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VIXY vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

VIXY vs. TLT

Last updated Jun 4, 2026

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 Total Return, 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 -47.13%/yr vs -1.66%/yr for TLT. At a 0.22 correlation, their price movements are largely independent. VIXY charges 0.85%/yr vs 0.15%/yr for TLT.

Performance

VIXY vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares VIX Short-Term Futures ETF (VIXY) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, VIXY achieves a -8.27% return, which is significantly lower than TLT's -0.27% return. Over the past 10 years, VIXY has underperformed TLT with an annualized return of -47.13%, while TLT has yielded a comparatively higher -1.66% annualized return.

VIXY

1D
0.26%
1M
-15.15%
YTD
-8.27%
6M
-22.71%
1Y
-53.80%
3Y*
-42.73%
5Y*
-46.70%
10Y*
-47.13%

TLT

1D
-0.40%
1M
0.81%
YTD
-0.27%
6M
-2.02%
1Y
4.93%
3Y*
-1.80%
5Y*
-6.31%
10Y*
-1.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXY vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
VIXY
ProShares VIX Short-Term Futures ETF		-8.27%-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		-0.27%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 -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.09

Correlation (3Y)
Calculated over the trailing 3-year period

-0.11

Correlation (5Y)
Calculated over the trailing 5-year period

-0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.10

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2011

0.22

The correlation between VIXY and TLT shifts across timeframes, from -0.11 (3 years) to 0.22 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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ProShares VIX Short-Term Futures ETF

iShares 20+ Year Treasury Bond ETF

Often compared with VIXY:
VIXY vs. VXXVIXY vs. UVXYVIXY vs. VIXMVIXY vs. SVXYVIXY vs. SPYVIXY vs. ^VVIXVIXY vs. VOO
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

VIXY vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
VIXY
VIXY Risk / Return Rank: 11
Overall Rank
VIXY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
VIXY Sortino Ratio Rank: 11
Sortino Ratio Rank
VIXY Omega Ratio Rank: 11
Omega Ratio Rank
VIXY Calmar Ratio Rank: 11
Calmar Ratio Rank
VIXY Martin Ratio Rank: 22
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1616
Overall Rank
TLT Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1515
Sortino Ratio Rank
TLT Omega Ratio Rank: 1515
Omega Ratio Rank
TLT Calmar Ratio Rank: 1717
Calmar Ratio Rank
TLT Martin Ratio Rank: 1616
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.

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.

VIXYTLTDifference
Sharpe ratioReturn per unit of total volatility
-0.97
0.51

-1.47

Sortino ratioReturn per unit of downside risk
-1.56
0.80

-2.36

Omega ratioGain probability vs. loss probability

0.82

1.09

-0.27

Calmar ratioReturn relative to maximum drawdown

-0.95

0.65

-1.60

Martin ratioReturn relative to average drawdown

-1.34

1.63

-2.97

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIXY vs. TLT - Sharpe Ratio Comparison

The current VIXY Sharpe Ratio is -0.97, which is lower than the TLT Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of VIXY and TLT, 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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Sharpe Ratios by Period

VIXYTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.97

0.51

-1.47

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.67

-0.40

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.65

-0.11

-0.54

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.69

0.26

-0.95

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

VIXYTLTDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-48.35%

-51.65%

Max Drawdown (1Y)

Largest decline over 1 year

-56.72%

-7.58%

-49.14%

Max Drawdown (3Y)

Largest decline over 3 years

-81.00%

-19.18%

-61.82%

Max Drawdown (5Y)

Largest decline over 5 years

-95.92%

-43.70%

-52.22%

Max Drawdown (10Y)

Largest decline over 10 years

-99.87%

-48.35%

-51.52%

Current Drawdown

Current decline from peak

-100.00%

-40.44%

-59.56%

Average Drawdown

Average peak-to-trough decline

-92.18%

-13.82%

-78.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

40.22%

3.04%

+37.18%

Volatility

VIXY vs. TLT - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 8.03% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 2.76%. 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

VIXYTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.03%

2.76%

+5.27%

Volatility (6M)

Calculated over the trailing 6-month period

41.47%

6.50%

+34.97%

Volatility (1Y)

Calculated over the trailing 1-year period

55.89%

9.77%

+46.12%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

70.31%

15.87%

+54.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

72.48%

14.91%

+57.57%

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 4.59%.

PositionTTM20252024202320222021202020192018201720162015
TLT
iShares 20+ Year Treasury Bond ETF		4.59%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 -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

VIXY has higher volatility (8.03%) compared to TLT (2.76%). In terms of maximum drawdown, VIXY dropped -100.00% vs TLT's -48.35%.

On 10-year performance, TLT leads with -1.66% vs -47.13% for VIXY. On fees, TLT is cheaper at 0.15% per year. On volatility, TLT has been the lower-risk option at 2.76%. 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 -1.66% return vs -47.13%. 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 4.59%, 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 Total Return, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProFund Advisors LLC and iShares. Their fees differ too: 0.85% for VIXY and 0.15% for TLT.

TLT currently has the higher Sharpe Ratio (0.51 vs -0.97), 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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