SJB vs. CLIP
SJB (ProShares Short High Yield) and CLIP (Global X 1-3 Month T-Bill ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while CLIP is a Ultrashort Bond fund tracking the Solactive 1-3 month US T-Bill Index - USD. Both are passively managed. Over the past 3 years, SJB returned -1.64%/yr vs 4.63%/yr for CLIP. Their 0.01 correlation means their historical movements had little consistent relationship. SJB charges 0.95%/yr vs 0.07%/yr for CLIP.
Performance
SJB vs. CLIP - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 1.17% return, which is significantly lower than CLIP's 2.13% return.
SJB
- 1D
- 0.12%
- 1M
- 0.65%
- 6M
- 1.17%
- YTD
- 1.17%
- 1Y
- 0.70%
- 3Y*
- -1.64%
- 5Y*
- -0.13%
- 10Y*
- -3.58%
- ALL TIME*
- -5.06%
CLIP
- 1D
- 0.03%
- 1M
- 0.29%
- 6M
- 1.83%
- YTD
- 2.13%
- 1Y
- 3.87%
- 3Y*
- 4.63%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.58M | $21.00M | $33.74M | |
| $1.85M | $1.63M | $3.02M |
SJB vs. CLIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
SJB ProShares Short High Yield | 1.17% | -1.87% | -0.84% | -3.71% |
CLIP Global X 1-3 Month T-Bill ETF | 2.13% | 4.23% | 5.26% | 2.82% |
Correlation
The correlation between SJB and CLIP is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.08 |
Correlation (3Y) Balances recent behavior with more history. | -0.00 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2023 | 0.01 |
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Return for Risk
SJB vs. CLIP — Risk / Return Rank
SJB
CLIP
SJB vs. CLIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and Global X 1-3 Month T-Bill ETF (CLIP). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SJB | CLIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -18.04 | ||
| Sortino ratioReturn per unit of downside risk | -106.65 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 35.98 | -34.95 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | 197.11 | -196.83 |
| Martin ratioReturn relative to average drawdown | 0.54 | 1,667.91 | -1,667.37 |
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Drawdowns
SJB vs. CLIP - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than CLIP's maximum drawdown of -0.08%. Use the drawdown chart below to compare losses from any high point for SJB and CLIP.
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Drawdown Indicators
| SJB | CLIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -0.08% | -57.98% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -0.02% | -2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -0.08% | -10.46% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | — | — |
Current DrawdownCurrent decline from peak | -57.22% | 0.00% | -57.22% |
Average DrawdownAverage peak-to-trough decline | -42.62% | 0.00% | -42.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 0.00% | +1.43% |
Volatility
SJB vs. CLIP - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.15% compared to Global X 1-3 Month T-Bill ETF (CLIP) at 0.07%. This indicates that SJB's price experiences larger fluctuations and is considered to be riskier than CLIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | CLIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 0.07% | +1.08% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 0.15% | +3.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 0.22% | +3.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 0.43% | +7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 0.43% | +8.01% |
SJB vs. CLIP - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than CLIP's 0.07% expense ratio.
Dividends
SJB vs. CLIP - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.59%, less than CLIP's 3.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CLIP Global X 1-3 Month T-Bill ETF | 3.49% | 4.14% | 5.11% | 2.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJB ProShares Short High Yield | 3.59% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
SJB and CLIP have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.15%) compared to CLIP (0.07%). In terms of maximum drawdown, SJB dropped -58.06% vs CLIP's -0.08%.
On 3-year performance, CLIP leads with 4.63% vs -1.64% for SJB. On fees, CLIP is cheaper at 0.07% per year. On volatility, CLIP has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CLIP has performed better with a 4.63% return vs -1.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLIP is cheaper with a 0.07% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.59%, compared with 3.49% for CLIP.
SJB is categorized as Inverse Bonds, while CLIP is Ultrashort Bond. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while CLIP tracks Solactive 1-3 month US T-Bill Index - USD. They also come from different issuers: ProShares and Global X. Their fees differ too: 0.95% for SJB and 0.07% for CLIP.
CLIP currently has the higher Sharpe Ratio (18.23 vs 0.20), 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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