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 2.13%/yr vs 2.32%/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 7.50% return, which is significantly higher than TBT's 1.05% return. Over the past 10 years, TYO has underperformed TBT with an annualized return of 2.13%, while TBT has yielded a comparatively higher 2.32% annualized return.
TYO
- 1D
- -0.95%
- 1M
- -1.40%
- YTD
- 7.50%
- 6M
- 7.74%
- 1Y
- 5.39%
- 3Y*
- 7.07%
- 5Y*
- 12.78%
- 10Y*
- 2.13%
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%
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 | 7.50% | -7.64% | 18.94% | 1.06% | 58.83% | 7.47% | -28.56% | -18.71% | -1.42% | -8.94% |
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 TYO and TBT is 0.88, 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 | 0.88 |
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 | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.01 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | -0.05 | +0.59 |
| Martin ratioReturn relative to average drawdown | 1.00 | -0.10 | +1.09 |
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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 | -10.00% | -14.89% | +4.89% |
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 | -77.30% | -85.92% | +8.62% |
Average DrawdownAverage peak-to-trough decline | -71.10% | -77.34% | +6.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.42% | 7.55% | -2.13% |
Volatility
TYO vs. TBT - Volatility Comparison
The current volatility for Direxion Daily 7-10 Year Treasury Bear 3X (TYO) is 4.29%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 4.53%. 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 | 4.29% | 4.53% | -0.24% |
Volatility (6M)Calculated over the trailing 6-month period | 10.61% | 13.49% | -2.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.36% | 19.19% | -4.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.23% | 31.32% | -8.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.17% | 28.75% | -8.58% |
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 2.83%, less than TBT's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 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 | 2.83% | 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 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to TYO (4.29%). In terms of maximum drawdown, TYO dropped -89.25% vs TBT's -94.99%.
On 10-year performance, TBT leads with 2.32% vs 2.13% for TYO. On fees, TBT is cheaper at 0.93% per year. On volatility, TYO has been the lower-risk option at 4.29%. 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 2.13%. 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 2.95%, compared with 2.83% 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 (0.38 vs -0.04), 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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