^TYX vs. TBX
^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 6.94%/yr vs 2.02%/yr for TBX. A 0.79 correlation means they provide meaningful diversification when combined.
Performance
^TYX vs. TBX - Performance Comparison
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Returns By Period
In the year-to-date period, ^TYX achieves a 2.85% return, which is significantly lower than TBX's 3.46% return. Over the past 10 years, ^TYX has outperformed TBX with an annualized return of 6.94%, while TBX has yielded a comparatively lower 2.02% annualized return.
^TYX
- 1D
- -0.24%
- 1M
- 0.71%
- YTD
- 2.85%
- 6M
- 3.88%
- 1Y
- 1.92%
- 3Y*
- 8.57%
- 5Y*
- 17.33%
- 10Y*
- 6.94%
TBX
- 1D
- 0.53%
- 1M
- 1.61%
- YTD
- 3.46%
- 6M
- 3.86%
- 1Y
- 2.74%
- 3Y*
- 4.91%
- 5Y*
- 6.07%
- 10Y*
- 2.02%
^TYX vs. TBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
^TYX Treasury Yield 30 Years | 2.85% | 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 | 3.46% | -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.
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Return for Risk
^TYX vs. TBX — Risk / Return Rank
^TYX
TBX
^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 ratioReturn per unit of total volatility | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.10 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.19 | 0.81 | -0.62 |
| Martin ratioReturn relative to average drawdown | 0.41 | 1.53 | -1.12 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ^TYX | TBX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.15 | 0.56 | -0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.67 | 0.72 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.20 | 0.28 | -0.08 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.02 | -0.15 | +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.
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Drawdown Indicators
| ^TYX | TBX | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -38.99% | -16.78% | -22.21% |
Average DrawdownAverage peak-to-trough decline | -45.96% | -26.63% | -19.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.45% | 1.80% | +2.65% |
Volatility
^TYX vs. TBX - Volatility Comparison
Treasury Yield 30 Years (^TYX) has a higher volatility of 3.58% compared to ProShares Short 7-10 Year Treasury (TBX) at 1.65%. 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.
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Volatility by Period
| ^TYX | TBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.58% | 1.65% | +1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 7.99% | 3.42% | +4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.15% | 4.94% | +7.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.06% | 8.44% | +16.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.11% | 7.14% | +25.97% |
Frequently Asked Questions
^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.
^TYX has higher volatility (3.58%) compared to TBX (1.65%). In terms of maximum drawdown, ^TYX dropped -88.52% vs TBX's -41.04%.
TBX currently has the higher Sharpe Ratio (0.56 vs 0.15), 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.
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