantly lower than TBF's 1.51% return. Over the past 10 years, TTT has underperformed TBF with an annualized return of -0.85%, while TBF has yielded a comparatively higher 2.89% annualized return.
TTT
- 1D
- -0.36%
- 1M
- -6.09%
- YTD
- 0.59%
- 6M
- 2.13%
- 1Y
- -4.00%
- 3Y*
- 10.12%
- 5Y*
- 18.57%
- 10Y*
- -0.85%
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
TTT vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TTT UltraPro Short 20+ Year Treasury | 0.59% | -7.89% | 38.07% | -11.25% | 150.17% | 2.55% | -54.12% | -34.88% | 6.34% | -25.87% |
TBF ProShares Short 20+ Year Treasury | 1.51% | 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 | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.04 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.18 | 0.23 | -0.41 |
| Martin ratioReturn relative to average drawdown | -0.34 | 0.50 | -0.83 |
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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 | -78.91% | -43.88% | -35.03% |
Average DrawdownAverage peak-to-trough decline | -70.37% | -47.41% | -22.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.89% | 3.31% | +8.58% |
Volatility
TTT vs. TBF - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 6.36% compared to ProShares Short 20+ Year Treasury (TBF) at 2.20%. 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 | 6.36% | 2.20% | +4.16% |
Volatility (6M)Calculated over the trailing 6-month period | 19.77% | 6.52% | +13.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.33% | 9.29% | +19.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 15.68% | +31.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.32% | 14.50% | +28.82% |
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 9.61%, more than TBF's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
TTT UltraPro Short 20+ Year Treasury | 9.61% | 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 (6.36%) compared to TBF (2.20%). In terms of maximum drawdown, TTT dropped -94.00% vs TBF's -70.40%.
On 10-year performance, TBF leads with 2.89% vs -0.85% for TTT. On fees, TBF is cheaper at 0.94% per year. On volatility, TBF has been the lower-risk option at 2.20%. 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 2.89% return vs -0.85%. 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 9.61%, compared with 2.86% 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 (0.18 vs -0.14), 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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