IVV vs TBF
iShares Core S&P 500 ETF vs ProShares Short 20+ Year Treasury
Quick Verdict
IVV has a lower expense ratio. IVV delivered stronger 1-year returns. IVV offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | IVV | TBF | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.95% | |
| AUM | $865.2B | $86M | |
| Dividend Yield | 1.09% | 2.80% | |
| Holdings | 508 | 10 | |
| YTD Return | +13.80% | +6.57% | |
| 1Y Return | +23.01% | +7.49% | |
| 3Y Return (annualized) | +21.77% | +6.40% | |
| 5Y Return (annualized) | +13.39% | +11.96% | |
| Volatility (annualized) | 15.1% | 13.5% | |
| Max Drawdown | -56.5% | -71.2% | |
| Fund Family | iShares by BlackRock (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Aug 18, 2009 |
IVV vs TBF Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and ProShares Short 20+ Year Treasury (TBF) is a ETF from ProShares. Over the past year IVV returned +23.01% while TBF returned +7.49%. Year to date, IVV is up 13.80% versus a gain of 6.57% for TBF.
Over three years, IVV compounded at +21.77% per year against +6.40% for TBF; over five years the annualized figures are +13.39% and +11.96% respectively. Across the full 17-year window we track, IVV has the edge at +7.04% annualized vs -3.06%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
IVV has been the more volatile fund, with annualized monthly volatility of 15.1% compared with 13.5% for TBF. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -56.5% for IVV and -71.2% for TBF. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.08. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while TBF charges 0.95%. On a $10,000 position that is $3 vs $95 annually, a gap of $92 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 2.80% for TBF.
Holdings Overlap
IVV and TBF share 0 holdings out of 506 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, IVV or TBF?
IVV has an expense ratio of 0.03% while TBF charges 0.95%. IVV is the cheaper option. On a $10,000 investment, that is $92 per year of difference.
Which performed better, IVV or TBF?
Over the past year IVV returned +23.01% vs +7.49% for TBF, so IVV leads on 1-year performance. Over the longest common window we track (17 years), IVV annualized +7.04% vs -3.06% for TBF. Past performance does not guarantee future results.
Which is riskier, IVV or TBF?
IVV has been the more volatile fund at 15.1% annualized versus 13.5% for TBF. Worst drawdown: IVV -56.5% vs TBF -71.2%.
Should I hold both IVV and TBF?
IVV and TBF have a monthly-return correlation of 0.08, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TBF?
IVV and TBF share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, IVV or TBF?
IVV yields 1.09% while TBF yields 2.80%, so TBF currently pays the higher dividend yield.
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