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TBF vs TTT

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

ProShares UltraPro Short 20+ Year Treasury

TTTCNYSE Arca

Overlap

No data

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

TBF0.95%TTT0.95%

Avg volume · 30D

TBF 21.7×the volume

TBF205KTTT9.44K

10Y return · a year

TBF +2.9pt

TBF+3.3%TTT+0.4%

TBF vs TTT Performance

Oct 29, 2021 – Oct 30, 2026

+81.8%TBF+221.2%TTT

Oct 29, 2021 to Oct 30, 2026. TBF +81.8%. TTT +221.2%. Use the arrow keys to read each point.0%50%150%Oct 2021Apr 2024Oct 2026
Expense ratio
TBF 0.95%
TTT 0.95%
Fund size
TBF $122M
TTT $19M
1Y total return
TBF +11.1%
TTT +26.1%, better
Yield (12M)
TBF 2.31%
TTT 8.25%, better
Holdings
TBF 3
TTT 2
Avg volume (30D)
TBF 205K sh, better
TTT 9.44K sh
NAV per share
TBF $25.48
TTT $75.74
52W range

ETF.net Grade

TBF: Cost 56, Risk 66, Mission not scored, Tradability 70, Holdings 58, Durability 58. TTT: Cost 56, Risk 34, Mission not scored, Tradability 45, Holdings 65, Durability 50.
Pillar letters and Scores for TBF, TTT, with each pillar’s weight
PillarTBFTTT
Cost30% weightB56B56
Mission25% weightNot scoredNot scored
Risk15% weightB66HigherD34
Tradability15% weightA70HigherC45
Holdings10% weightB58B65Higher
Durability5% weightB58HigherC50

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 TTT 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 ›

TBF ranks 3rd and TTT 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
  6. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39

Our read on each fund

ETF.net Research

TBFBProShares Short 20+ Year Treasury

TTTCProShares UltraPro Short 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.

TTT The deep end of the Treasury short aisle. TTT aims for three times the inverse of the ICE U.S. Treasury 20+ Year Bond Index's daily move, reset every day, and it has been running this mandate since 2012.

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.

TTT TTT targets daily results, before fees and expenses, equal to three times the inverse of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.

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.
  • TTT Top rung of the leverage ladder on long Treasuries: -3x the index's daily move, so a 1% drop in 20+ year bond prices targets roughly a 3% gain before fees.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.25% gross), a shade under TMV, the other -3x fund on this index at 0.97%, and near the category norm.
  • One issuer runs the whole ladder on this benchmark: TBF at -1x and TBT at -2x (0.93%, no waiver), so the exposure can be dialed down without changing families.proshares.com

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.
  • TTT The objective is a single day. Hold longer and returns compound; the fund's filings state that index volatility works against returns over longer periods.sec.govsec.gov 2
  • A small fund that trades thinly, so bid/ask spreads can run wider than on the bigger names in the leveraged bear Treasury aisle.
  • The 0.95% rests on a contractual waiver through September 30, 2027. Without it the stated gross expense ratio is 1.25%.

Full TBF profile⁠

Full TTT profile⁠

TBF vs TTT 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 TTT Cost

Same expense ratio

$17,869

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

  • TBF 0.95%

    $17,869

  • TTT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • TBF 0.95%
  • TTT 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TBF $17,869TTT $17,869

Year by year

YearTBFTTT
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%TBF
  • 0.95%TTT
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBF 2nd cheapest of 7 funds

TTT 2nd cheapest of 7 funds

TBF vs TTT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBF 2.31%
TTT 8.25%, better
Payout (12M)
TBF $0.59
TTT $6.27
Last payment
TBF $0.13
TTT $0.33
Ex-dividend
TBF Sep 23, 2026
TTT Sep 23, 2026
Paid on
TBF Sep 29, 2026
TTT Sep 29, 2026
Frequency
TBF Quarterly
TTT Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

TBFQuarterly · 24 paymentsAll TBF payments⁠
One bar per payment. 24 payments from 2018 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$10202020232026YTD
TTTQuarterly · 22 paymentsAll TTT payments⁠
One bar per payment. 22 payments from 2018 to 2026 YTD. Sep 26, 2018 $0.18; Dec 26, 2018 $0.28; Mar 20, 2019 $0.26; Jun 25, 2019 $0.35; Sep 25, 2019 $0.29; Dec 24, 2019 $0.34; Mar 25, 2020 $0.09; Dec 22, 2022 $0.26; Mar 22, 2023 $0.23; Jun 21, 2023 $0.34; Sep 20, 2023 $0.14; Dec 20, 2023 $8.67; Jun 26, 2024 $0.18; Sep 25, 2024 $0.22; Dec 23, 2024 $3.48; Mar 26, 2025 $0.49; Jun 25, 2025 $0.42; Sep 24, 2025 $0.48; Dec 24, 2025 $5.21; Mar 25, 2026 $0.33; Jun 24, 2026 $0.40; Sep 23, 2026 $0.33. Use the arrow keys to read each point.$0$10202020232026YTD

TBF vs TTT Risk

Fall from peak · 5 years

  • TBF
  • TTT
Oct 29, 2021 to Oct 30, 2026. Worst fall: TTT −48.1% · Sep 2024. Use the arrow keys to read each point.−50%−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TBF 13.4%, betterTTT 40.0%
Return per unit of riskSharpe ratio, 3 years
TBF −0.11TTT −0.03, better
Worst fallMax drawdown, 5 years
TBF −17.8%, betterTTT −48.1%
Market sensitivityBeta, 5 years
TBF −2.41TTT −7.18

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