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TBF vs TBT

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

ProShares UltraShort 20+ Year Treasury

TBTBNYSE Arca

Overlap

No data

Expense ratio

TBT −0.02pt a year

TBF0.95%TBT0.93%

Avg volume · 30D

TBT 1.6×the volume

TBF205KTBT326K

10Y return · a year

TBF +0.3pt

TBF+3.3%TBT+3.0%

TBF vs TBT Performance

Oct 29, 2021 – Oct 30, 2026

+81.8%TBF+157.8%TBT

Oct 29, 2021 to Oct 30, 2026. TBF +81.8%. TBT +157.8%. Use the arrow keys to read each point.0%50%200%Oct 2021Apr 2024Oct 2026
Expense ratio
TBF 0.95%
TBT 0.93%, better
Fund size
TBF $122M
TBT $289M
1Y total return
TBF +11.1%
TBT +19.4%, better
Yield (12M)
TBF 2.31%
TBT 2.38%, better
Holdings
TBF 3
TBT 3
Avg volume (30D)
TBF 205K sh
TBT 326K sh, better
NAV per share
TBF $25.48
TBT $38.27
52W range

ETF.net Grade

TBF: Cost 56, Risk 66, Mission not scored, Tradability 70, Holdings 58, Durability 58. TBT: Cost 89, Risk 48, Mission not scored, Tradability 64, Holdings 52, Durability 67.
Pillar letters and Scores for TBF, TBT, with each pillar’s weight
PillarTBFTBT
Cost30% weightB56A89Higher
Mission25% weightNot scoredNot scored
Risk15% weightB66HigherC48
Tradability15% weightA70HigherB64
Holdings10% weightB58HigherC52
Durability5% weightB58B67Higher

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. TBF 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 TBF 3rd 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

Our read on each fund

ETF.net Research

TBFBProShares Short 20+ Year Treasury

TBTBProShares UltraShort 20+ Year Treasury

In short

TBF The plain one in a geared lineup: TBF aims for -1x the daily move of the S&P ICE U.S. Treasury 20+ Year Bond Index, with no 2x or 3x amplification. Trading since 2009 at 0.95% net of a waiver through September 30, 2027.

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

TBF The fund seeks daily investment results, before fees and expenses, corresponding to -1x the daily performance of the S&P ICE U.S. Treasury 20+ Year Bond Index.

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

  • TBF Straight -1x: one dollar of inverse long-Treasury exposure per dollar in, while the 2x and 3x siblings (TBT, TTT) stack the daily move on top of it.proshares.com
  • Costs 0.95% net of a waiver through September 30, 2027, versus 1.00% gross, sitting near the median fee for geared Treasury funds.
  • Live since August 2009, a long operating history for a daily-reset fund, and it lands in the upper half of its geared Treasury-short peer group on our review.
  • 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

  • TBF The -1x target resets every day. Over longer holds the result is each day's return compounded, which usually differs from -1x the index over that same stretch.proshares.comsec.gov
  • The benchmark is the 20+ year end of the curve, the most rate-sensitive stretch, so daily moves in both directions tend to run large.
  • A smaller, moderately traded fund rather than a headline name, so the bid-ask spread and order type carry more weight at the point of trade.
  • 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 TBF profile⁠

Full TBT profile⁠

TBF 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.

TBF vs TBT Cost

Overpaying TBF vs TBT

$330

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

  • TBF 0.95%

    $17,869

  • TBT 0.93%

    $17,539

$10,000
30 years

Cost over time

  • TBF 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$20K051015202530TBF $17,869TBT $17,539

Year by year

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

Expense ratio

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

TBT cheapest of 7 funds

TBF 2nd cheapest of 7 funds

TBF vs TBT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBF 2.31%
TBT 2.38%, better
Payout (12M)
TBF $0.59
TBT $0.92
Last payment
TBF $0.13
TBT $0.23
Ex-dividend
TBF Sep 23, 2026
TBT Sep 23, 2026
Paid on
TBF Sep 29, 2026
TBT Sep 29, 2026
Frequency
TBF Quarterly
TBT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

TBFQuarterly · 24 paymentsAll TBF payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.04; Sep 26, 2018 $0.07; Dec 26, 2018 $0.09; Mar 20, 2019 $0.07; Jun 25, 2019 $0.09; Sep 25, 2019 $0.09; Dec 24, 2019 $0.07; Mar 25, 2020 $0.04; Dec 22, 2022 $0.08; Mar 22, 2023 $0.21; Jun 21, 2023 $0.28; Sep 20, 2023 $0.22; Dec 20, 2023 $0.40; Mar 20, 2024 $0.17; Jun 26, 2024 $0.31; Sep 25, 2024 $0.25; Dec 23, 2024 $0.26; Mar 26, 2025 $0.21; Jun 25, 2025 $0.17; Sep 24, 2025 $0.22; Dec 24, 2025 $0.22; Mar 25, 2026 $0.09; Jun 24, 2026 $0.15; Sep 23, 2026 $0.13. 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

TBF vs TBT Risk

Fall from peak · 5 years

  • TBF
  • 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
TBF 13.4%, betterTBT 26.7%
Return per unit of riskSharpe ratio, 3 years
TBF −0.11TBT −0.05, better
Worst fallMax drawdown, 5 years
TBF −17.8%, betterTBT −33.8%
Market sensitivityBeta, 5 years
TBF −2.41TBT −4.80

TBF and TBT in the news

All news⁠

Popular comparisons

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