VIXY vs. TLT

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares VIX Short-Term Futures ETF (VIXY) and iShares 20+ Year Treasury Bond ETF (TLT).

VIXY and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. VIXY is a passively managed fund by ProFund Advisors LLC that tracks the performance of the S&P 500 VIX Short-Term Futures Index Total Return. It was launched on Jan 3, 2011. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both VIXY and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

VIXY vs. TLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIXY ProShares VIX Short-Term Futures ETF	33.97%	-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	0.17%	4.25%	-8.05%	2.77%	-31.23%	-4.60%	18.15%	14.12%	-1.61%	9.18%

Returns By Period

In the year-to-date period, VIXY achieves a 33.97% return, which is significantly higher than TLT's 0.17% return. Over the past 10 years, VIXY has underperformed TLT with an annualized return of -46.57%, while TLT has yielded a comparatively higher -1.38% annualized return.

VIXY

• 1D: -9.32%
• 1M: 23.30%
• YTD: 33.97%
• 6M: 6.35%
• 1Y: -31.66%
• 3Y*: -42.53%
• 5Y*: -45.66%
• 10Y*: -46.57%

TLT

• 1D: -0.10%
• 1M: -4.23%
• YTD: 0.17%
• 6M: -0.87%
• 1Y: -0.49%
• 3Y*: -2.78%
• 5Y*: -5.85%
• 10Y*: -1.38%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VIXY vs. TLT - Expense Ratio Comparison

VIXY has a 0.85% expense ratio, which is higher than TLT's 0.15% expense ratio.

VIXY

ProShares VIX Short-Term Futures ETF

TLT

iShares 20+ Year Treasury Bond ETF

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: 6
VIXY Sharpe Ratio Rank: 5
VIXY Sortino Ratio Rank: 7
VIXY Omega Ratio Rank: 7
VIXY Calmar Ratio Rank: 5
VIXY Martin Ratio Rank: 8

TLT

TLT Risk / Return Rank: 12
TLT Sharpe Ratio Rank: 11
TLT Sortino Ratio Rank: 10
TLT Omega Ratio Rank: 10
TLT Calmar Ratio Rank: 14
TLT Martin Ratio Rank: 13

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.

	VIXY	TLT	Difference
Sharpe ratio Return per unit of total volatility	-0.42	-0.04	-0.38
Sortino ratio Return per unit of downside risk	-0.22	0.02	-0.24
Omega ratio Gain probability vs. loss probability	0.97	1.00	-0.03
Calmar ratio Return relative to maximum drawdown	-0.46	0.05	-0.51
Martin ratio Return relative to average drawdown	-0.59	0.11	-0.70
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 -0.42, which is lower than the TLT Sharpe Ratio of -0.04. The chart below compares the historical Sharpe Ratios of VIXY and TLT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VIXY	TLT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	-0.04	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.64	-0.37	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.09	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.26	-0.94

Correlation

The correlation between VIXY and TLT is 0.22, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

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 4.49%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
TLT iShares 20+ Year Treasury Bond ETF	4.49%	4.43%	4.30%	3.38%	2.67%	1.50%	1.50%	2.27%	2.63%	2.43%	2.60%	2.61%

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.

Drawdown Indicators

	VIXY	TLT	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-48.35%	-51.65%
Max Drawdown (1Y) Largest decline over 1 year	-69.84%	-9.23%	-60.61%
Max Drawdown (5Y) Largest decline over 5 years	-96.84%	-43.70%	-53.14%
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	-48.35%	-51.53%
Current Drawdown Current decline from peak	-100.00%	-40.17%	-59.83%
Average Drawdown Average peak-to-trough decline	-92.10%	-13.62%	-78.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.60%	4.38%	+50.22%

Volatility

VIXY vs. TLT - Volatility Comparison

ProShares VIX Short-Term Futures ETF (VIXY) has a higher volatility of 29.44% compared to iShares 20+ Year Treasury Bond ETF (TLT) at 3.71%. 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.

Volatility by Period

	VIXY	TLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.44%	3.71%	+25.73%
Volatility (6M) Calculated over the trailing 6-month period	47.30%	6.61%	+40.69%
Volatility (1Y) Calculated over the trailing 1-year period	75.02%	11.44%	+63.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.36%	15.90%	+55.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.68%	14.93%	+57.75%