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TWM vs. TBT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

TWM vs. TBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and ProShares UltraShort 20+ Year Treasury (TBT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TWM achieves a -32.09% return, which is significantly lower than TBT's 1.05% return. Over the past 10 years, TWM has underperformed TBT with an annualized return of -28.49%, while TBT has yielded a comparatively higher 2.32% annualized return.


TWM

1D
1.98%
1M
-7.68%
YTD
-32.09%
6M
-28.69%
1Y
-50.37%
3Y*
-30.94%
5Y*
-17.34%
10Y*
-28.49%

TBT

1D
-0.51%
1M
-4.25%
YTD
1.05%
6M
2.51%
1Y
-0.72%
3Y*
10.52%
5Y*
16.22%
10Y*
2.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TWM vs. TBT - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
TWM
ProShares UltraShort Russell2000
-32.09%-24.71%-19.35%-26.84%28.43%-35.43%-60.01%-38.40%19.15%-26.36%
TBT
ProShares UltraShort 20+ Year Treasury
1.05%-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

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TWM
TWM Risk / Return Rank: 00
Overall Rank
TWM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
TWM Sortino Ratio Rank: 00
Sortino Ratio Rank
TWM Omega Ratio Rank: 11
Omega Ratio Rank
TWM Calmar Ratio Rank: 00
Calmar Ratio Rank
TWM Martin Ratio Rank: 11
Martin Ratio Rank

TBT
TBT Risk / Return Rank: 88
Overall Rank
TBT Sharpe Ratio Rank: 88
Sharpe Ratio Rank
TBT Sortino Ratio Rank: 88
Sortino Ratio Rank
TBT Omega Ratio Rank: 88
Omega Ratio Rank
TBT Calmar Ratio Rank: 88
Calmar Ratio Rank
TBT Martin Ratio Rank: 88
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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.


TWMTBTDifference
Sharpe ratioReturn per unit of total volatility

-1.25

Sortino ratioReturn per unit of downside risk

-2.16

Omega ratioGain probability vs. loss probability

0.78

1.01

-0.23

Calmar ratioReturn relative to maximum drawdown

-0.99

-0.05

-0.94

Martin ratioReturn relative to average drawdown

-1.64

-0.10

-1.55

TWM vs. TBT - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.28, which is lower than the TBT Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of TWM and TBT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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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


TWMTBTDifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-94.99%

-4.95%

Max Drawdown (1Y)

Largest decline over 1 year

-51.15%

-14.89%

-36.26%

Max Drawdown (3Y)

Largest decline over 3 years

-74.07%

-33.83%

-40.24%

Max Drawdown (5Y)

Largest decline over 5 years

-76.44%

-33.83%

-42.61%

Max Drawdown (10Y)

Largest decline over 10 years

-96.79%

-65.09%

-31.70%

Current Drawdown

Current decline from peak

-99.93%

-85.92%

-14.01%

Average Drawdown

Average peak-to-trough decline

-87.29%

-77.34%

-9.95%

Ulcer Index

Depth and duration of drawdowns from previous peaks

30.89%

7.55%

+23.34%

Volatility

TWM vs. TBT - Volatility Comparison

ProShares UltraShort Russell2000 (TWM) has a higher volatility of 13.21% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 4.53%. 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


TWMTBTDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.21%

4.53%

+8.68%

Volatility (6M)

Calculated over the trailing 6-month period

28.79%

13.49%

+15.30%

Volatility (1Y)

Calculated over the trailing 1-year period

39.41%

19.19%

+20.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.25%

31.32%

+13.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.84%

28.75%

+17.09%

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 6.67%, more than TBT's 2.95% yield.


PositionTTM202520242023202220212020201920182017
TBT
ProShares UltraShort 20+ Year Treasury
2.95%3.21%4.64%4.98%0.42%0.00%0.32%2.12%0.99%0.00%
TWM
ProShares UltraShort Russell2000
6.67%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 (13.21%) compared to TBT (4.53%). In terms of maximum drawdown, TWM dropped -99.94% vs TBT's -94.99%.

On 10-year performance, TBT leads with 2.32% vs -28.49% for TWM. On fees, TBT is cheaper at 0.93% per year. On volatility, TBT has been the lower-risk option at 4.53%. 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 2.32% return vs -28.49%. 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 6.67%, compared with 2.95% 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 (-0.04 vs -1.28), 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.

Portfolio Optimizer

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