ProShares Short 20+ Year Treasury (TBF) Performance
TBF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +7.7% since Dec 31, 2025
- 1 year
- +13.0% total return
- 5 years
- +12.2% a year
- 10 years
- +3.5% a year
- Since first price
- −2.8% a year since 2009
TBF trailing returns vs SPY, QQQ, AGG
| Period | TBF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.1% | −1.1% | −1.0% | −5.0% | +0.9% |
| 3 months | +2.2% | +1.7% | +3.2% | +1.9% | −0.4% |
| 6 months | +6.6% | +5.4% | +7.8% | +8.4% | −1.5% |
| YTD | +7.7% | +6.1% | +12.3% | +15.1% | −1.0% |
| 1 year | +13.0% | +10.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +8.1%+2.6%/yr | −3.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +77.6%+12.2%/yr | +53.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +40.5%+3.5%/yr | +18.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −10.9%−0.8%/yr | −25.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionAug 20, 2009 | −38.1%−2.8%/yr | −47.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TBF vs SPY
From Aug 20, 2009: TBF grew to $6,185, SPY to $102,113.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TBF returns by calendar year
7 of 16 full years positive. Best 2022 (+42.4%), worst 2011 (−29.6%). 2026 is year to date.
TBF annual returns table
| Year | TBF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +7.7% | −5.7% | +12.3% | +15.1% | −1.0% |
| 2025 | +1.3% | −8.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +16.3% | −12.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +2.4% | −17.8% | +26.2% | +54.9% | +5.7% |
| 2022 | +42.4% | −16.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +1.3% | −15.8% | +28.7% | +27.4% | −1.8% |
| 2020 | −19.4% | −24.1% | +18.3% | +48.6% | +7.5% |
| 2019 | −11.0% | −19.6% | +31.2% | +39.0% | +8.5% |
| 2018 | +3.3% | −8.0% | −4.6% | −0.1% | +0.1% |
| 2017 | −8.5% | −11.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −3.4% | −17.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −1.7% | −9.8% | +1.2% | +9.4% | +0.5% |
| 2014 | −23.5% | −24.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +11.9% | −8.3% | +32.3% | +36.6% | −2.0% |
| 2012 | −5.7% | −18.5% | +16.0% | +18.1% | +3.8% |
| 2011 | −29.6% | −34.3% | +1.9% | +3.4% | +7.7% |
| 2010 | −12.4% | −22.7% | +15.1% | +19.9% | +6.4% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TBF largest drawdowns
Now 40.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 11, 2010 | −70.4% | Aug 4, 2020 | not yet | 10.6 years | 16.8 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TBF risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +6.0% | +13.2% | +4.3% | −2.4% |
| Volatility (annualized) | 13.4% | 14.7% | 13.7% | 13.5% |
| Sharpe ratio | 0.17 | 0.67 | 0.21 | -0.21 |
| Sortino ratio | 0.25 | 1.12 | 0.30 | -0.28 |
| Best month | +7.6% | +10.3% | +10.3% | +10.3% |
| Worst month | −8.8% | −8.8% | −10.0% | −12.3% |
| Best 12 months | +16.3% | +46.4% | +46.4% | +46.4% |
| Worst 12 months | −7.5% | −7.5% | −29.2% | −31.2% |
| Positive months | 50% | 58% | 52% | 50% |
| Beta vs S&P 500 | -0.54 | -0.53 | -0.16 | — |
| Correlation with S&P 500 | -0.50 | -0.56 | -0.17 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TBF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 195 | −31.2% | −0.0% | +46.4% | 49% |
| 3-year (a year) | 171 | −16.5% | −5.5% | +20.3% | 31% |
| 5-year (a year) | 147 | −14.1% | −5.1% | +13.2% | 31% |
| 10-year (a year) | 87 | −10.8% | −2.7% | +4.3% | 26% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
TBF performance overview
ProShares Short 20+ Year Treasury (TBF) returned +13.0% over the past year and +3.5% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned −2.8% a year, turning $10,000 into about $6,185. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −70.4%, from Jan 11, 2010 to Aug 4, 2020; the fund has not yet regained that high. TBF finished 7 of its 16 full calendar years with a gain; the best year was 2022 (+42.4%) and the worst 2011 (−29.6%). Volatility has been 13.5% a year.
Related: TBF chart, TBF dividends. See the TBF overview for the latest quote and fund facts.
TBF performance FAQ
What is the TBF return over the past year?
TBF returned +13.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 10.3%.
What is the average annual return of TBF?
TBF has returned +12.2% a year over 5 years, +3.5% a year over 10 years, −2.8% a year since August 20, 2009 (total return, distributions reinvested).
How much would $10,000 invested in TBF be worth?
$10,000 invested in TBF at its first recorded close on August 20, 2009 would be worth about $6,185 on October 23, 2026 with distributions reinvested.
What was the worst year for TBF?
The worst calendar year was 2011, with a total return of −29.6%. The best was 2022 at +42.4%.
What is the biggest drawdown of TBF?
The largest peak-to-trough decline was −70.4% between January 11, 2010 and August 4, 2020. It has not yet recovered to that high; it is 40.5% below its peak.
How volatile is TBF?
Over the past 3 years TBF had an annualized volatility of 13.4% and a Sharpe ratio of 0.17 (excess return over 1–3 month T-bills per unit of risk).