TBT vs VOO
ProShares UltraShort 20+ Year Treasury ETF vs Vanguard S&P 500 ETF
Which is better, TBT or VOO?
Trading-Inverse Debt against Large Cap Blend.
VOO has a lower expense ratio. TBT led over 1Y and 5Y, VOO over 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | TBT | VOO |
|---|---|---|
| Expense Ratio | 0.93% | 0.03%Best |
| AUM | $300M | $997.4B |
| Dividend Yield | 2.54% | 1.04% |
| Holdings | 10 | 509 |
| YTD Return | +14.87%Best | +13.31% |
| 1Y Return | +19.80%Best | +17.07% |
| 3Y Return (annualized) | +4.22% | +22.72%Best |
| 5Y Return (annualized) | +21.19%Best | +13.19% |
| Volatility (annualized) | 26.6% | 14.1%Best |
| Max Drawdown | -91.3% | -34.3%Best |
| $10,000 over 5 years | $26,142Best | $18,580 |
| Fund Family | ProShares | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Trading-Inverse Debt | Large Cap Blend |
| Inception | Apr 29, 2008 | Sep 7, 2010 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 9, 2010 to Sep 23, 2026 (16 years).
TBT vs VOO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 16 years both funds cover.
TBT vs VOO Performance
ProShares UltraShort 20+ Year Treasury ETF (TBT) is an ETF from ProShares and Vanguard S&P 500 ETF (VOO) is an ETF from Vanguard (US). Over the past year TBT returned +19.80% while VOO returned +17.07%. Year to date, TBT is up 14.87% versus a gain of 13.31% for VOO.
Over three years, TBT compounded at +4.22% per year against +22.72% for VOO; over five years the annualized figures are +21.19% and +13.19% respectively. Across the full 16-year window we track, VOO has the edge at +13.43% annualized vs -6.46%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TBT has been the more volatile fund, with annualized monthly volatility of 26.6% compared with 14.1% for VOO. 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 -91.3% for TBT and -34.3% for VOO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.03. They move largely independently of each other.
Fees and Cost Over Time
TBT charges 0.93% per year while VOO charges 0.03%. On a $10,000 position that is $93 vs $3 annually, a gap of $90 per year that compounds over a long holding period. On income, TBT currently yields 2.54% against 1.04% for VOO.
Holdings Overlap
We hold position weights for 1 holding in TBT and 494 in VOO, totalling 77.5% and 99.5% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in TBT and 494 in VOO, against full books of 10 and 509.
You are not choosing between two funds in isolation.
Whichever of TBT and VOO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, TBT or VOO?
TBT has an expense ratio of 0.93% while VOO charges 0.03%. VOO is the cheaper option, by $90 a year on a $10,000 investment.
Which performed better, TBT or VOO?
Over the past year TBT returned +19.80% vs +17.07% for VOO, so TBT leads on 1-year performance. Over the longest common window we track (16 years), TBT annualized -6.46% vs +13.43% for VOO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TBT or VOO?
TBT has been the more volatile fund at 26.6% annualized versus 14.1% for VOO. Worst drawdown: TBT -91.3% vs VOO -34.3%.
Should I hold both TBT and VOO?
TBT and VOO have a monthly-return correlation of 0.03, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, TBT or VOO?
TBT yields 2.54% while VOO yields 1.04%, so TBT currently pays the higher dividend yield.
Is VOO better than TBT?
VOO has a lower expense ratio. TBT led over 1Y and 5Y, VOO over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.