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TBT vs TTT

ProShares UltraShort 20+ Year Treasury

TBTBNYSE Arca

ProShares UltraPro Short 20+ Year Treasury

TTTCNYSE Arca

Overlap

No data

Expense ratio

TBT −0.02pt a year

TBT0.93%TTT0.95%

Avg volume · 30D

TBT 34.5×the volume

TBT326KTTT9.44K

10Y return · a year

TBT +2.6pt

TBT+3.0%TTT+0.4%

TBT vs TTT Performance

Oct 29, 2021 – Oct 30, 2026

+157.8%TBT+221.2%TTT

Oct 29, 2021 to Oct 30, 2026. TBT +157.8%. TTT +221.2%. Use the arrow keys to read each point.0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
TBT 0.93%, better
TTT 0.95%
Fund size
TBT $289M
TTT $19M
1Y total return
TBT +19.4%
TTT +26.1%, better
Yield (12M)
TBT 2.38%
TTT 8.25%, better
Holdings
TBT 3
TTT 2
Avg volume (30D)
TBT 326K sh, better
TTT 9.44K sh
NAV per share
TBT $38.27
TTT $75.74
52W range

ETF.net Grade

TBT: Cost 89, Risk 48, Mission not scored, Tradability 64, Holdings 52, Durability 67. TTT: Cost 56, Risk 34, Mission not scored, Tradability 45, Holdings 65, Durability 50.
Pillar letters and Scores for TBT, TTT, with each pillar’s weight
PillarTBTTTT
Cost30% weightA89HigherB56
Mission25% weightNot scoredNot scored
Risk15% weightC48HigherD34
Tradability15% weightB64HigherC45
Holdings10% weightC52B65Higher
Durability5% weightB67HigherC50

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. TBT 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 ›

TBT ranks 1st 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 4CPSTProShares UltraShort 7-10 Year TreasuryScore 50
  4. Rank 4CTTTProShares UltraPro Short 20+ Year TreasuryScore 50
  5. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39

Our read on each fund

ETF.net Research

TBTBProShares UltraShort 20+ Year Treasury

TTTCProShares UltraPro Short 20+ Year Treasury

In short

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.

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

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.

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

  • 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.
  • 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

  • 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.
  • 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 TBT profile⁠

Full TTT profile⁠

TBT vs TTT Holdings

How TBT and TTT differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

  • Asset classFixed Income100%
  • Countryby domicile100%

Sector

No Sector split for TBT and TTT.

Country, concentration and asset class

Country by domicile

Country weights in TBT and TTT, widest gap first
CountryMore in TBTMore in TTT
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • TBT100.0%
  • TTT100.0%

Securities held

  • TBT2
  • TTT1

Asset class

TBT
Fixed Income
TTT
Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBT holds 2 securities, TTT 1.

All 10 TBT holdings⁠All 10 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.

TBT vs TTT Cost

Overpaying TTT vs TBT

$330

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

  • TBT 0.93%

    $17,539

  • TTT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • TBT 0.93%
  • TTT 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TTT $17,869TBT $17,539

Year by year

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

Expense ratio

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

TBT cheapest of 7 funds

TTT 2nd cheapest of 7 funds

TBT vs TTT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBT 2.38%
TTT 8.25%, better
Payout (12M)
TBT $0.92
TTT $6.27
Last payment
TBT $0.23
TTT $0.33
Ex-dividend
TBT Sep 23, 2026
TTT Sep 23, 2026
Paid on
TBT Sep 29, 2026
TTT Sep 29, 2026
Frequency
TBT Quarterly
TTT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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$102017202020232026YTD
TTTQuarterly · 22 paymentsAll TTT payments⁠
One bar per payment. 22 payments from 2017 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$102017202020232026YTD

TBT vs TTT Risk

Fall from peak · 5 years

  • TBT
  • 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
TBT 26.7%, betterTTT 40.0%
Return per unit of riskSharpe ratio, 3 years
TBT −0.05TTT −0.03, better
Worst fallMax drawdown, 5 years
TBT −33.8%, betterTTT −48.1%
Market sensitivityBeta, 5 years
TBT −4.80TTT −7.18

TBT and TTT in the news

All news⁠

Popular comparisons

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