IVV vs TBT
iShares Core S&P 500 ETF vs ProShares UltraShort 20+ Year Treasury ETF
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 | TBT | Winner |
|---|---|---|---|
| Expense Ratio | 0.03% | 0.93% | |
| AUM | $865.2B | $297M | |
| Dividend Yield | 1.09% | 2.78% | |
| Holdings | 508 | 10 | |
| YTD Return | +13.72% | +11.22% | |
| 1Y Return | +21.64% | +9.93% | |
| 3Y Return (annualized) | +21.55% | +7.71% | |
| 5Y Return (annualized) | +13.27% | +19.50% | |
| Volatility (annualized) | 15.1% | 28.1% | |
| Max Drawdown | -56.5% | -95.2% | |
| Fund Family | iShares by BlackRock (US) | ProShares | |
| Category | Equity | Alternative | |
| Inception | May 15, 2000 | Apr 29, 2008 |
IVV vs TBT Performance
iShares Core S&P 500 ETF (IVV) is a ETF from iShares by BlackRock (US) and ProShares UltraShort 20+ Year Treasury ETF (TBT) is a ETF from ProShares. Over the past year IVV returned +21.64% while TBT returned +9.93%. Year to date, IVV is up 13.72% versus a gain of 11.22% for TBT.
Over three years, IVV compounded at +21.55% per year against +7.71% for TBT; over five years the annualized figures are +13.27% and +19.50% respectively. Across the full 18-year window we track, IVV has the edge at +7.04% annualized vs -9.56%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TBT has been the more volatile fund, with annualized monthly volatility of 28.1% compared with 15.1% for IVV. 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 -95.2% for TBT. 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 0.07. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
IVV charges 0.03% per year while TBT charges 0.93%. On a $10,000 position that is $3 vs $93 annually, a gap of $90 per year that compounds over a long holding period. On income, IVV currently yields 1.09% against 2.78% for TBT.
Holdings Overlap
IVV and TBT 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 TBT?
IVV has an expense ratio of 0.03% while TBT charges 0.93%. IVV is the cheaper option. On a $10,000 investment, that is $90 per year of difference.
Which performed better, IVV or TBT?
Over the past year IVV returned +21.64% vs +9.93% for TBT, so IVV leads on 1-year performance. Over the longest common window we track (18 years), IVV annualized +7.04% vs -9.56% for TBT. Past performance does not guarantee future results.
Which is riskier, IVV or TBT?
TBT has been the more volatile fund at 28.1% annualized versus 15.1% for IVV. Worst drawdown: IVV -56.5% vs TBT -95.2%.
Should I hold both IVV and TBT?
IVV and TBT have a monthly-return correlation of 0.07, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between IVV and TBT?
IVV and TBT share 0 common holdings with a 0.0% weight overlap. Combined, they hold 506 unique securities.
Which pays a higher dividend, IVV or TBT?
IVV yields 1.09% while TBT yields 2.78%, so TBT currently pays the higher dividend yield.
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