TWM vs. TBT
TWM (ProShares UltraShort Russell2000) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TWM returned -27.31%/yr vs 3.38%/yr for TBT. At a correlation of -0.24, they often move in opposite directions. TWM charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
TWM vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, TWM achieves a -30.99% return, which is significantly lower than TBT's 6.47% return. Over the past 10 years, TWM has underperformed TBT with an annualized return of -27.31%, while TBT has yielded a comparatively higher 3.38% annualized return.
TWM
- 1D
- 1.83%
- 1M
- -0.49%
- 6M
- -22.26%
- YTD
- -30.99%
- 1Y
- -44.75%
- 3Y*
- -27.78%
- 5Y*
- -18.87%
- 10Y*
- -27.31%
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
TWM vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -30.99% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between TWM and TBT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 1, 2008 | -0.24 |
The correlation between TWM and TBT shifts across timeframes, from -0.24 (all time) to 0.25 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TWM vs. TBT — Risk / Return Rank
TWM
TBT
TWM vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and ProShares UltraShort 20+ Year Treasury (TBT). 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.
| TWM | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.27 | ||
| Sortino ratioReturn per unit of downside risk | -2.05 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.03 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 0.16 | -1.04 |
| Martin ratioReturn relative to average drawdown | -1.44 | 0.30 | -1.73 |
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Drawdowns
TWM vs. TBT - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.94%, which is greater than TBT's maximum drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TWM and TBT.
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Drawdown Indicators
| TWM | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -94.99% | -4.95% |
Max Drawdown (1Y)Largest decline over 1 year | -50.65% | -14.89% | -35.76% |
Max Drawdown (3Y)Largest decline over 3 years | -74.44% | -33.83% | -40.61% |
Max Drawdown (5Y)Largest decline over 5 years | -76.78% | -33.83% | -42.95% |
Max Drawdown (10Y)Largest decline over 10 years | -96.29% | -65.09% | -31.20% |
Current DrawdownCurrent decline from peak | -99.93% | -85.17% | -14.76% |
Average DrawdownAverage peak-to-trough decline | -87.32% | -77.36% | -9.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.21% | 7.71% | +23.50% |
Volatility
TWM vs. TBT - Volatility Comparison
ProShares UltraShort Russell2000 (TWM) has a higher volatility of 9.88% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 5.79%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWM | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.88% | 5.79% | +4.09% |
Volatility (6M)Calculated over the trailing 6-month period | 28.51% | 13.88% | +14.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 39.06% | 18.99% | +20.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.17% | 31.30% | +13.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.72% | 28.67% | +17.05% |
TWM vs. TBT - Expense Ratio Comparison
TWM has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
TWM vs. TBT - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 5.40%, more than TBT's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% |
TWM ProShares UltraShort Russell2000 | 5.40% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Frequently Asked Questions
TWM and TBT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWM has higher volatility (9.88%) compared to TBT (5.79%). In terms of maximum drawdown, TWM dropped -99.94% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.38% vs -27.31% for TWM. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 5.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.38% return vs -27.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for TWM.
TWM has the higher dividend yield at 5.40%, compared with 2.63% for TBT.
TWM is categorized as Leveraged Equities, while TBT is Inverse Bonds. TWM tracks Russell 2000 (-200%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for TWM and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (0.12 vs -1.15), 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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