TYO vs. TBT
TYO (Direxion Daily 7-10 Year Treasury Bear 3X) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - TYO 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, TYO returned 2.33%/yr vs 3.31%/yr for TBT. Their correlation of 0.89 suggests significant overlap in exposure. TYO charges 1.08%/yr vs 0.93%/yr for TBT.
Performance
TYO vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, TYO achieves a 9.48% return, which is significantly higher than TBT's 6.06% return. Over the past 10 years, TYO has underperformed TBT with an annualized return of 2.33%, while TBT has yielded a comparatively higher 3.31% annualized return.
TYO
- 1D
- 0.33%
- 1M
- 2.94%
- 6M
- 9.65%
- YTD
- 9.48%
- 1Y
- 4.51%
- 3Y*
- 7.28%
- 5Y*
- 14.32%
- 10Y*
- 2.33%
TBT
- 1D
- 0.19%
- 1M
- 4.81%
- 6M
- 8.83%
- YTD
- 6.06%
- 1Y
- 0.31%
- 3Y*
- 10.93%
- 5Y*
- 19.07%
- 10Y*
- 3.31%
TYO vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 9.48% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
TBT ProShares UltraShort 20+ Year Treasury | 6.06% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between TYO and TBT is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.91 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009 | 0.89 |
The correlation between TYO and TBT has been stable across timeframes, ranging from 0.87 to 0.92 - a consistent structural relationship.
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Return for Risk
TYO vs. TBT — Risk / Return Rank
TYO
TBT
TYO vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) 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.
| TYO | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.02 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.49 | 0.02 | +0.47 |
| Martin ratioReturn relative to average drawdown | 0.91 | 0.04 | +0.87 |
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Drawdowns
TYO vs. TBT - Drawdown Comparison
The maximum TYO drawdown since its inception was -89.25%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TYO and TBT.
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Drawdown Indicators
| TYO | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.25% | -94.99% | +5.74% |
Max Drawdown (1Y)Largest decline over 1 year | -9.30% | -14.68% | +5.38% |
Max Drawdown (3Y)Largest decline over 3 years | -24.40% | -33.83% | +9.43% |
Max Drawdown (5Y)Largest decline over 5 years | -24.40% | -33.83% | +9.43% |
Max Drawdown (10Y)Largest decline over 10 years | -52.21% | -65.09% | +12.88% |
Current DrawdownCurrent decline from peak | -76.88% | -85.22% | +8.34% |
Average DrawdownAverage peak-to-trough decline | -71.12% | -77.37% | +6.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.97% | 7.57% | -2.60% |
Volatility
TYO vs. TBT - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.37%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.08%. This indicates that TYO 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
| TYO | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.37% | 5.08% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 10.94% | 13.79% | -2.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.24% | 18.90% | -4.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.21% | 31.26% | -8.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.14% | 28.65% | -8.51% |
TYO vs. TBT - Expense Ratio Comparison
TYO has a 1.08% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
TYO vs. TBT - Dividend Comparison
TYO's dividend yield for the trailing twelve months is around 2.55%, less than TBT's 2.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.64% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TYO Direxion Daily 7-10 Year Treasury Bear 3X | 2.55% | 3.69% | 4.22% | 3.62% | 0.09% | 0.00% | 0.36% | 1.58% | 0.32% |
Frequently Asked Questions
TYO and TBT have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.08%) compared to TYO (4.37%). In terms of maximum drawdown, TYO dropped -89.25% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.31% vs 2.33% for TYO. On fees, TBT is cheaper at 0.93% per year. On volatility, TYO has been the lower-risk option at 4.37%. 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 3.31% return vs 2.33%. 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 1.08% for TYO.
TBT has the higher dividend yield at 2.64%, compared with 2.55% for TYO.
TYO is categorized as Leveraged Bonds, while TBT is Inverse Bonds. TYO 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: 1.08% for TYO and 0.93% for TBT.
TYO currently has the higher Sharpe Ratio (0.32 vs 0.02), 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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