VIXY vs. TLT
VIXY (ProShares VIX Short-Term Futures ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - VIXY is a Volatility fund tracking the S&P 500 VIX Short-Term Futures Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, VIXY returned -47.19%/yr vs -2.13%/yr for TLT. At a 0.21 correlation, their price movements are largely independent. VIXY charges 0.85%/yr vs 0.15%/yr for TLT.
Performance
VIXY vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, VIXY achieves a -19.81% return, which is significantly lower than TLT's -1.19% return. Over the past 10 years, VIXY has underperformed TLT with an annualized return of -47.19%, while TLT has yielded a comparatively higher -2.13% annualized return.
VIXY
- 1D
- 2.49%
- 1M
- -5.77%
- 6M
- -19.31%
- YTD
- -19.81%
- 1Y
- -54.13%
- 3Y*
- -40.12%
- 5Y*
- -47.16%
- 10Y*
- -47.19%
TLT
- 1D
- -0.04%
- 1M
- -1.94%
- 6M
- -2.48%
- YTD
- -1.19%
- 1Y
- 3.43%
- 3Y*
- -1.99%
- 5Y*
- -7.58%
- 10Y*
- -2.13%
VIXY vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VIXY ProShares VIX Short-Term Futures ETF | -19.81% | -43.05% | -27.43% | -72.74% | -24.98% | -72.40% | 10.54% | -67.81% | 66.78% | -72.78% |
TLT iShares 20+ Year Treasury Bond ETF | -1.19% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between VIXY and TLT is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2011 | 0.21 |
The correlation between VIXY and TLT shifts across timeframes, from -0.12 (1 year) to 0.21 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
VIXY vs. TLT — Risk / Return Rank
VIXY
TLT
VIXY vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares VIX Short-Term Futures ETF (VIXY) and iShares 20+ Year Treasury Bond ETF (TLT). 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.
| VIXY | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -2.16 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.07 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.45 | -1.44 |
| Martin ratioReturn relative to average drawdown | -1.57 | 1.04 | -2.61 |
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Drawdowns
VIXY vs. TLT - Drawdown Comparison
The maximum VIXY drawdown since its inception was -100.00%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for VIXY and TLT.
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Drawdown Indicators
| VIXY | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -48.35% | -51.65% |
Max Drawdown (1Y)Largest decline over 1 year | -55.18% | -7.58% | -47.60% |
Max Drawdown (3Y)Largest decline over 3 years | -81.45% | -18.88% | -62.57% |
Max Drawdown (5Y)Largest decline over 5 years | -96.49% | -43.70% | -52.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.84% | -48.35% | -51.49% |
Current DrawdownCurrent decline from peak | -100.00% | -40.99% | -59.01% |
Average DrawdownAverage peak-to-trough decline | -92.22% | -13.94% | -78.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.53% | 3.31% | +31.22% |
Volatility
VIXY vs. TLT - Volatility Comparison
ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 11.70% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.59%. This indicates that VIXY's price experiences larger fluctuations and is considered to be riskier than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| VIXY | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.70% | 2.59% | +9.11% |
Volatility (6M)Calculated over the trailing 6-month period | 44.30% | 6.79% | +37.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.46% | 9.35% | +47.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.28% | 15.78% | +54.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.82% | 14.83% | +56.99% |
VIXY vs. TLT - Expense Ratio Comparison
VIXY has a 0.85% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
VIXY vs. TLT - Dividend Comparison
VIXY has not paid dividends to shareholders, while TLT's dividend yield for the trailing twelve months is around 4.64%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TLT iShares 20+ Year Treasury Bond ETF | 4.64% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
VIXY ProShares VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
VIXY and TLT have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VIXY has higher volatility (11.70%) compared to TLT (2.59%). In terms of maximum drawdown, VIXY dropped -100.00% vs TLT's -48.35%.
On 10-year performance, TLT leads with -2.13% vs -47.19% for VIXY. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -2.13% return vs -47.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.85% for VIXY.
TLT has the higher dividend yield at 4.64%, compared with 0.00% for VIXY.
VIXY is categorized as Volatility, while TLT is Government Bonds. VIXY tracks S&P 500 VIX Short-Term Futures Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.85% for VIXY and 0.15% for TLT.
TLT currently has the higher Sharpe Ratio (0.37 vs -0.96), 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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