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

> Source: EasyCompare research, https://easycompare.io/research/tbb
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

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 20, 2026.

## Key findings

- **Right now:** Over the past 6 months, TBB fell 13.7% while the S&P 500 rose 9.1%.
- **Stock or market?:** The weakness is TBB's own: it fell 9.7% over the past 3 months while the corporate bonds ETF LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) fell 2.4%. The S&P 500 rose 3.9%.
- **Past 1 to 3 years:** TBB has gone against the market, falling 18.4% over the past year while the S&P 500 rose 15.8%. The same gap shows up over 3 years (4.7% against 89.3%). TBB finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** TBB turned $10,000 into $9,160 over the past 5 years, against $18,200 in the S&P 500. That said, over the past 5 years, only SOJC (Southern Company JR 2017B NT 77) and PRS (Prudential Financial, Inc. 5.62) of its corporate bond peers outpaced TBB.
- **In a crash:** The Covid crash took 15.3% off TBB, against 33.7% for the S&P 500, and less than corporate bond peers such as SOJD (Southern Company (The) Series 2, 38.1%).
- **Diversification:** Over 5 years, TBB's beta versus the S&P 500 was 0.30: 22% of the S&P 500's gains in rising months and 46% of its losses in falling ones. TBB fell in 17 of the 22 months the S&P 500 fell over the past 5 years: it usually fell with it.
- **Better options**
  - **Popular alternatives:** PFF (iShares Preferred and Income Securities ETF) earned more than TBB with less volatility over the past 5 years: a loss of 0.2% a year at 10.5% volatility, against a loss of 1.7% a year at 11.2%.
  - **Nearby categories and themes:** SPSB (State Street SPDR Portfolio Short Term Corporate Bond ETF, investment grade bonds) and USHY (iShares Broad USD High Yield Corporate Bond ETF, high yield bonds) earned more than TBB with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 1.7% a year at 11.2%.
  - **Whole market:** 244 of the 3,633 stocks and funds worth at least $500 million earned more than TBB with less volatility over the past 5 years, among them BND (Vanguard Total Bond Market ETF), AGG (iShares Core U.S. Aggregate Bond ETF) and BNDX (Vanguard Total International Bond ETF).

## 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.

- $10,000 invested in TBB at the end of September 2018 would have grown to $11,710 by September 2026, less than the $29,568 it would have become in SPY, an S&P 500 fund.
- Six of the seven other investments on the chart ended ahead of TBB, and T finished highest, at $16,850.

## 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.

- TBB's deepest decline since it began trading in 2017 was 19.4%, from September 2025 to October 2026. It has not yet climbed back to that peak.
- Over eight full calendar years, TBB's best was 2019, when it returned 26.6%, and its worst was 2022, when it lost 12.2%. It lost money in four of those years.
- TBB is 19.1% below its all-time high.

- Type: Stock, Communication (Telecommunications Services)
- Trading since: November 6, 2017
- Market value: $161B
- Volatility (5 years): 11.3%; Sharpe ratio: -0.10
- Worst decline ever: −19.4%, from September 15, 2025 to October 14, 2026; not yet back at its high

| Period | TBB total return |
| --- | --- |
| 1 month | −5.7% |
| 3 months | −9.7% |
| 6 months | −13.7% |
| year to date | −14.9% |
| 1 year | −18.4% |
| 3 years | +4.7% |
| 5 years | −8.4% |

## 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.

- TBB is among the steadier stocks: its price swings rank in the top 1% of the 2,893 stocks worth at least $300 million, where the top is the calmest.
- On return for the risk taken (the Sharpe ratio), TBB ranks in the bottom 12% of the 2,893 stocks worth at least $300 million.

| Measure | TBB | Rank |
| --- | --- | --- |
| 1-year return | −18.4% | 2,602 of 3,287 (top 80%) |
| 3-year return | +4.7% | 2,255 of 3,017 (top 75%) |
| 5-year return | −8.4% | 1,844 of 2,893 (top 64%) |
| Volatility, 5 years | 11.3% | 7 of 2,893 (top 1%) |
| Sharpe ratio, 5 years | -0.10 | 2,547 of 2,893 (top 89%) |

### 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).

- Four stocks and 240 ETFs worth at least $500 million sit in the green region: each earned more than TBB over the past 5 years with smaller price swings. That is 7% of the 3,633 screened.
- Among those with at least half TBB's swings, POCT has the best return for its risk: 10.0% a year at 8.0% volatility, 29% less than TBB's 11.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.23 against -0.10 for TBB. FJAN earned the most, 11.1% a year, while still swinging less than TBB (10.5% against 11.2%).
- Among TBB's popular alternatives, PFF is in the region. PFF earned a loss of 0.2% a year against a loss of 1.7% a year for TBB, at 10.5% volatility, 7% less than TBB's 11.2%.

### Is there a better investment than TBB?

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.

- Among TBB's popular alternatives, PFF earned more than TBB with less volatility over the past 5 years: a loss of 0.2% a year at 10.5% volatility, against a loss of 1.7% a year at 11.2%.
- Looking beyond its popular alternatives, SPSB (investment grade bonds) and USHY (high yield bonds) earned more than TBB with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 1.7% a year at 11.2%.
- Across the whole market, 244 of the 3,633 stocks and funds worth at least $500 million earned more than TBB with less volatility over the past 5 years, among them BND, AGG and BNDX.

The 15 strongest of 244 investments that beat TBB over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 5Y return | Correlation with TBB | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| TBB: AT&T Inc. 5.35% GLB NTS 66 (this page) |  | −1.7% | 11.3% | -0.10 | −19.4% | −8.4% |  |  |
| [BIL](https://easycompare.io/research/bil): State Street SPDR Bloomberg 1-3 Month T-Bill ETF | Treasury Bonds | +3.7% | 0.3% | 14.05 | −0.2% | +19.9% | 0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| VRIG: Invesco Variable Rate Investment Grade ETF | Bonds | +4.7% | 1.3% | 3.51 | −13.1% | +25.6% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [VTIP](https://easycompare.io/research/vtip): Vanguard Short-Term Inflation-Protected Securities ETF | Treasury Bonds | +2.7% | 2.9% | 0.94 | −6.3% | +14.0% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| FLOT: iShares Floating Rate Bond ETF | Floating Rate Bonds | +4.5% | 1.8% | 2.48 | −13.5% | +24.5% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| JAAA: Janus Henderson AAA CLO ETF | CLO Bonds | +5.1% | 1.7% | 2.98 | −2.6% | +28.0% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| SHY: iShares 1-3 Year Treasury Bond ETF | Treasury Bonds | +1.8% | 2.0% | 0.89 | −5.7% | +9.3% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| NEAR: iShares Short Duration Bond Active ETF | Short-Term Bonds | +3.9% | 1.4% | 2.71 | −9.6% | +20.9% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| VNLA: Janus Henderson Short Duration Income ETF | Bonds | +4.0% | 1.1% | 3.77 | −4.5% | +21.8% | 0.40 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| FLDR: Fidelity Low Duration Bond Factor ETF | Bonds | +3.9% | 1.2% | 3.09 | −12.2% | +20.9% | 0.50 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SUB: iShares Short-Term National Muni Bond ETF | Municipal Bonds | +1.4% | 1.7% | 0.85 | −9.4% | +7.3% | 0.44 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| USTB: VictoryShares Short-Term Bond ETF | Bonds | +3.6% | 2.0% | 1.73 | −5.3% | +19.1% | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| LMBS: First Trust Low Duration Opportunities ETF | Mortgage-Backed Securities | +3.0% | 2.6% | 1.14 | −6.5% | +15.8% | 0.54 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| RAVI: Northern Trust Ultra-Short Fixed Income ETF | Bonds | +3.8% | 1.4% | 2.61 | −3.7% | +20.2% | 0.31 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| MEAR: iShares Short Maturity Municipal Bond Active ETF | Bonds | +2.4% | 1.0% | 2.37 | −2.7% | +12.8% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| SPSB: State Street SPDR Portfolio Short Term Corporate Bond ETF | Investment Grade Bonds | +2.8% | 2.0% | 1.38 | −11.8% | +14.9% | 0.46 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |

## 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.

- PFF, LQD and PRS were both more rewarding and calmer than TBB over the past 5 years, earning a higher annual return with lower volatility.
- Six of the 12 popular alternatives earned less than TBB over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, TBB returned -1.7% a year, less than the S&P 500's 12.7%, with lower volatility (11.2% against 17.1%).

### 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.

- Four of the 15 popular alternatives, led by VZ, PFF and LQD, outperformed TBB in at least 3 of 5 short-term and 2 of 2 long-term timeframes.
- VZ, PFF and LQD outperformed TBB in every long-term period and in all but one short-term period, the most consistent record in the group.

| Investment | 1Y return | 3Y return | 5Y return | Periods ahead of TBB | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- |
| TBB: AT&T Inc. 5.35% GLB NTS 66 (this page) | −18.4% | +4.7% | −8.4% |  |  | -0.10 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | +16.4% | +71.5% | +14.4% | 5/5 short-term, 2/2 long-term | all-weather | 0.23 |
| PFF: iShares Preferred and Income Securities ETF | −3.8% | +21.6% | −0.9% | 5/5 short-term, 2/2 long-term | all-weather | 0.04 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | −3.9% | +19.7% | −4.3% | 5/5 short-term, 2/2 long-term | all-weather | -0.06 |
| [T](https://easycompare.io/research/t): AT&T Inc. | −5.9% | +77.2% | +59.7% | 4/5 short-term, 2/2 long-term | all-weather | 0.50 |
| SOJC: The Southern Company JR 2017B NT 77 | −14.8% | +5.0% | −7.7% | 5/5 short-term, 1/2 long-term |  | -0.07 |
| AIZN: Assurant, Inc. 5.25% Subordinat | −8.7% | +19.2% | −11.6% | 5/5 short-term, 1/2 long-term |  | -0.04 |
| SOJD: Southern Company (The) Series 2 | −12.5% | +6.4% | −13.1% | 5/5 short-term, 1/2 long-term |  | -0.14 |
| VCLT: Vanguard Long-Term Corporate Bond ETF | −6.9% | +20.0% | −15.2% | 5/5 short-term, 1/2 long-term |  | -0.20 |
| [SOJE](https://easycompare.io/research/soje): Southern Company (The) Series 2 | −11.3% | +5.5% | −19.7% | 5/5 short-term, 1/2 long-term |  | -0.24 |
| RZC: Reinsurance Group of America, Incorporated | +4.9% | +21.2% | — | 5/5 short-term, 1/2 long-term |  | — |
| PRS: Prudential Financial, Inc. 5.62 | −16.1% | +3.9% | −4.3% | 4/5 short-term, 1/2 long-term |  | -0.03 |
| [PFH](https://easycompare.io/research/pfh): Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | −12.7% | 0.0% | −24.4% | 5/5 short-term, 0/2 long-term |  | -0.32 |
| PRH: Prudential Financial, Inc. 5.95 | −12.7% | +3.5% | — | 5/5 short-term, 0/2 long-term |  | — |
| DTB: DTE Energy Company 2020 Series | −14.4% | +0.5% | −24.0% | 4/5 short-term, 0/2 long-term |  | -0.22 |
| DTG: DTE Energy Company 2021 Series | −13.9% | +1.3% | — | 3/5 short-term, 0/2 long-term |  | — |

### 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.

- TBB finished ahead of the S&P 500 in one of its eight full calendar years, and behind it in each of the last three.
- Among its popular alternatives, SOJC came out ahead of TBB most often, in five of the eight years both traded.
- Ranked against its popular alternatives each year, TBB finished in the top quarter in two of eight years and in the bottom quarter in one. In 2025, it ranked 16 of 16.

| Year | TBB | SPY |
| --- | --- | --- |
| 2025 | −3.3% | +17.7% |
| 2024 | +10.2% | +24.9% |
| 2023 | +14.7% | +26.2% |
| 2022 | −12.2% | −18.2% |
| 2021 | −0.7% | +28.7% |
| 2020 | +8.6% | +18.3% |
| 2019 | +26.6% | +31.2% |
| 2018 | −10.0% | −4.6% |

## 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.

- In four of TBB's five worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: TBB fell 19.4% from September 2025 to October 2026, while the S&P 500 rose 18.0%.
- The longest climb back to a previous high took 13 months, after TBB fell 15.7% from October 2021 to November 2022.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −19.4% | September 15, 2025 | October 14, 2026 | not yet | +18.0% |  |
| −16.1% | January 13, 2020 | March 23, 2020 | June 10, 2020 | −31.6% | Covid crash |
| −15.7% | October 14, 2021 | November 7, 2022 | December 21, 2023 | −12.8% | 2022 bear market |
| −12.2% | December 27, 2017 | December 26, 2018 | January 31, 2019 | −6.2% | late-2018 sell-off |
| −8.7% | February 5, 2025 | May 21, 2025 | September 11, 2025 | −3.2% |  |

### 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.

- TBB fell less than the S&P 500 in four of the five crashes it has traded through. The clearest case was the Covid crash, when TBB fell 15.3% and the S&P 500 fell 33.7%.
- None of its popular alternatives fell less than TBB in most of the crashes they both traded through.
- TBB began trading after the 2008 financial crisis, but four of its popular alternatives lived through it. The mildest fall among them was LQD's 21.5%, against 55.2% for the S&P 500.

| Crash | Dates | TBB fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | not trading | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | not trading | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | not trading | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −0.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −10.6% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −15.3% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −6.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −3.2% | −3.4% |

### 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.

- Over the past 5 years, TBB captured 22% of the S&P 500's gains in rising months and 46% of its losses in falling months, with a beta of 0.30. Its share of the market's losses was larger than its share of the gains.
- T took just 35% of the S&P 500's losses, against 46% for TBB, while still keeping 52% of its gains.
- Five of the 12 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than TBB's 0.48, led by T, VZ and PFF.

Measured over the past 5 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| TBB: AT&T Inc. 5.35% GLB NTS 66 (this page) | 22.0% | 46.0% | 0.30 |
| [VZ](https://easycompare.io/research/vz): Verizon Communications Inc. | 42.0% | 58.0% | 0.26 |
| PFF: iShares Preferred and Income Securities ETF | 45.0% | 79.0% | 0.54 |
| LQD: iShares iBoxx $ Investment Grade Corporate Bond ETF | 31.0% | 65.0% | 0.45 |
| [T](https://easycompare.io/research/t): AT&T Inc. | 52.0% | 35.0% | 0.24 |
| SOJC: The Southern Company JR 2017B NT 77 | 55.0% | 109% | 0.71 |
| AIZN: Assurant, Inc. 5.25% Subordinat | 36.0% | 80.0% | 0.42 |
| SOJD: Southern Company (The) Series 2 | 48.0% | 104% | 0.65 |
| VCLT: Vanguard Long-Term Corporate Bond ETF | 40.0% | 96.0% | 0.64 |
| [SOJE](https://easycompare.io/research/soje): Southern Company (The) Series 2 | 42.0% | 104% | 0.60 |
| PRS: Prudential Financial, Inc. 5.62 | 30.0% | 57.0% | 0.34 |
| [PFH](https://easycompare.io/research/pfh): Prudential Financial, Inc. 4.125% Junior Subordinated Notes due 2060 | 41.0% | 112% | 0.64 |
| DTB: DTE Energy Company 2020 Series | 50.0% | 125% | 0.72 |

### 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).

- Moving a fifth of the money in TBB into HDV would have cut the portfolio's volatility by 15% over the past 5 years and raised its annual return (-0.9% for TBB alone, +1.9% for the mix).
- FIX made money in four of the four calendar years in which TBB lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of TBB over the past 5 years, with correlations of 0.31 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with TBB | 5Y return | Volatility | Sharpe | Rose in TBB's 4 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.31 | +119% | 11.1% | 1.48 | 3 of 4 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.29 | +225% | 19.1% | 1.34 | 3 of 4 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.17 | +101% | 14.5% | 1.04 | 3 of 4 |
| HDV: iShares Core High Dividend ETF | 0.08 | +83.3% | 13.0% | 1.00 | 3 of 4 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.41 | +323% | 36.9% | 0.97 | 2 of 4 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.43 | +85.0% | 13.8% | 0.96 | 2 of 4 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.19 | +126% | 18.9% | 0.96 | 1 of 4 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.20 | +136% | 20.8% | 0.93 | 2 of 4 |

## Common questions

### What was TBB's worst drawdown?

TBB's deepest decline since it began trading in 2017 was 19.4%, 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, PFF earned more than TBB with less volatility over the past 5 years: a loss of 0.2% a year at 10.5% volatility, against a loss of 1.7% a year at 11.2%. Looking beyond its popular alternatives, SPSB (investment grade bonds) and USHY (high yield bonds) earned more than TBB with less volatility over the past 5 years. SPSB returned 2.8% a year at 2.0% volatility, against a loss of 1.7% a year at 11.2%.

### Is TBB more volatile than the S&P 500?

No. TBB's volatility over the past 5 years was 11.2%, 66% of the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, TBB's return lands within 11.2% 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 0.79 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 FIX (correlation 0.20). A correlation near zero means the two have moved largely independently.

## More research

- [Verizon Communications (VZ) Performance, Alternatives and Market Rank](https://easycompare.io/research/vz)
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- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
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- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)
- [Taiwan Semiconductor Manufacturing (TSM) Performance, Alternatives and Market Rank](https://easycompare.io/research/tsm)

## Explore further

- Full page with charts: https://easycompare.io/research/tbb
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against TBB live: https://betterthanspy.com/?b=TBB&utm_source=easycompare&utm_medium=research