Up until mid 2009, the only inverse long bond ETF that a bond bear could utilize was TBT. TBT is a 2x inverse ETF though, and due to the properties of double levered ETFs, it has been a particularly poor long term holding. A TBT holder who bought in January ’09 has lost 30% even though the 30 year bond yield is about 40% higher over the same period.
|Click to Enlarge.
(Unfortunately the scale is slightly skewed because the two series are plotted on separate axes.)