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TBF · Proshares Short 20+ Year Treasury
Over the last 15 years (2011-09 to 2026-09), $10,000 invested in TBF with dividends reinvested grew to $8,243, -1.27% a year, with a worst peak-to-trough fall of -58.56%. Past performance doesn't predict future results.
Growth of $10,000 · 2011-09 to 2026-09 · dividends reinvested
How TBF held up in past market crashes
TBF has been through 3 of the market crashes since 2000 in our data. Its deepest price fall was 15.9% in the 2020 COVID crash, when the S&P 500 fell 34.1%. It took 12 months from the bottom to get back to its high. No fund is safe from losses; past falls do not predict future ones.
| Crash | TBF deepest fall | S&P 500 (SPY) | Peak to bottom | Back to peak |
|---|---|---|---|---|
| 2018 fourth-quarter selloff | -7.9% | -20.2% | Nov 2018 to Dec 2018 | 3.8 years |
| 2020 COVID crash | -15.9% | -34.1% | Feb 2020 to Mar 2020 | 12 months |
| 2022 bear market | -10.1% | -25.4% | Jun 2022 to Aug 2022 | 1 months |
Price declines in the fund's listing currency, dividends not included, inside each crash's S&P 500 peak-to-bottom window. See how 50 popular ETFs compare in the crash study.
About TBF
ProShares Short 20+ Year Treasury is an exchange-traded fund designed to provide daily inverse exposure to long-term U.S. Treasury bonds. The fund seeks results that move opposite to the daily performance of the ICE U.S. Treasury 20+ Year Bond Index, which tracks publicly issued U.S. Treasury securities with remaining maturities of more than 20 years. To achieve this objective, the fund uses derivatives and short exposure rather than holding a conventional portfolio of bonds. ProShares Short 20+ Year Treasury is used as a fixed-income strategy vehicle for investors who want targeted exposure to the long-duration U.S. government bond market. It is part of ProShares’ lineup of inverse and leveraged ETFs and is commonly associated with tactical bond positioning and interest-rate sensitivity within the broader financial markets.
Put TBF to the test
Every tool below opens prefilled with TBF: free, no account needed.
Backtest TBF →
Full history, any date range, benchmarks, drawdowns, rolling returns.
Would TBF survive 2008? →
What actually happened to it in the crisis: real drawdown and recovery.
Project it forward →
Monte Carlo simulation of where it could go from here.
Compare TBF vs VTI →
Head-to-head against the total US market.
Replay $100/mo into TBF →
Animated growth of steady monthly contributions.
Fundamentals →
Holdings-level financials where available.
Educational use only, not investment advice. Results are hypothetical.Read full disclaimer
This tool is for educational and informational purposes only and does not provide financial, investment, tax, legal, or accounting advice. Results are hypothetical and based on historical data and assumptions that may be inaccurate. Past performance does not guarantee future results. Consult a licensed professional before making investment decisions.