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PST vs TBT

ProShares UltraShort 7-10 Year Treasury

PSTCNYSE Arca

ProShares UltraShort 20+ Year Treasury

TBTBNYSE Arca

Overlap

No data

Expense ratio

TBT −0.02pt a year

PST0.95%TBT0.93%

Avg volume · 30D

TBT 50.7×the volume

PST6.43KTBT326K

10Y return · a year

PST +0.1pt

PST+3.1%TBT+3.0%

PST vs TBT Performance

Oct 29, 2021 – Oct 30, 2026

+66.9%PST+157.8%TBT

Oct 29, 2021 to Oct 30, 2026. PST +66.9%. TBT +157.8%. Use the arrow keys to read each point.0%100%200%Oct 2021Apr 2024Oct 2026
Expense ratio
PST 0.95%
TBT 0.93%, better
Fund size
PST $11M
TBT $289M
1Y total return
PST +12.3%
TBT +19.4%, better
Yield (12M)
PST 2.48%, better
TBT 2.38%
Holdings
PST 2
TBT 3
Avg volume (30D)
PST 6.43K sh
TBT 326K sh, better
NAV per share
PST $24.06
TBT $38.27
52W range

ETF.net Grade

PST: Cost 56, Risk 63, Mission not scored, Tradability 33, Holdings 46, Durability 41. TBT: Cost 89, Risk 48, Mission not scored, Tradability 64, Holdings 52, Durability 67.
Pillar letters and Scores for PST, TBT, with each pillar’s weight
PillarPSTTBT
Cost30% weightB56A89Higher
Mission25% weightNot scoredNot scored
Risk15% weightB63HigherC48
Tradability15% weightD33B64Higher
Holdings10% weightC46C52Higher
Durability5% weightC41B67Higher

Rank among Inverse Treasury funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PST and TBT are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds
See all 7 ›

TBT ranks 1st and PST 4th of 7 funds in the Inverse Treasury Category.

  1. Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 69
  2. Rank 2BTBXProShares Short 7-10 Year TreasuryScore 63
  3. Rank 3BTBFProShares Short 20+ Year TreasuryScore 61
  4. Rank 4CPSTProShares UltraShort 7-10 Year TreasuryScore 50
  5. Rank 4CTTTProShares UltraPro Short 20+ Year TreasuryScore 50

Our read on each fund

ETF.net Research

PSTCProShares UltraShort 7-10 Year Treasury

TBTBProShares UltraShort 20+ Year Treasury

In short

PST Most inverse Treasury ETFs aim at the 20+ year long bond. PST aims at the belly: two times the inverse of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index, reset each day, trading since 2008.

TBT The original way to lean against long Treasuries. Live since 2008, TBT aims to deliver twice the inverse of the ICE U.S. Treasury 20+ Year Bond Index's daily move, at the lowest fee in the leveraged bear-Treasury crowd.

Stated mandate

PST The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It does not seek this -2x target for periods other than a day.

TBT The fund seeks inverse, twice-magnified daily exposure to the ICE U.S. Treasury 20+ Year Bond Index, aiming to benefit when that index's daily price declines.

Why people hold it

  • PST ProShares calls it the only -2x ETF designed to gain when the daily price of the ICE U.S. Treasury 7-10 Year Bond Index falls. The view lands on the 10-year note, not the long end.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.53% gross), near the category median, and the same net fee as -1x TBX, also waived through September 30, 2027.
  • Same index, three dials: TBX at -1x, PST at -2x, TYO at -3x (1.00% net of a waiver through September 1, 2027). You size the rate view without switching benchmarks.
  • Listed in 2008, so it has run through a full rate cycle, from the zero-bound years to the hiking cycle and back.
  • TBT Fee of 0.93% a year, the lowest among its leveraged and inverse Treasury peers, including the 3x funds TMV and TTT that track the same 20+ year index.proshares.com
  • Twice inverse, not three times. Same long-bond index as the 3x versions, with a dialed-back multiple that moves less for every tick in the index.proshares.com
  • Trading since April 2008, through more than a decade and a half of rate cycles. Long history for a geared product, and one of the stronger implementations in its peer group.

Worth knowing

  • PST The -2x target is a one-day target. Over weeks, compounding takes the wheel and results can drift from twice the inverse of the index move, especially when rates chop.
  • A small fund that trades thinly, so spreads and limit orders carry real weight on entry and exit.
  • That 0.95% rests on a waiver running to September 30, 2027. The gross ratio is 1.53%, and waivers can be renewed or allowed to lapse.
  • TBT The -2x objective resets every day. Hold across multiple days and compounding takes over, so results can diverge from twice the index's move over that stretch, especially in choppy markets.proshares.com
  • Cheap for its cohort is not cheap outright. The 0.93% fee is the price of packaged daily leverage, and it applies whichever way long yields go.
  • Distributions arrive quarterly but are beside the point. The engine here is the daily direction of long Treasury prices, not coupon income.

Full PST profile⁠

Full TBT profile⁠

PST vs TBT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PST vs TBT Cost

Overpaying PST vs TBT

$330

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PST 0.95%

    $17,869

  • TBT 0.93%

    $17,539

$10,000
30 years

Cost over time

  • PST 0.95%
  • TBT 0.93%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PST $17,869TBT $17,539

Year by year

YearPSTTBTOverpaying
10$1,678$1,644$34
20$6,322$6,199$123
30$17,869$17,539$330

Expense ratio

  • 0.95%PST
  • 0.93%TBT, cheaper
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBT cheapest of 7 funds

PST 2nd cheapest of 7 funds

PST vs TBT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PST 2.48%, better
TBT 2.38%
Payout (12M)
PST $0.60
TBT $0.92
Last payment
PST $0.15
TBT $0.23
Ex-dividend
PST Sep 23, 2026
TBT Sep 23, 2026
Paid on
PST Sep 29, 2026
TBT Sep 29, 2026
Frequency
PST Quarterly
TBT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSTQuarterly · 24 paymentsAll PST payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.0088; Sep 26, 2018 $0.06; Dec 26, 2018 $0.08; Mar 20, 2019 $0.06; Jun 25, 2019 $0.10; Sep 25, 2019 $0.10; Dec 24, 2019 $0.09; Mar 25, 2020 $0.02; Dec 22, 2022 $0.0037; Mar 22, 2023 $0.12; Jun 21, 2023 $0.19; Sep 20, 2023 $0.21; Dec 20, 2023 $0.29; Mar 20, 2024 $0.16; Jun 26, 2024 $0.24; Sep 25, 2024 $0.22; Dec 23, 2024 $0.24; Mar 26, 2025 $0.17; Jun 25, 2025 $0.19; Sep 24, 2025 $0.21; Dec 24, 2025 $0.20; Mar 25, 2026 $0.11; Jun 24, 2026 $0.14; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.502017202020232026YTD
TBTQuarterly · 26 paymentsAll TBT payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.03; Jun 20, 2018 $0.07; Sep 26, 2018 $0.10; Dec 26, 2018 $0.15; Mar 20, 2019 $0.11; Jun 25, 2019 $0.15; Sep 25, 2019 $0.17; Dec 24, 2019 $0.13; Mar 25, 2020 $0.05; Jun 24, 2020 $0.00004; Dec 22, 2022 $0.14; Mar 22, 2023 $0.33; Jun 21, 2023 $0.34; Sep 20, 2023 $0.31; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.48; Sep 25, 2024 $0.42; Dec 23, 2024 $0.44; Mar 26, 2025 $0.25; Jun 25, 2025 $0.28; Sep 24, 2025 $0.28; Dec 24, 2025 $0.31; Mar 25, 2026 $0.17; Jun 24, 2026 $0.21; Sep 23, 2026 $0.23. Use the arrow keys to read each point.$0$0.502017202020232026YTD

PST vs TBT Risk

Fall from peak · 5 years

  • PST
  • TBT
Oct 29, 2021 to Oct 30, 2026. Worst fall: TBT −33.8% · Sep 2024. Use the arrow keys to read each point.−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PST 13.3%, betterTBT 26.7%
Return per unit of riskSharpe ratio, 3 years
PST −0.20TBT −0.05, better
Worst fallMax drawdown, 5 years
PST −16.2%, betterTBT −33.8%
Market sensitivityBeta, 5 years
PST −2.34TBT −4.80

PST and TBT in the news

All news⁠

Popular comparisons

  • PSTCvsTBXB

    ProShares UltraShort 7-10 Year Treasury · ProShares Short 7-10 Year Treasury

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBTBvsTBXB

    ProShares UltraShort 20+ Year Treasury · ProShares Short 7-10 Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSTCvsTBFB

    ProShares UltraShort 7-10 Year Treasury · ProShares Short 20+ Year Treasury

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBTBvsTBFB

    ProShares UltraShort 20+ Year Treasury · ProShares Short 20+ Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PSTCvsTTTC

    ProShares UltraShort 7-10 Year Treasury · ProShares UltraPro Short 20+ Year Treasury

    Expense ratio
    0.95% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TBTBvsTTTC

    ProShares UltraShort 20+ Year Treasury · ProShares UltraPro Short 20+ Year Treasury

    Expense ratio
    0.93% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.