TBT vs SPY
Comparison between PROSHARES ULTRASHORT 20+ YEAR TREASURY (TBT, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceTBT has outperformed SPY, delivering a return of +15.6% compared to +13.3%
TBT vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
TBT vs SPY - Historical Returns
Returns include dividend reinvestment.
TBT vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | TBT | SPY |
|---|---|---|
| 2026 | +3.88% | +8.26% |
| 2025 | -1.41% | +18.00% |
| 2024 | +25.84% | +25.59% |
| 2023 | +1.22% | +26.72% |
| 2022 | +83.83% | -18.64% |
| 2021 | +2.55% | +30.52% |
| 2020 | -36.60% | +17.28% |
| 2019 | -22.02% | +31.09% |
| 2018 | +2.75% | -5.24% |
| 2017 | -16.51% | +20.78% |
| 2016 | -6.01% | +13.59% |
| 2015 | -3.08% | +1.31% |
| 2014 | -41.07% | +14.56% |
| 2013 | +21.75% | +29.00% |
| 2012 | -14.72% | +14.17% |
| 2011 | -51.83% | +0.85% |
| 2010 | -26.11% | +13.14% |
| 2009 | +27.90% | +22.67% |
| 2008 | -45.18% | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
TBT vs SPY Drawdown Comparison
The maximum drawdown for TBT was -94.99%, occurring on Aug 4, 2020. This drawdown has not yet recovered.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current TBT drawdown is -85.55%. The current SPY drawdown is -2.90%.
| Rank | TBT | SPY |
|---|---|---|
| #1 | -94.99% Jun 13, 2008 - Aug 4, 2020 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -3.64% May 29, 2008 - Jun 12, 2008 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -3.62% May 6, 2008 - May 28, 2008 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -0.01% May 2, 2008 - May 6, 2008 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | N/A | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | N/A | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | N/A | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | N/A | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | N/A | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | N/A | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | N/A | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | N/A | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | N/A | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | N/A | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | N/A | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between TBT and SPY is -0.55 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.
Dividend Comparison (1999 - 2026)
TBT vs SPY dividend yield comparison.
| Year | TBT | SPY |
|---|---|---|
| 2026 | 0.47% | 0.24% |
| 2025 | 3.21% | 1.07% |
| 2024 | 4.64% | 1.21% |
| 2023 | 4.98% | 1.40% |
| 2022 | 0.42% | 1.65% |
| 2021 | 0.00% | 1.20% |
| 2020 | 0.32% | 1.52% |
| 2019 | 2.12% | 1.75% |
| 2018 | 0.99% | 2.04% |
| 2017 | 0.00% | 1.80% |
| 2016 | 0.00% | 2.03% |
| 2015 | 0.00% | 2.06% |
| 2014 | 0.00% | 1.87% |
| 2013 | 0.00% | 1.81% |
| 2012 | 0.00% | 2.18% |
| 2011 | 0.00% | 2.05% |
| 2010 | 0.00% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.44% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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