Disclosure: I am Long [[TZA]] and short [[FXA]]. In the search for alternatives, though, it is important to avoid confusing current yield with the real function of treasuries in a portfolio, which is to move in the opposite direction of equities during a contraction or deflationary period. Since the Australian dollar is inversely correlated to the factor we are trying to isolate and it is significantly over-valued, it makes a lot more sense to short this currency than it does to buy US Treasuries.