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TBF vs TYO

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

Direxion Daily 7-10 Year Treasury Bear 3X ETF

TYODNYSE Arca

Overlap

No data

Expense ratio

TBF −0.05pt a year

TBF0.95%TYO1.00%

Avg volume · 30D

TBF 7.2×the volume

TBF205KTYO28.6K

10Y return · a year

TBF +0.8pt

TBF+3.3%TYO+2.5%

TBF vs TYO Performance

Oct 29, 2021 – Oct 30, 2026

+81.8%TBF+101.7%TYO

Oct 29, 2021 to Oct 30, 2026. TBF +81.8%. TYO +101.7%. Use the arrow keys to read each point.0%25%50%125%Oct 2021Apr 2024Oct 2026
Expense ratio
TBF 0.95%, better
TYO 1.00%
Fund size
TBF $122M
TYO $10M
1Y total return
TBF +11.1%
TYO +19.7%, better
Yield (12M)
TBF 2.31%
TYO 7.74%, better
Holdings
TBF 3
TYO 3
Avg volume (30D)
TBF 205K sh, better
TYO 28.6K sh
NAV per share
TBF $25.48
TYO $14.74
52W range

ETF.net Grade

TBF: Cost 56, Risk 66, Mission not scored, Tradability 70, Holdings 58, Durability 58. TYO: Cost 12, Risk 59, Mission not scored, Tradability 22, Holdings 35, Durability 32.
Pillar letters and Scores for TBF, TYO, with each pillar’s weight
PillarTBFTYO
Cost30% weightB56HigherF12
Mission25% weightNot scoredNot scored
Risk15% weightB66HigherB59
Tradability15% weightA70HigherF22
Holdings10% weightB58HigherD35
Durability5% weightB58HigherD32

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 TYO 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 TYO 7th 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 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39
  6. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 27

Our read on each fund

ETF.net Research

TBFBProShares Short 20+ Year Treasury

TYODDirexion Daily 7-10 Year Treasury Bear 3X ETF

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.

TYO Most leveraged short on the belly of the Treasury curve: TYO targets 300% of the inverse daily move of the ICE U.S. Treasury 7-10 Year Bond Index, where same-index rivals stop at 1x and 2x.

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.

TYO The fund seeks daily investment results equal to 300% of the inverse performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses. Its objective applies for a single day.

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.
  • TYO Three times the daily punch on the 7-10 year note, not the 30-year bond. Same ICE index as TBX (1x short) and PST (2x short), triple the multiple.direxion.com
  • Fee runs 1.00% net of a waiver through September 1, 2027 (1.15% gross), near the typical cost in the leveraged bear Treasury group.
  • Trading since April 2009, so its daily-reset machinery has run through zero-rate years and rate spikes alike. Pays quarterly.

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.
  • TYO The 300% target applies to one day. Over weeks, daily compounding takes over and results can look nothing like 3x the index move.sec.gov
  • A small fund and lightly traded next to the long-bond shorts, which can mean wider spreads and more care needed on entry and exit.
  • Same-index shorts TBX and PST each run 0.95% net of waivers through September 30, 2027, below TYO's 1.00%, with less leverage.

Full TBF profile⁠

Full TYO profile⁠

TBF vs TYO 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 TYO Cost

Overpaying TYO vs TBF

$819

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

  • TBF 0.95%

    $17,869

  • TYO 1.00%

    $18,688

$10,000
30 years

Cost over time

  • TBF 0.95%
  • TYO 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TYO $18,688TBF $17,869

Year by year

YearTBFTYOOverpaying
10$1,678$1,763$85
20$6,322$6,625$303
30$17,869$18,688$819

Expense ratio

  • 0.95%TBF, cheaper
  • 1.00%TYO
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBF 2nd cheapest of 7 funds

TYO 7th cheapest of 7 funds

TBF vs TYO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBF 2.31%
TYO 7.74%, better
Payout (12M)
TBF $0.59
TYO $1.12
Last payment
TBF $0.13
TYO $0.86
Ex-dividend
TBF Sep 23, 2026
TYO Sep 22, 2026
Paid on
TBF Sep 29, 2026
TYO Sep 29, 2026
Frequency
TBF Quarterly
TYO 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$12017202020232026YTD
TYOQuarterly · 23 paymentsAll TYO payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 25, 2018 $0.02; Dec 27, 2018 $0.02; Mar 19, 2019 $0.06; Jun 25, 2019 $0.05; Sep 24, 2019 $0.05; Dec 23, 2019 $0.01; Mar 24, 2020 $0.03; Dec 20, 2022 $0.01; Mar 21, 2023 $0.14; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.08; Mar 19, 2024 $0.27; Jun 25, 2024 $0.15; Sep 24, 2024 $0.15; Dec 23, 2024 $0.05; Mar 25, 2025 $0.23; Jun 24, 2025 $0.12; Sep 23, 2025 $0.10; Dec 23, 2025 $0.05; Mar 24, 2026 $0.14; Jun 23, 2026 $0.08; Sep 22, 2026 $0.86. Use the arrow keys to read each point.$0$12017202020232026YTD

TBF vs TYO Risk

Fall from peak · 5 years

  • TBF
  • TYO
Oct 29, 2021 to Oct 30, 2026. Worst fall: TYO −24.4% · Sep 2024. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TBF 13.4%, betterTYO 20.0%
Return per unit of riskSharpe ratio, 3 years
TBF −0.11TYO −0.06, better
Worst fallMax drawdown, 5 years
TBF −17.8%, betterTYO −24.4%
Market sensitivityBeta, 5 years
TBF −2.41TYO −3.52

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