TTT vs. TLT
TTT (UltraPro Short 20+ Year Treasury) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - TTT is a Leveraged Bonds fund tracking the Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TTT returned 1.47%/yr vs -2.38%/yr for TLT. Their -0.99 correlation means they have often moved in opposite directions in the past. TTT charges 0.95%/yr vs 0.15%/yr for TLT.
Performance
TTT vs. TLT - 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 TLT's -3.49% return. Over the past 10 years, TTT has outperformed TLT with an annualized return of 1.47%, while TLT has yielded a comparatively lower -2.38% 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.33B | $2.02B | $2.19B | |
| $399.02K | $307.25K | $386.76K |
TTT vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between TTT and TLT is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Mar 29, 2012 | -0.99 |
The correlation between TTT and TLT has been stable across timeframes, ranging from -0.99 to -0.99 - a consistent structural relationship.
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Return for Risk
TTT vs. TLT — Risk / Return Rank
TTT
TLT
TTT vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for UltraPro Short 20+ Year Treasury (TTT) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.55 | ||
| Sortino ratioReturn per unit of downside risk | +0.90 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.99 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | -0.14 | +0.76 |
| Martin ratioReturn relative to average drawdown | 1.24 | -0.30 | +1.53 |
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Drawdowns
TTT vs. TLT - Drawdown Comparison
The maximum TTT drawdown since its inception was -94.00%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for TTT and TLT.
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Drawdown Indicators
| TTT | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.00% | -48.35% | -45.65% |
Max Drawdown (1Y)Largest decline over 1 year | -19.51% | -7.74% | -11.77% |
Max Drawdown (3Y)Largest decline over 3 years | -49.69% | -14.79% | -34.90% |
Max Drawdown (5Y)Largest decline over 5 years | -49.69% | -43.70% | -5.99% |
Max Drawdown (10Y)Largest decline over 10 years | -81.76% | -48.35% | -33.41% |
Current DrawdownCurrent decline from peak | -75.64% | -42.36% | -33.28% |
Average DrawdownAverage peak-to-trough decline | -70.43% | -13.99% | -56.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 3.57% | +6.21% |
Volatility
TTT vs. TLT - Volatility Comparison
UltraPro Short 20+ Year Treasury (TTT) has a higher volatility of 7.13% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.46%. This indicates that TTT's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TTT | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.13% | 2.46% | +4.67% |
Volatility (6M)Calculated over the trailing 6-month period | 20.38% | 6.85% | +13.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.76% | 9.32% | +18.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.79% | 15.74% | +31.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.16% | 14.83% | +28.33% |
TTT vs. TLT - Expense Ratio Comparison
TTT has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
TTT vs. TLT - Dividend Comparison
TTT's dividend yield for the trailing twelve months is around 8.35%, more than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
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 TLT have a correlation of -0.99, 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 TLT (2.46%). In terms of maximum drawdown, TTT dropped -94.00% vs TLT's -48.35%.
On 10-year performance, TTT leads with 1.47% vs -2.38% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TTT has performed better with a 1.47% return vs -2.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.95% for TTT.
TTT has the higher dividend yield at 8.35%, compared with 4.34% for TLT.
TTT is categorized as Leveraged Bonds, while TLT is Government Bonds. TTT tracks Barclays Capital U.S. 20+ Year Treasury Index (-300%), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TTT and 0.15% for TLT.
TTT currently has the higher Sharpe Ratio (0.44 vs -0.11), 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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