^TYX vs. TBX

Last updated Jun 3, 2026

^TYX (Treasury Yield 30 Years) is an index, while TBX (ProShares Short 7-10 Year Treasury) is Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%). Over the past 10 years, ^TYX returned 7.03%/yr vs 1.94%/yr for TBX. A 0.79 correlation means they provide meaningful diversification when combined.

Performance

^TYX vs. TBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Treasury Yield 30 Years (^TYX) and ProShares Short 7-10 Year Treasury (TBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with ^TYX having a 2.62% return and TBX slightly higher at 2.75%. Over the past 10 years, ^TYX has outperformed TBX with an annualized return of 7.03%, while TBX has yielded a comparatively lower 1.94% annualized return.

^TYX

• 1D: -0.48%
• 1M: 0.02%
• YTD: 2.62%
• 6M: 4.77%
• 1Y: -0.56%
• 3Y*: 8.56%
• 5Y*: 16.70%
• 10Y*: 7.03%

TBX

• 1D: -0.09%
• 1M: 0.66%
• YTD: 2.75%
• 6M: 3.56%
• 1Y: 1.95%
• 3Y*: 4.70%
• 5Y*: 5.82%
• 10Y*: 1.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

^TYX vs. TBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^TYX Treasury Yield 30 Years	2.62%	1.13%	19.08%	1.11%	108.66%	15.74%	-31.10%	-20.89%	10.26%	-10.58%
TBX ProShares Short 7-10 Year Treasury	2.75%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%

Correlation

The correlation between ^TYX and TBX is 0.85, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.85
Correlation (3Y) Calculated over the trailing 3-year period	0.84
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.82
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	0.79

The correlation between ^TYX and TBX has been stable across timeframes, ranging from 0.79 to 0.85 - a consistent structural relationship.

Return for Risk

^TYX vs. TBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^TYX

^TYX Risk / Return Rank: 11
^TYX Sharpe Ratio Rank: 9
^TYX Sortino Ratio Rank: 8
^TYX Omega Ratio Rank: 8
^TYX Calmar Ratio Rank: 14
^TYX Martin Ratio Rank: 14

TBX

TBX Risk / Return Rank: 15
TBX Sharpe Ratio Rank: 15
TBX Sortino Ratio Rank: 13
TBX Omega Ratio Rank: 13
TBX Calmar Ratio Rank: 17
TBX Martin Ratio Rank: 15

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^TYX vs. TBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Treasury Yield 30 Years (^TYX) and ProShares Short 7-10 Year Treasury (TBX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^TYX	TBX	Difference
Sharpe ratio Return per unit of total volatility	-0.04	0.39	-0.44
Sortino ratio Return per unit of downside risk	0.02	0.58	-0.56
Omega ratio Gain probability vs. loss probability	1.00	1.07	-0.07
Calmar ratio Return relative to maximum drawdown	0.11	0.71	-0.59
Martin ratio Return relative to average drawdown	0.24	1.33	-1.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^TYX vs. TBX - Sharpe Ratio Comparison

The current ^TYX Sharpe Ratio is -0.04, which is lower than the TBX Sharpe Ratio of 0.39. The chart below compares the historical Sharpe Ratios of ^TYX and TBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	^TYX	TBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	0.39	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.65	0.69	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.27	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.16	+0.13

Drawdowns

^TYX vs. TBX - Drawdown Comparison

The maximum ^TYX drawdown since its inception was -88.52%, which is greater than TBX's maximum drawdown of -41.04%. Use the drawdown chart below to compare losses from any high point for ^TYX and TBX.

Drawdown Indicators

	^TYX	TBX	Difference
Max Drawdown Largest peak-to-trough decline	-88.52%	-41.04%	-47.48%
Max Drawdown (1Y) Largest decline over 1 year	-9.55%	-3.39%	-6.16%
Max Drawdown (3Y) Largest decline over 3 years	-22.85%	-7.77%	-15.08%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-7.77%	-17.69%
Max Drawdown (10Y) Largest decline over 10 years	-72.86%	-19.46%	-53.40%
Current Drawdown Current decline from peak	-39.12%	-17.35%	-21.77%
Average Drawdown Average peak-to-trough decline	-45.96%	-26.64%	-19.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.46%	1.80%	+2.66%

Volatility

^TYX vs. TBX - Volatility Comparison

Treasury Yield 30 Years (^TYX) has a higher volatility of 3.73% compared to ProShares Short 7-10 Year Treasury (TBX) at 1.70%. This indicates that ^TYX's price experiences larger fluctuations and is considered to be riskier than TBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^TYX	TBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.73%	1.70%	+2.03%
Volatility (6M) Calculated over the trailing 6-month period	7.98%	3.42%	+4.56%
Volatility (1Y) Calculated over the trailing 1-year period	12.22%	4.98%	+7.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.08%	8.44%	+16.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	33.12%	7.14%	+25.98%

Frequently Asked Questions

Can I hold both ^TYX and TBX in my portfolio?

^TYX and TBX have a correlation of 0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ^TYX or TBX?

^TYX has higher volatility (3.73%) compared to TBX (1.70%). In terms of maximum drawdown, ^TYX dropped -88.52% vs TBX's -41.04%.

Which has better risk-adjusted returns?

TBX currently has the higher Sharpe Ratio (0.39 vs -0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.