TBT vs VYM
ProShares UltraShort 20+ Year Treasury ETF vs Vanguard High Dividend Yield ETF
Which is better, TBT or VYM?
Trading-Inverse Debt against Large Cap Value.
VYM has a lower expense ratio. TBT led over 1Y and 5Y, VYM 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 | VYM |
|---|---|---|
| Expense Ratio | 0.93% | 0.04%Best |
| AUM | $300M | $81.6B |
| Dividend Yield | 2.54% | 2.22% |
| Holdings | 10 | 613 |
| YTD Return | +14.87%Best | +10.23% |
| 1Y Return | +19.80%Best | +14.28% |
| 3Y Return (annualized) | +4.22% | +17.50%Best |
| 5Y Return (annualized) | +21.19%Best | +11.60% |
| Volatility (annualized) | 28.1% | 14.9%Best |
| Max Drawdown | -95.2% | -53.6%Best |
| $10,000 over 5 years | $26,142Best | $17,311 |
| Fund Family | ProShares | Vanguard (US) |
| Category | Alternative | Equity |
| Style | Trading-Inverse Debt | Large Cap Value |
| Inception | Apr 29, 2008 | Nov 10, 2006 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: May 1, 2008 to Sep 23, 2026 (18.4 years).
TBT vs VYM 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 18.4 years both funds cover.
TBT vs VYM Performance
ProShares UltraShort 20+ Year Treasury ETF (TBT) is an ETF from ProShares and Vanguard High Dividend Yield ETF (VYM) is an ETF from Vanguard (US). Over the past year TBT returned +19.80% while VYM returned +14.28%. Year to date, TBT is up 14.87% versus a gain of 10.23% for VYM.
Over three years, TBT compounded at +4.22% per year against +17.50% for VYM; over five years the annualized figures are +21.19% and +11.60% respectively. Across the full 18-year window we track, VYM has the edge at +7.46% annualized vs -9.34%.
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 14.9% for VYM. 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 -95.2% for TBT and -53.6% for VYM. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.07. They move largely independently of each other.
Fees and Cost Over Time
TBT charges 0.93% per year while VYM charges 0.04%. On a $10,000 position that is $93 vs $4 annually, a gap of $89 per year that compounds over a long holding period. On income, TBT currently yields 2.54% against 2.22% for VYM.
Holdings Overlap
We hold position weights for 1 holding in TBT and 557 in VYM, totalling 77.5% and 99.2% 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 557 in VYM, against full books of 10 and 613.
You are not choosing between two funds in isolation.
Whichever of TBT and VYM 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 VYM?
TBT has an expense ratio of 0.93% while VYM charges 0.04%. VYM is the cheaper option, by $89 a year on a $10,000 investment.
Which performed better, TBT or VYM?
Over the past year TBT returned +19.80% vs +14.28% for VYM, so TBT leads on 1-year performance. Over the longest common window we track (18 years), TBT annualized -9.34% vs +7.46% for VYM. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TBT or VYM?
TBT has been the more volatile fund at 28.1% annualized versus 14.9% for VYM. Worst drawdown: TBT -95.2% vs VYM -53.6%.
Should I hold both TBT and VYM?
TBT and VYM have a monthly-return correlation of 0.07, 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 VYM?
TBT yields 2.54% while VYM yields 2.22%, so TBT currently pays the higher dividend yield.
Is VYM better than TBT?
VYM has a lower expense ratio. TBT led over 1Y and 5Y, VYM over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.