BetterThanSPY

Relative Intelligence · Exchange-Traded Debt

How AT&T Inc. 5.35% GLB NTS 66 (TBB) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on TBB alone. It places TBB (AT&T Inc. 5.35% GLB NTS 66) against 15 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where TBB stands in the market, and of the alternatives worth a closer look.

Period covered: TBB's full trading record, from November 2017 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against TBB →Chart TBB vs. 15 alternatives →

This page answers the following questions about TBB

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in TBB have grown?

This chart tracks a hypothetical $10,000 investment in TBB over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of TBB over the same span and TBB's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: TBB began trading on November 6, 2017, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or three other sell-offs. It covers the most recent 8 years of TBB's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,296 of the 3,001 stocks and funds worth at least $500 million that traded the whole period ended ahead of TBB; the chart shows 5, closest alternatives first. The other 2 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000$25,000$30,000201820192020202120222023202420252026$0$10,000$20,000$30,00020182020202220242026
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • T$16,850+68.5% total · +6.7% a year
  • VZ$13,391+33.9% total · +3.7% a year
  • PRS$12,514+25.1% total · +2.8% a year
  • PFF$12,495+25.0% total · +2.8% a year
  • SOJC$12,095+21.0% total · +2.4% a year
  • LQD$11,878+18.8% total · +2.2% a year
  • TBB$11,710+17.1% total · +2.0% a year
  • VCLT$11,049+10.5% total · +1.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,649 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of TBB; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$15,000$20,000202120222023202420252026$5,000$10,000$15,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • T$16,172+61.7% total · +10.1% a year
  • VRIG$12,539+25.4% total · +4.6% a year
  • VZ$11,648+16.5% total · +3.1% a year
  • SPSB$11,418+14.2% total · +2.7% a year
  • PFF$10,208+2.1% total · +0.4% a year
  • PRS$9,831−1.7% total · −0.3% a year
  • TBB$9,565−4.3% total · −0.9% a year
  • LQD$9,381−6.2% total · −1.3% a year
  • VCLT$8,252−17.5% total · −3.8% a year
Change the dates or add tickers to this chart in EasyCompare

TBB at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: TBB began trading on November 6, 2017, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or three other sell-offs.

The company

Market value
$156B
Industry
Telecommunications Services
Price history from
November 2017

Returns

Past 1 year
−17.9%total return
Past 3 years
+4.2%+1.4% a year
Past 5 years
−8.4%−1.7% a year
Best calendar year
+26.6%2019
Worst calendar year
−12.2%2022
Losing years
4 of 8full calendar years

Risk

Volatility
11.3%typical yearly swing, 5 years
Sharpe ratio
-0.10return per unit of risk, 5 years
Worst decline ever
−19.8%Sep 2025 to Oct 2026
From its all-time high
−19.2%below the peak

TBB against the whole market

Where TBB ranks among every stock and fund, and what across the market has done better.

How does TBB rank among all stocks?

This section ranks TBB on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how TBB stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureTBBRankStanding
1-year return−17.9%2,617 of 3,282bottom 21%
3-year return+4.2%2,295 of 3,016bottom 25%
5-year return−8.4%1,863 of 2,897bottom 37%
Volatility, 5 years11.3%7 of 2,897top 1%
Sharpe ratio, 5 years-0.102,563 of 2,897bottom 13%

What has beaten TBB on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). TBB sits where the dashed lines cross. Anything in the green box above and to the left earned more than TBB with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to TBB; faint dots are 67 more of the 248 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%20.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%17.5%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TBBJAAA: +5.1% a year, volatility 1.7%NEAR: +3.9% a year, volatility 1.4%VNLA: +4.1% a year, volatility 1.1%SUB: +1.5% a year, volatility 1.7%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%BALT: +6.2% a year, volatility 3.3%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%DOCT: +8.2% a year, volatility 7.4%STIP: +2.7% a year, volatility 2.8%FLRN: +4.5% a year, volatility 1.7%MUB: +0.5% a year, volatility 4.2%BUFR: +9.8% a year, volatility 10.5%TBUX: +4.2% a year, volatility 1.1%IAGG: +1.2% a year, volatility 4.5%IEI: +0.3% a year, volatility 4.8%SCHP: +0.2% a year, volatility 6.1%FLUD: +3.9% a year, volatility 1.4%FJUN: +10.4% a year, volatility 10.6%JPIB: +2.6% a year, volatility 4.2%FLMI: +1.6% a year, volatility 4.6%IBTG: +1.3% a year, volatility 3.2%SIXH: +10.3% a year, volatility 10.3%PMAY: +7.0% a year, volatility 8.6%HEGD: +7.8% a year, volatility 9.5%INMU: +1.4% a year, volatility 3.8%AGZ: +1.1% a year, volatility 3.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%IUSB: +0.2% a year, volatility 5.9%BKLN: +5.3% a year, volatility 4.5%GOVT: −0.6% a year, volatility 6.0%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%EMB: +1.5% a year, volatility 9.8%FTLS: +10.1% a year, volatility 10.5%AOR: +6.4% a year, volatility 10.7%SHYG: +4.6% a year, volatility 5.8%ACWV: +6.4% a year, volatility 10.3%UCON: +2.3% a year, volatility 4.0%EMLC: +2.5% a year, volatility 9.1%FLBL: +5.2% a year, volatility 3.9%SPIB: +1.7% a year, volatility 4.5%LQDH: +5.2% a year, volatility 4.4%JNK: +3.2% a year, volatility 7.6%BSCQ: +1.9% a year, volatility 3.3%VRP: +3.8% a year, volatility 6.6%DUKB: +0.1% a year, volatility 9.4%HYD: −0.4% a year, volatility 6.6%FPEI: +3.4% a year, volatility 6.0%IBDU: +1.3% a year, volatility 5.7%ANGL: +2.0% a year, volatility 7.7%QAI: +4.1% a year, volatility 6.8%CMSC: −0.1% a year, volatility 10.4%BSJQ: +3.7% a year, volatility 5.7%CMSD: −0.5% a year, volatility 10.4%YLD: +4.2% a year, volatility 6.4%DRSK: +2.1% a year, volatility 7.5%KORP: +1.5% a year, volatility 5.5%NFLT: +2.8% a year, volatility 4.6%IBMP: +0.8% a year, volatility 2.6%SHYM: +0.8% a year, volatility 7.1%PWZ: −0.6% a year, volatility 6.4%TBB: −1.7% a year, volatility 11.3%SPY (S&P 500): +12.5% a year, volatility 17.2%LQD: −0.7% a year, volatility 8.7%PFF: −0.2% a year, volatility 10.5%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%GVI: +1.1% a year, volatility 4.0%IBHF: +4.1% a year, volatility 5.8%HYTR: +1.8% a year, volatility 5.6%AQNB: +5.6% a year, volatility 11.6%BIL: +3.7% a year, volatility 0.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%VGSH: +2.0% a year, volatility 2.0%FJUL: +11.4% a year, volatility 10.9%EP-PC: +5.2% a year, volatility 8.9%IEF: −1.4% a year, volatility 7.7%KO: +15.2% a year, volatility 16.8%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%TBBSPY (S&P 500)LQDPFFVRIGSPSBGVIIBHFHYTRAQNBBILFLOTVGSHFJULEP-PCIEFKOFJANPOCT−5.0%0.0%5.0%10.0%15.0%20.0%−5.0%0.0%5.0%10.0%15.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than TBBJAAA: +5.1% a year, volatility 1.7%NEAR: +3.9% a year, volatility 1.4%VNLA: +4.1% a year, volatility 1.1%SUB: +1.5% a year, volatility 1.7%FLDR: +3.9% a year, volatility 1.2%USTB: +3.6% a year, volatility 2.1%LMBS: +3.1% a year, volatility 2.6%RAVI: +3.8% a year, volatility 1.4%BALT: +6.2% a year, volatility 3.3%LDUR: +2.4% a year, volatility 2.1%STOT: +2.9% a year, volatility 1.7%SMMU: +2.0% a year, volatility 1.7%DOCT: +8.2% a year, volatility 7.4%STIP: +2.7% a year, volatility 2.8%FLRN: +4.5% a year, volatility 1.7%MUB: +0.5% a year, volatility 4.2%BUFR: +9.8% a year, volatility 10.5%TBUX: +4.2% a year, volatility 1.1%IAGG: +1.2% a year, volatility 4.5%IEI: +0.3% a year, volatility 4.8%SCHP: +0.2% a year, volatility 6.1%FLUD: +3.9% a year, volatility 1.4%FJUN: +10.4% a year, volatility 10.6%JPIB: +2.6% a year, volatility 4.2%FLMI: +1.6% a year, volatility 4.6%IBTG: +1.3% a year, volatility 3.2%SIXH: +10.3% a year, volatility 10.3%PMAY: +7.0% a year, volatility 8.6%HEGD: +7.8% a year, volatility 9.5%INMU: +1.4% a year, volatility 3.8%AGZ: +1.1% a year, volatility 3.6%FLRT: +6.0% a year, volatility 2.3%FLTR: +4.8% a year, volatility 2.1%IUSB: +0.2% a year, volatility 5.9%BKLN: +5.3% a year, volatility 4.5%GOVT: −0.6% a year, volatility 6.0%SRLN: +4.6% a year, volatility 3.9%FTSL: +5.0% a year, volatility 3.4%EMB: +1.5% a year, volatility 9.8%FTLS: +10.1% a year, volatility 10.5%AOR: +6.4% a year, volatility 10.7%SHYG: +4.6% a year, volatility 5.8%ACWV: +6.4% a year, volatility 10.3%UCON: +2.3% a year, volatility 4.0%EMLC: +2.5% a year, volatility 9.1%FLBL: +5.2% a year, volatility 3.9%SPIB: +1.7% a year, volatility 4.5%LQDH: +5.2% a year, volatility 4.4%JNK: +3.2% a year, volatility 7.6%BSCQ: +1.9% a year, volatility 3.3%VRP: +3.8% a year, volatility 6.6%DUKB: +0.1% a year, volatility 9.4%HYD: −0.4% a year, volatility 6.6%FPEI: +3.4% a year, volatility 6.0%IBDU: +1.3% a year, volatility 5.7%ANGL: +2.0% a year, volatility 7.7%QAI: +4.1% a year, volatility 6.8%CMSC: −0.1% a year, volatility 10.4%BSJQ: +3.7% a year, volatility 5.7%CMSD: −0.5% a year, volatility 10.4%YLD: +4.2% a year, volatility 6.4%DRSK: +2.1% a year, volatility 7.5%KORP: +1.5% a year, volatility 5.5%NFLT: +2.8% a year, volatility 4.6%IBMP: +0.8% a year, volatility 2.6%SHYM: +0.8% a year, volatility 7.1%PWZ: −0.6% a year, volatility 6.4%TBB: −1.7% a year, volatility 11.3%SPY (S&P 500): +12.5% a year, volatility 17.2%LQD: −0.7% a year, volatility 8.7%PFF: −0.2% a year, volatility 10.5%VRIG: +4.7% a year, volatility 1.3%SPSB: +2.9% a year, volatility 2.0%GVI: +1.1% a year, volatility 4.0%IBHF: +4.1% a year, volatility 5.8%HYTR: +1.8% a year, volatility 5.6%AQNB: +5.6% a year, volatility 11.6%BIL: +3.7% a year, volatility 0.3%VTIP: +2.7% a year, volatility 2.9%FLOT: +4.5% a year, volatility 1.8%VGSH: +2.0% a year, volatility 2.0%FJUL: +11.4% a year, volatility 10.9%EP-PC: +5.2% a year, volatility 8.9%IEF: −1.4% a year, volatility 7.7%KO: +15.2% a year, volatility 16.8%FJAN: +11.0% a year, volatility 10.5%POCT: +9.9% a year, volatility 8.0%TBBSPY (S&P 500)LQDVRIGSPSBGVIIBHFAQNBBILVTIPIEFKOFJANPOCT
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region
  • 2 with more than 1.6× TBB's volatility are in the table only

Is there a better investment than TBB?

Investments that beat TBB over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat TBB over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks TBB's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than TBB follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than TBB's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× TBB's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than TBB's.

Screen the whole market against TBB for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with TBB?lower diversifies moreExpenseper year
TBBAT&T Inc. 5.35% GLB NTS 66 · this page
−1.7%11.3%-0.10−19.8%−8.4%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.380.09%
Popular alternativesbest 4 shownThe investments people most often weigh against TBB. 4 of 12 passed at least one test.
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · US Corporate Bonds
Higher return, lower volatilityHigher return in most periods−0.7%8.7%-0.04−25.0%−3.5%0.530.14%
PFFiShares Preferred and Income Securities ETF · Preferred Securities
Higher return, lower volatilityHigher return in most periods−0.2%10.5%0.04−34.1%−0.8%0.690.45%
TAT&T Inc. · Integrated Telecommunications
Higher return in most periods+9.5%25.4%0.49−39.4%+57.5%0.09—
VZVerizon Communications Inc. · Integrated Telecommunications
Higher return in most periods+3.3%22.9%0.26−41.2%+17.6%0.25—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Exchange-Traded Debt and Corporate Bonds and the categories next to it (Investment Grade Bonds, High Yield Bonds, US Corporate Bonds, Junior Subordinated Debt, Preferred Securities), plus TBB's specific themes. 112 of 140 passed at least one test.
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+4.7%1.3%3.52−13.1%+25.6%0.270.30%
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+2.9%2.0%1.42−11.8%+15.4%0.460.04%
GVIiShares Intermediate Government/Credit Bond ETF · Investment Grade Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.1%4.0%0.29−12.9%+5.4%0.470.20%
IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+4.1%5.8%0.73−11.2%+22.2%0.370.35%
HYTRCounterpoint High Yield Trend ETF · High Yield Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+1.8%5.6%0.35−13.3%+9.4%0.481.00%
AQNBAlgonquin Power & Utilities Corp. · Junior Subordinated Debt
Higher return, similar volatilityHigher return in most periods+5.6%11.6%0.53−42.7%+31.2%0.54—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 431 of 3,507 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+3.7%0.3%14.07−0.2%+20.0%0.130.14%
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+2.7%2.9%0.95−6.3%+14.2%0.230.03%
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+4.5%1.8%2.49−13.5%+24.6%0.190.15%
VGSHVanguard Short-Term Treasury ETF · Short-Term Treasuries
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+2.0%2.0%1.00−5.6%+10.4%0.370.03%
FJULFT Vest U.S. Equity Buffer ETF - July · US Equity Buffer
On the frontierHigher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+11.4%10.9%1.04−13.1%+71.4%0.400.85%
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Higher return, lower volatilityHigher return in most periods+5.2%8.9%0.62−25.4%+28.7%0.37—
IEFiShares 7-10 Year Treasury Bond ETF · Intermediate-Term Treasuries
Similar return, lower volatilityHigher return in most periods−1.4%7.7%-0.15−23.9%−7.0%0.490.15%
KOThe Coca-Cola Company · Nonalcoholic Beverages
Higher return in most periods+15.2%16.8%0.93−37.0%+103%0.08—
What these numbers mean for TBB
Annual return
TBB lost 1.7% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $9,160. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
TBB's volatility over the past 5 years was 11.3%, 66% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TBB's return lands within 11.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
TBB's Sharpe ratio over the past 5 years was -0.10, against 0.78 for the S&P 500, so TBB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
TBB's worst fall from a peak to a low over the past 10 years was 19.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 19.8% fall takes a 24.6% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, TBB's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against TBB instead: the lower it is, the more that option would diversify a TBB holding. Guide: Correlation and diversification →
Show all 248 stocks and funds worth at least $500 million that earned more than TBB with less volatility

Out of 3,641 tested over 5 years. The strongest 79 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with TBBExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
Whole market+3.7%0.3%14.07−0.2%+20.0%0.130.14%
2
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Same or nearby category+4.7%1.3%3.52−13.1%+25.6%0.270.30%
3
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+14.2%0.230.03%
4
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+24.6%0.190.15%
5
VGSHVanguard Short-Term Treasury ETF · Short-Term Treasuries
Whole market+2.0%2.0%1.00−5.6%+10.4%0.370.03%
6
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%+28.0%0.280.20%
7
NEARiShares Short Duration Bond Active ETF · Short-Term Bonds
Whole market+3.9%1.4%2.74−9.6%+21.2%0.440.25%
8
VNLAJanus Henderson Short Duration Income ETF · Ultrashort Bonds
Whole market+4.1%1.1%3.80−4.5%+22.0%0.400.25%
9
SUBiShares Short-Term National Muni Bond ETF · Short-Term Municipal Bonds
Whole market+1.5%1.7%0.91−9.4%+7.9%0.440.07%
10
FLDRFidelity Low Duration Bond Factor ETF · Short-Term Bonds
Whole market+3.9%1.2%3.13−12.2%+21.2%0.500.15%
11
USTBVictoryShares Short-Term Bond ETF · Short-Term Bonds
Whole market+3.6%2.1%1.77−5.3%+19.6%0.450.34%
12
LMBSFirst Trust Low Duration Opportunities ETF · Mortgage-Backed Securities
Whole market+3.1%2.6%1.17−6.5%+16.3%0.530.66%
13
RAVINorthern Trust Ultra-Short Fixed Income ETF · Ultrashort Bonds
Whole market+3.8%1.4%2.62−3.7%+20.3%0.310.26%
14
SPSBState Street SPDR Portfolio Short Term Corporate Bond ETF · Short-Term Corporate Bonds
Same or nearby category+2.9%2.0%1.42−11.8%+15.4%0.460.04%
15
BALTInnovator Defined Wealth Shield ETF · US Equity Buffer
Whole market+6.2%3.3%1.84−4.9%+35.3%0.350.69%
16
LDURPIMCO Enhanced Low Duration Active Exchange-Traded Fund · Short-Term Bonds
Whole market+2.4%2.1%1.16−8.7%+12.7%0.360.54%
17
STOTState Street DoubleLine Short Duration Total Return Tactical ETF · Short-Term Bonds
Whole market+2.9%1.7%1.69−6.1%+15.6%0.420.45%
18
SMMUPIMCO Short Term Municipal Bond Active Exchange-Traded Fund · Short-Term Municipal Bonds
Whole market+2.0%1.7%1.16−5.1%+10.5%0.530.35%
19
FJANFT Vest U.S. Equity Buffer ETF - January · US Equity Buffer
Whole market+11.0%10.5%1.04−13.6%+68.3%0.430.85%
20
DOCTFT Vest U.S. Equity Deep Buffer ETF - October · Deep Buffer
Whole market+8.2%7.4%1.10−9.9%+48.0%0.450.85%
21
STIPiShares 0-5 Year TIPS Bond ETF · Inflation-Protected Bonds
Whole market+2.7%2.8%0.95−6.5%+14.0%0.210.03%
22
FLRNState Street SPDR Bloomberg Investment Grade Floating Rate ETF · Floating Rate Bonds
Whole market+4.5%1.7%2.58−14.7%+24.5%0.250.15%
23
MUBiShares National Muni Bond ETF · National Investment Grade
Whole market+0.5%4.2%0.14−13.7%+2.6%0.550.05%
24
BUFRFT Vest Laddered Buffer ETF · Buffered Equity
Whole market+9.8%10.5%0.95−13.7%+59.5%0.390.10%
25
TBUXT. Rowe Price Ultra Short-Term Bond ETF · Ultrashort Bonds
Whole market+4.2%1.1%3.88−1.8%+22.6%0.390.17%
26
IAGGiShares Core International Aggregate Bond ETF · International Bonds
Whole market+1.2%4.5%0.28−13.9%+6.0%0.460.07%
27
IEIiShares 3-7 Year Treasury Bond ETF · Intermediate-Term Treasuries
Whole market+0.3%4.8%0.08−14.6%+1.4%0.450.15%
28
SCHPSchwab US TIPS ETF · Inflation-Protected Bonds
Whole market+0.2%6.1%0.06−14.3%+0.9%0.360.03%
29
FLUDFranklin Ultra Short Bond ETF · Ultrashort Bonds
Whole market+3.9%1.4%2.77−1.7%+21.1%0.190.15%
30
FJUNFT Vest U.S. Equity Buffer ETF - June · S&P 500 Buffer
Whole market+10.4%10.6%0.99−13.3%+64.3%0.380.85%
31
JPIBJPMorgan International Bond Opportunities ETF · International Bonds
Whole market+2.6%4.2%0.63−13.1%+13.6%0.520.50%
32
FLMIFranklin Dynamic Municipal Bond ETF · Municipal Bonds
Whole market+1.6%4.6%0.36−14.6%+8.1%0.510.30%
33
IBTGiShares iBonds Dec 2026 Term Treasury ETF · Target Maturity Treasuries
Whole market+1.3%3.2%0.42−13.6%+6.6%0.390.07%
34
SIXHETC 6 Meridian Hedged Equity Index Option ETF · Hedged Equity
Whole market+10.3%10.3%1.01−11.7%+63.2%0.060.31%
35
PMAYInnovator U.S. Equity Power Buffer ETF - May · S&P 500 Buffer
Whole market+7.0%8.6%0.83−13.0%+40.4%0.320.79%
36
HEGDSwan Hedged Equity US Large Cap ETF · Hedged Equity
Whole market+7.8%9.5%0.84−14.5%+45.6%0.390.88%
37
IBHFiShares iBonds 2026 Term High Yield and Income ETF · High Yield Bonds
Same or nearby category+4.1%5.8%0.73−11.2%+22.2%0.370.35%
38
INMUiShares Intermediate Muni Income Active ETF · Intermediate Municipal Bonds
Whole market+1.4%3.8%0.40−10.7%+7.5%0.540.41%
39
AGZiShares Agency Bond ETF · Government Bonds
Whole market+1.1%3.6%0.33−11.1%+5.8%0.470.15%
40
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+33.8%0.270.60%
41
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+28.7%0.37—
42
POCTInnovator U.S. Equity Power Buffer ETF · Moderate Buffer
Whole market+9.9%8.0%1.22−18.8%+60.2%0.420.79%
43
FLTRVanEck IG Floating Rate ETF · Floating Rate Bonds
Whole market+4.8%2.1%2.21−17.8%+26.5%0.220.14%
44
IUSBiShares Core Universal USD Bond ETF · Total Bond Market
Whole market+0.2%5.9%0.07−17.9%+1.1%0.550.06%
45
BKLNInvesco Senior Loan ETF · Bank Loans
Whole market+5.3%4.5%1.19−24.1%+29.7%0.210.67%
46
GOVTiShares U.S. Treasury Bond ETF · Treasury Bonds
Whole market−0.6%6.0%-0.07−19.1%−2.8%0.530.05%
47
SRLNState Street Blackstone Senior Loan ETF · Bank Loans
Whole market+4.6%3.9%1.17−22.3%+25.3%0.210.70%
48
FTSLFirst Trust Senior Loan Fund · Bank Loans
Whole market+5.0%3.4%1.49−22.7%+27.8%0.190.70%
49
EMBiShares J.P. Morgan USD Emerging Markets Bond ETF · Emerging Market Bonds
Whole market+1.5%9.8%0.20−28.7%+7.5%0.490.39%
50
FTLSFirst Trust Long/Short Equity ETF · Long-Short Equity
Whole market+10.1%10.5%0.97−20.6%+61.5%0.350.95%
51
AORiShares Core 60/40 Balanced Allocation ETF · Balanced Allocation
Whole market+6.4%10.7%0.64−23.0%+36.6%0.480.20%
52
SHYGiShares 0-5 Year High Yield Corporate Bond ETF · Short-Term High Yield
Same or nearby category+4.6%5.8%0.81−19.3%+25.0%0.390.30%
53
ACWViShares MSCI Global Min Vol Factor ETF · Global Equity
Whole market+6.4%10.3%0.66−28.8%+36.6%0.290.20%
54
UCONFirst Trust Smith Unconstrained Bond ETF · Multisector Bonds
Whole market+2.3%4.0%0.60−15.3%+12.3%0.520.86%
55
EMLCVanEck J.P. Morgan EM Local Currency Bond ETF · Emerging Market Bonds
Whole market+2.5%9.1%0.32−26.4%+13.0%0.430.30%
56
FLBLFranklin Senior Loan ETF · Bank Loans
Whole market+5.2%3.9%1.35−19.5%+29.1%0.250.45%
57
SPIBState Street SPDR Portfolio Intermediate Term Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+1.7%4.5%0.40−14.9%+8.9%0.520.04%
58
LQDHiShares Interest Rate Hedged Corporate Bond ETF · Investment Grade Bonds
Same or nearby category+5.2%4.4%1.20−24.6%+29.1%0.400.44%
59
JNKState Street SPDR Bloomberg High Yield Bond ETF · High Yield Bonds
Same or nearby category+3.2%7.6%0.46−22.9%+17.0%0.400.40%
60
BSCQInvesco BulletShares 2026 Corporate Bond ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.9%3.3%0.60−16.4%+10.0%0.400.10%
61
VRPInvesco Variable Rate Preferred ETF · Preferred Securities
Same or nearby category+3.8%6.6%0.61−46.0%+20.6%0.490.50%
62
DUKBDuke Energy Corporation 5.625% · Junior Subordinated Debt
Same or nearby category+0.1%9.4%0.06−18.8%+0.5%0.69—
63
HYDVanEck High Yield Muni ETF · High Yield Municipal Bonds
Whole market−0.4%6.6%-0.03−35.6%−2.0%0.550.32%
64
FPEIFirst Trust Institutional Preferred Securities & Income ETF · Preferred Securities
Same or nearby category+3.4%6.0%0.58−27.5%+18.1%0.410.85%
65
LQDiShares iBoxx $ Investment Grade Corporate Bond ETF · US Corporate Bonds
Popular alternative−0.7%8.7%-0.04−25.0%−3.5%0.530.14%
66
IBDUiShares iBonds Dec 2029 Term Corporate ETF · Defined Maturity Corporate Bonds
Same or nearby category+1.3%5.7%0.26−19.4%+6.6%0.490.10%
67
ANGLVanEck Fallen Angel High Yield Bond ETF · High Yield Bonds
Same or nearby category+2.0%7.7%0.30−29.3%+10.6%0.440.25%
68
QAINYLI Hedge Multi-Strategy Tracker ETF · Liquid Alternatives
Whole market+4.1%6.8%0.63−14.9%+22.4%0.400.75%
69
CMSCCMS Energy Corporation 5.875% J · Corporate Bonds
Same or nearby category−0.1%10.4%0.04−32.3%−0.5%0.74—
70
PFFiShares Preferred and Income Securities ETF · Preferred Securities
Popular alternative−0.2%10.5%0.04−34.1%−0.8%0.690.45%
71
BSJQInvesco BulletShares 2026 High Yield Corporate Bond ETF · High Yield Bonds
Same or nearby category+3.7%5.7%0.67−24.1%+19.9%0.310.43%
72
CMSDCMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 · Junior Subordinated Debt
Same or nearby category−0.5%10.4%0.00−33.3%−2.7%0.75—
73
YLDPrincipal Active High Yield ETF · Active High Yield
Same or nearby category+4.2%6.4%0.67−28.3%+22.6%0.380.39%
74
DRSKAptus Defined Risk ETF · Balanced Allocation
Whole market+2.1%7.5%0.32−19.9%+10.9%0.480.79%
75
KORPAmerican Century Diversified Corporate Bond ETF · Corporate Bonds
Same or nearby category+1.5%5.5%0.29−14.9%+7.5%0.500.29%
76
NFLTVirtus Newfleet Multi-Sector Bond ETF · Multisector Bonds
Whole market+2.8%4.6%0.64−15.1%+15.1%0.510.50%
77
IBMPiShares iBonds Dec 2027 Term Muni Bond ETF · Municipal Bonds
Whole market+0.8%2.6%0.34−15.3%+4.2%0.420.10%
78
SHYMiShares Short Duration High Yield Muni Active ETF · High Yield Municipal Bonds
Whole market+0.8%7.1%0.14−22.6%+3.8%0.540.42%
79
PWZInvesco California AMT-Free Municipal Bond ETF · California Municipal Bonds
Whole market−0.6%6.4%-0.06−17.6%−3.0%0.530.28%

TBB against its popular alternatives

The investments people most often weigh against TBB, compared period by period and year by year.

How do TBB's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at TBB, which divides the map into what did better or worse on each measure.

Green points earned more than TBB with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

7.5%10.0%12.5%15.0%17.5%20.0%22.5%25.0%27.5%−7.5%−5.0%−2.5%0.0%2.5%5.0%7.5%10.0%12.5%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTBB: −1.7% a year, volatility 11.3%SPY (S&P 500): 12.5% a year, volatility 17.2%PFF: −0.2% a year, volatility 10.5%LQD: −0.7% a year, volatility 8.7%VCLT: −3.0% a year, volatility 12.8%PRS: −0.9% a year, volatility 10.4%AIZN: −2.7% a year, volatility 18.8%SOJD: −2.9% a year, volatility 13.7%SOJE: −4.5% a year, volatility 14.1%PFH: −5.5% a year, volatility 14.2%DTB: −5.3% a year, volatility 18.0%VZ: 3.3% a year, volatility 22.9%T: 9.5% a year, volatility 25.4%SOJC: −1.7% a year, volatility 12.2%TBBSPY (S&P 500)PFFLQDVCLTAIZNSOJDSOJEPFHDTBVZTSOJC5.0%10.0%15.0%20.0%25.0%30.0%−10.0%−5.0%0.0%5.0%10.0%15.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityTBB: −1.7% a year, volatility 11.3%SPY (S&P 500): 12.5% a year, volatility 17.2%PFF: −0.2% a year, volatility 10.5%LQD: −0.7% a year, volatility 8.7%VCLT: −3.0% a year, volatility 12.8%PRS: −0.9% a year, volatility 10.4%AIZN: −2.7% a year, volatility 18.8%SOJD: −2.9% a year, volatility 13.7%SOJE: −4.5% a year, volatility 14.1%PFH: −5.5% a year, volatility 14.2%DTB: −5.3% a year, volatility 18.0%VZ: 3.3% a year, volatility 22.9%T: 9.5% a year, volatility 25.4%SOJC: −1.7% a year, volatility 12.2%TBBSPY (S&P 500)PFFLQDVCLTAIZNSOJDSOJEPFHDTBVZTSOJC
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
T AT&T Inc.+9.5%25.4%
VZ Verizon Communications Inc.+3.3%22.9%
PFF iShares Preferred and Income Securities ETF−0.2%10.5%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF−0.7%8.7%
PRS Prudential Financial, Inc. 5.62−0.9%10.4%
SOJC The Southern Company JR 2017B NT 77−1.7%12.2%
TBB This pageAT&T Inc. 5.35% GLB NTS 66−1.7%11.3%
AIZN Assurant, Inc. 5.25% Subordinat−2.7%18.8%
SOJD Southern Company (The) Series 2−2.9%13.7%
VCLT Vanguard Long-Term Corporate Bond ETF−3.0%12.8%
SOJE Southern Company (The) Series 2−4.5%14.1%
DTB DTE Energy Company 2020 Series−5.3%18.0%
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060−5.5%14.2%
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Has TBB consistently beaten its popular alternatives?

This section compares TBB with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than TBB helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than TBB over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
TBB AT&T Inc. 5.35% GLB NTS 66 (this page)—−5.6%−8.5%−13.8%−15.0%−17.9%+4.2%−8.4%11.3%-0.10−19.8%—$156B—
VZ QualifiedVerizon Communications Inc.5/5 short2/2 longAll-weather−1.2%+3.6%+1.5%+19.0%+21.1%+75.1%+17.6%22.9%0.26−41.2%—$188B—
PFF QualifiediShares Preferred and Income Securities ETF5/5 short2/2 longAll-weather−3.9%−4.0%−5.9%−4.1%−3.4%+21.1%−0.8%10.5%0.04−34.1%0.45%$12B—
LQD QualifiediShares iBoxx $ Investment Grade Corporate Bond ETF5/5 short2/2 longAll-weather−0.3%−1.0%−2.7%−1.9%−3.0%+20.0%−3.5%8.7%-0.04−25.0%0.14%$29B—
T QualifiedAT&T Inc.4/5 short2/2 longAll-weather−8.4%−0.2%−10.3%−3.0%−6.8%+76.8%+57.5%25.4%0.49−39.4%—$156B—
VCLT BondsVanguard Long-Term Corporate Bond ETF5/5 short1/2 long−0.6%−1.5%−4.0%−3.0%−5.7%+20.5%−14.3%12.8%-0.18−34.1%0.03%$8.3B—
RZC Insurance - ReinsuranceReinsurance Group of America, Incorporated5/5 short1/2 long+0.2%+0.7%+2.6%+3.8%+5.2%+21.3%———−4.8%—$18B—
PRS Insurance - LifePrudential Financial, Inc. 5.624/5 short1/2 long−3.4%−8.4%−12.8%−14.1%−16.0%+3.2%−4.2%10.4%-0.03−30.4%—$6.8B—
AIZN Insurance - Property & CasualtyAssurant, Inc. 5.25% Subordinat4/5 short1/2 long−4.3%−9.3%−10.5%−8.2%−11.0%+15.8%−12.9%18.8%-0.05−28.9%—$14B—
SOJD Regulated ElectricSouthern Company (The) Series 24/5 short1/2 long−2.7%−8.9%−12.3%−11.0%−12.5%+5.1%−13.8%13.7%-0.15−38.1%—$20B—
SOJE Regulated ElectricSouthern Company (The) Series 25/5 short0/2 long−2.8%−6.1%−8.9%−9.0%−11.9%+4.1%−20.5%14.1%-0.26−30.4%—$104B—
PFH Insurance - DiversifiedPrudential Financial, Inc. 4.125% Junior Subordinated Notes due 20605/5 short0/2 long−3.1%−6.2%−9.7%−10.8%−13.7%−1.3%−24.7%14.2%-0.33−28.6%—$40B—
PRH Insurance - LifePrudential Financial, Inc. 5.955/5 short0/2 long−4.1%−6.4%−12.0%−14.0%−13.4%+2.0%———−17.7%—$7.1B—
SOJC Regulated ElectricThe Southern Company JR 2017B NT 774/5 short0/2 long−3.3%−8.1%−13.1%−12.4%−15.2%+4.4%−8.1%12.2%-0.08−22.1%—$18B—
DTB Regulated ElectricDTE Energy Company 2020 Series4/5 short0/2 long−4.2%−9.5%−10.9%−10.6%−14.1%+1.5%−24.0%18.0%-0.22−33.6%—$3.0B—
DTG Regulated ElectricDTE Energy Company 2021 Series3/5 short0/2 long−6.2%−9.5%−10.5%−10.1%−13.6%+1.4%———−35.4%—$3.1B—
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How did TBB do year by year?

This table shows each investment's total return in every full calendar year since 2018, along with where TBB ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with TBB and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: TBB began trading on November 6, 2017, so the table starts with 2018, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or three other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of TBB; gray means the two finished within a fraction of a point. The rank row places TBB among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of TBB20252024202320222021202020192018
TBB This pageAT&T Inc. 5.35% GLB NTS 66—−3.3%+10.2%+14.7%−12.2%−0.7%+8.6%+26.6%−10.0%
Rank among alternativesTop quarter in 2 of 816 of 163 of 165 of 163 of 149 of 135 of 83 of 86 of 7
SPY S&P 500State Street SPDR S&P 500 ETF7 of 8+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%
VZ Verizon Communications Inc.3 of 8+8.9%+13.1%+2.7%−20.0%−7.5%−0.1%+13.8%+11.3%
PFF iShares Preferred and Income Securities ETF3 of 8+4.9%+7.2%+9.3%−18.2%+7.2%+7.9%+15.9%−4.7%
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF3 of 8+7.9%+0.9%+9.4%−17.9%−1.8%+11.0%+17.4%−3.8%
T AT&T Inc.4 of 8+14.0%+44.0%−2.8%+6.5%−5.9%−19.6%+48.5%−20.8%
VCLT Vanguard Long-Term Corporate Bond ETF3 of 8+7.2%−1.9%+11.2%−25.3%−1.7%+13.3%+23.9%−7.0%
RZC Reinsurance Group of America, Incorporated1 of 3+5.7%+5.9%+9.5%—————
PRS Prudential Financial, Inc. 5.624 of 7+8.7%−1.5%+8.1%−4.6%+0.1%+10.1%+21.7%—
AIZN Assurant, Inc. 5.25% Subordinat2 of 5+3.5%+7.0%+5.6%−20.5%+4.4%———
SOJD Southern Company (The) Series 23 of 5+3.8%−2.7%+21.1%−23.4%+3.6%———
SOJE Southern Company (The) Series 23 of 5−0.5%+0.3%+20.8%−29.8%+1.0%———
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 20602 of 5−1.4%+1.0%+12.4%−26.8%+2.3%———
PRH Prudential Financial, Inc. 5.951 of 3+5.3%+3.8%+11.4%—————
SOJC The Southern Company JR 2017B NT 775 of 8+4.3%−3.1%+19.5%−14.7%+1.0%+9.1%+27.0%−9.2%
DTB DTE Energy Company 2020 Series2 of 5−0.3%−2.5%+9.0%−23.0%+0.9%———
DTG DTE Energy Company 2021 Series2 of 4−0.5%−7.5%+26.6%−29.9%————
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Risk and diversification

How TBB has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were TBB's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents TBB's five deepest drawdowns since it began trading in 2017, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: TBB began trading on November 6, 2017, so this list cannot include the dot-com bust, the 2008 financial crisis or three other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means TBB fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringTBB fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
No named crash−19.8%+18.6%Sep 2025Oct 202613 monthsNot yet—
Covid crash−16.1%−31.6%Jan 2020Mar 20202 monthsJun 20203 months
2022 bear market−15.7%−12.8%Oct 2021Nov 202213 monthsDec 202313 months
Late-2018 sell-off−12.2%−6.2%Dec 2017Dec 201812 monthsJan 20191 month
No named crash−8.7%−3.2%Feb 2025May 20253 monthsSep 20254 months

How did TBB do in stock market crashes?

This section measures how far TBB, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: TBB began trading on November 6, 2017, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or three other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than TBB.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
TBB This pageAT&T Inc. 5.35% GLB NTS 66—−3.2%−6.9%−15.3%−10.6%−0.4%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF0 of 5−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
VZ Verizon Communications Inc.2 of 5−2.6%−33.2%−13.6%−12.5%−7.4%−10.5%−9.9%0.0%−43.9%−55.2%
PFF iShares Preferred and Income Securities ETF1 of 5−7.0%−18.1%−33.9%−8.2%−0.7%−6.8%−14.4%0.0%−64.7%—
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF2 of 5−0.1%−21.3%−21.8%−2.6%−1.2%−2.7%−3.2%0.0%−21.5%—
T AT&T Inc.1 of 5−1.6%−29.2%−30.6%−18.3%−6.5%−8.6%−9.1%−0.3%−44.4%−63.5%
VCLT Vanguard Long-Term Corporate Bond ETF2 of 5−0.4%−28.9%−28.2%−4.5%−2.4%−3.9%−4.9%−1.4%——
RZC Reinsurance Group of America, Incorporated0 of 1−2.9%—————————
PRS Prudential Financial, Inc. 5.621 of 4−3.7%−10.1%−29.7%−4.9%——————
AIZN Assurant, Inc. 5.25% Subordinat0 of 2−5.0%−22.7%————————
SOJD Southern Company (The) Series 21 of 3−2.3%−23.4%−38.1%———————
SOJE Southern Company (The) Series 21 of 2−2.2%−27.6%————————
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 20600 of 2−5.9%−23.6%————————
PRH Prudential Financial, Inc. 5.950 of 1−3.6%—————————
SOJC The Southern Company JR 2017B NT 771 of 5−3.0%−16.8%−21.4%−8.4%−0.8%—————
DTB DTE Energy Company 2020 Series0 of 2−6.5%−29.4%————————
DTG DTE Energy Company 2021 Series0 of 2−5.0%−32.9%————————
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How closely does TBB move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares TBB with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than TBB's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
TBB This pageAT&T Inc. 5.35% GLB NTS 6622%46%0.480.30
T AT&T Inc.52%35%1.470.24
VZ Verizon Communications Inc.42%58%0.730.26
PFF iShares Preferred and Income Securities ETF45%79%0.570.54
PRS Prudential Financial, Inc. 5.6230%57%0.520.34
SOJC The Southern Company JR 2017B NT 7755%109%0.500.71
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF31%65%0.480.45
SOJD Southern Company (The) Series 248%104%0.460.65
AIZN Assurant, Inc. 5.25% Subordinat36%80%0.450.42
VCLT Vanguard Long-Term Corporate Bond ETF40%96%0.410.64
SOJE Southern Company (The) Series 242%104%0.400.60
DTB DTE Energy Company 2020 Series50%125%0.400.72
PFH Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 206041%112%0.370.64
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What diversifies TBB?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with TBB's. Because such investments tend not to fall at the same time, pairing TBB with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which TBB lost money. The last two columns show a portfolio that is 80% TBB and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202520222021201880/20 mix volatility80/20 mix annual return
TBB AT&T Inc. 5.35% GLB NTS 66 (this page)1.00−8.4%-0.10−3.3%−12.2%−0.7%−10.0%12.4%−0.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.31+119%1.48+27.1%+3.8%+17.8%−5.2%10.6%+2.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.29+225%1.34+32.8%+6.0%+18.0%−19.8%10.9%+4.4%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.17+103%1.06+9.7%+10.4%+23.1%−8.7%10.8%+2.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.08+86.8%1.03+11.9%+7.0%+19.6%−3.0%10.5%+1.8%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.43+83.6%0.95+23.1%−5.1%+19.6%−9.5%11.0%+2.0%
SMH TechnologyVanEck Semiconductor ETF0.41+304%0.94+49.2%−33.5%+42.1%−9.1%14.2%+6.7%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.17+178%0.94+7.9%+64.4%+53.3%−18.2%10.4%+4.3%
GLD CommoditiesSPDR Gold Shares0.19+120%0.93+63.7%−0.8%−4.2%−1.9%11.1%+3.0%

Stocks

InvestmentCorrelation5Y returnSharpe202520222021201880/20 mix volatility80/20 mix annual return
TBB AT&T Inc. 5.35% GLB NTS 66 (this page)1.00−8.4%-0.10−3.3%−12.2%−0.7%−10.0%12.4%−0.9%
CAH Medical - DistributionCardinal Health, Inc.0.07+471%1.54+76.3%+54.1%−0.4%−24.5%11.6%+6.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.10+2,780%1.43+220%+1.3%+37.9%−16.3%16.0%+18.3%
MCK Medical - DistributionMcKesson Corporation-0.06+397%1.41+44.5%+51.8%+44.2%−28.4%10.9%+6.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.20+1,452%1.41+121%+17.0%+89.0%+0.8%14.6%+14.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.13+660%1.39+19.2%+86.6%+61.0%−8.2%11.1%+8.6%
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Common questions

What was TBB's worst drawdown?

TBB's deepest decline since it began trading in 2017 was 19.8%, from September 2025 to October 2026. It has not yet climbed back to that peak. Because TBB launched in November 2017, that record does not include the dot-com bust, the 2008 financial crisis or three other sell-offs.

What were TBB's best and worst years?

Over eight full calendar years, TBB's best year was 2019, when it returned 26.6%. Its worst was 2022, with a return of -12.2%.

Is there a better investment than TBB?

Among TBB's popular alternatives, LQD and PFF earned more than TBB with less volatility over the past 5 years. LQD returned a loss of 0.7% a year at 8.7% volatility, against a loss of 1.7% a year at 11.3%. Looking beyond its popular alternatives, VRIG (investment grade bonds) and SPSB (short-term corporate bonds) earned more than TBB with less volatility over the past 5 years. VRIG returned 4.7% a year at 1.3% volatility, against a loss of 1.7% a year at 11.3%.

Is TBB more volatile than the S&P 500?

No. TBB's volatility over the past 5 years was 11.3%, 66% of the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TBB's return lands within 11.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is TBB's Sharpe ratio?

TBB's Sharpe ratio over the past 5 years was -0.10, against 0.78 for the S&P 500, so TBB earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is TBB with the S&P 500?

Over the past 5 years, TBB's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against TBB instead: the lower it is, the more that option would diversify a TBB holding.

What are the best alternatives to TBB?

Of the 15 popular alternatives we compared, four outperformed TBB in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: VZ, PFF and LQD.

Did TBB outperform the S&P 500?

TBB finished ahead of the S&P 500 (SPY) in one of eight full calendar years. In 2025, it returned -3.3%, against +17.7% for the index.

How did TBB do in stock market crashes?

TBB fell less than the S&P 500 (SPY) in four of the five major crashes it has traded through, and further in no. The clearest case was the Covid crash, when TBB fell 15.3% and the S&P 500 fell 33.7%.

What diversifies TBB?

These had a low correlation with TBB over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.31), DXJ (correlation 0.29) and EMLP (correlation 0.17); among large stocks, CAH (correlation 0.07), CLS (correlation 0.10) and MCK (correlation -0.06). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to TBB

Other stocks and ETFs