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IEF vs. TBX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IEF vs. TBX

Last updated Jun 5, 2026

IEF (iShares 7-10 Year Treasury Bond ETF) and TBX (ProShares Short 7-10 Year Treasury) are both exchange-traded funds - IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index, while TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%). Both are passively managed. Over the past 10 years, IEF returned 0.67%/yr vs 1.90%/yr for TBX. At a correlation of -0.90, they often move in opposite directions. IEF charges 0.15%/yr vs 0.95%/yr for TBX.

Performance

IEF vs. TBX - Performance Comparison

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

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Returns By Period

In the year-to-date period, IEF achieves a -0.53% return, which is significantly lower than TBX's 2.92% return. Over the past 10 years, IEF has underperformed TBX with an annualized return of 0.67%, while TBX has yielded a comparatively higher 1.90% annualized return.

IEF

1D
0.13%
1M
-0.10%
YTD
-0.53%
6M
-0.73%
1Y
3.44%
3Y*
2.52%
5Y*
-1.11%
10Y*
0.67%

TBX

1D
-0.11%
1M
0.55%
YTD
2.92%
6M
3.57%
1Y
2.73%
3Y*
4.72%
5Y*
5.96%
10Y*
1.90%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IEF vs. TBX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IEF
iShares 7-10 Year Treasury Bond ETF		-0.53%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%
TBX
ProShares Short 7-10 Year Treasury		2.92%-1.15%8.52%3.99%18.31%1.70%-9.96%-5.20%1.25%-2.61%

Correlation

The correlation between IEF and TBX is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.93

Correlation (5Y)
Calculated over the trailing 5-year period

-0.96

Correlation (10Y)
Calculated over the trailing 10-year period

-0.95

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2011

-0.90

The correlation between IEF and TBX has been stable across timeframes, ranging from -0.97 to -0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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iShares 7-10 Year Treasury Bond ETF

ProShares Short 7-10 Year Treasury

Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. SHYIEF vs. BNDIEF vs. IEIIEF vs. TIP
Often compared with TBX:
TBX vs. TBTTBX vs. ^TYXTBX vs. SPMOTBX vs. PULSTBX vs. ^GSPCTBX vs. FXAIXTBX vs. AGG

Return for Risk

IEF vs. TBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IEF
IEF Risk / Return Rank: 2121
Overall Rank
IEF Sharpe Ratio Rank: 2222
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2121
Sortino Ratio Rank
IEF Omega Ratio Rank: 2020
Omega Ratio Rank
IEF Calmar Ratio Rank: 2020
Calmar Ratio Rank
IEF Martin Ratio Rank: 2121
Martin Ratio Rank
TBX
TBX Risk / Return Rank: 1818
Overall Rank
TBX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
TBX Sortino Ratio Rank: 1717
Sortino Ratio Rank
TBX Omega Ratio Rank: 1717
Omega Ratio Rank
TBX Calmar Ratio Rank: 2020
Calmar Ratio Rank
TBX Martin Ratio Rank: 1717
Martin Ratio Rank
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.

IEF vs. TBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares 7-10 Year Treasury Bond ETF (IEF) 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.

IEFTBXDifference
Sharpe ratioReturn per unit of total volatility
0.73
0.56

+0.17

Sortino ratioReturn per unit of downside risk
1.10
0.82

+0.28

Omega ratioGain probability vs. loss probability

1.12

1.10

+0.03

Calmar ratioReturn relative to maximum drawdown

0.85

0.81

+0.04

Martin ratioReturn relative to average drawdown

2.50

1.52

+0.98

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEF vs. TBX - Sharpe Ratio Comparison

The current IEF Sharpe Ratio is 0.73, which is higher than the TBX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of IEF 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.

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Sharpe Ratios by Period

IEFTBXDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.73

0.56

+0.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.14

0.71

-0.85

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.10

0.27

-0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

0.50

-0.16

+0.66

Drawdowns

IEF vs. TBX - Drawdown Comparison

The maximum IEF drawdown since its inception was -23.93%, smaller than the maximum TBX drawdown of -41.04%. Use the drawdown chart below to compare losses from any high point for IEF and TBX.

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Drawdown Indicators

IEFTBXDifference

Max Drawdown

Largest peak-to-trough decline

-23.93%

-41.04%

+17.11%

Max Drawdown (1Y)

Largest decline over 1 year

-4.07%

-3.39%

-0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-7.74%

-7.77%

+0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-21.40%

-7.77%

-13.63%

Max Drawdown (10Y)

Largest decline over 10 years

-23.93%

-19.46%

-4.47%

Current Drawdown

Current decline from peak

-11.23%

-17.22%

+5.99%

Average Drawdown

Average peak-to-trough decline

-5.35%

-26.64%

+21.29%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.38%

1.80%

-0.42%

Volatility

IEF vs. TBX - Volatility Comparison

The current volatility for iShares 7-10 Year Treasury Bond ETF (IEF) is 1.54%, while ProShares Short 7-10 Year Treasury (TBX) has a volatility of 1.68%. This indicates that IEF experiences smaller price fluctuations and is considered to be less risky 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

IEFTBXDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.54%

1.68%

-0.14%

Volatility (6M)

Calculated over the trailing 6-month period

3.34%

3.39%

-0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

4.78%

4.97%

-0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.71%

8.44%

-0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.62%

7.14%

-0.52%

IEF vs. TBX - Expense Ratio Comparison

IEF has a 0.15% expense ratio, which is lower than TBX's 0.95% expense ratio.

Dividends

IEF vs. TBX - Dividend Comparison

IEF's dividend yield for the trailing twelve months is around 3.90%, more than TBX's 3.05% yield.

PositionTTM20252024202320222021202020192018201720162015
IEF
iShares 7-10 Year Treasury Bond ETF		3.90%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%
TBX
ProShares Short 7-10 Year Treasury		3.05%3.45%6.58%4.07%0.40%0.00%0.10%1.53%0.72%0.00%0.00%0.00%

Frequently Asked Questions

IEF and TBX have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TBX has higher volatility (1.68%) compared to IEF (1.54%). In terms of maximum drawdown, IEF dropped -23.93% vs TBX's -41.04%.

On 10-year performance, TBX leads with 1.90% vs 0.67% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TBX has performed better with a 1.90% return vs 0.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEF is cheaper with a 0.15% expense ratio, compared with 0.95% for TBX.

IEF has the higher dividend yield at 3.90%, compared with 3.05% for TBX.

IEF is categorized as Government Bonds, while TBX is Inverse Bonds. IEF tracks ICE U.S. Treasury 7-10 Year Bond Index, while TBX tracks ICE BofA US Treasury (7-10 Y) (-100%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.15% for IEF and 0.95% for TBX.

IEF currently has the higher Sharpe Ratio (0.73 vs 0.56), 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.

Portfolio Optimizer

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