TYD vs. TBT
TYD (Direxion Daily 7-10 Year Treasury Bull 3X) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index, 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, TYD returned -5.51%/yr vs 3.38%/yr for TBT. At a correlation of -0.83, they often move in opposite directions. TYD charges 1.09%/yr vs 0.93%/yr for TBT.
Performance
TYD vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, TYD achieves a -8.30% return, which is significantly lower than TBT's 6.47% return. Over the past 10 years, TYD has underperformed TBT with an annualized return of -5.51%, while TBT has yielded a comparatively higher 3.38% annualized return.
TYD
- 1D
- -0.90%
- 1M
- -2.66%
- 6M
- -8.14%
- YTD
- -8.30%
- 1Y
- -2.67%
- 3Y*
- -4.77%
- 5Y*
- -14.07%
- 10Y*
- -5.51%
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%
TYD vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.30% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 5.64% |
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 TYD and TBT is -0.88, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.88 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | -0.83 |
The correlation between TYD and TBT has been stable across timeframes, ranging from -0.92 to -0.83 - a consistent structural relationship.
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Return for Risk
TYD vs. TBT — Risk / Return Rank
TYD
TBT
TYD vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) 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.
| TYD | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.32 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.03 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 0.16 | -0.35 |
| Martin ratioReturn relative to average drawdown | -0.45 | 0.30 | -0.75 |
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Drawdowns
TYD vs. TBT - Drawdown Comparison
The maximum TYD drawdown since its inception was -64.28%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TYD and TBT.
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Drawdown Indicators
| TYD | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -64.28% | -94.99% | +30.71% |
Max Drawdown (1Y)Largest decline over 1 year | -13.54% | -14.89% | +1.35% |
Max Drawdown (3Y)Largest decline over 3 years | -23.96% | -33.83% | +9.87% |
Max Drawdown (5Y)Largest decline over 5 years | -59.84% | -33.83% | -26.01% |
Max Drawdown (10Y)Largest decline over 10 years | -64.28% | -65.09% | +0.81% |
Current DrawdownCurrent decline from peak | -60.15% | -85.17% | +25.02% |
Average DrawdownAverage peak-to-trough decline | -22.16% | -77.36% | +55.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.95% | 7.71% | -1.76% |
Volatility
TYD vs. TBT - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bull 3X (TYD) is 4.65%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.79%. This indicates that TYD experiences smaller price fluctuations and is considered to be less risky 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
| TYD | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.65% | 5.79% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 10.29% | 13.88% | -3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 18.99% | -5.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.98% | 31.30% | -8.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.20% | 28.67% | -8.47% |
TYD vs. TBT - Expense Ratio Comparison
TYD has a 1.09% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
TYD vs. TBT - Dividend Comparison
TYD's dividend yield for the trailing twelve months is around 3.36%, more than TBT's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.36% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
TYD and TBT have a correlation of -0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to TYD (4.65%). In terms of maximum drawdown, TYD dropped -64.28% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.38% vs -5.51% for TYD. On fees, TBT is cheaper at 0.93% per year. On volatility, TYD has been the lower-risk option at 4.65%. 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 -5.51%. 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 1.09% for TYD.
TYD has the higher dividend yield at 3.36%, compared with 2.63% for TBT.
TYD is categorized as Leveraged Bonds, while TBT is Inverse Bonds. TYD tracks NYSE 7-10 Year Treasury Bond Index, while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for TYD and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (0.12 vs -0.19), 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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