SJB vs. TBF
SJB (ProShares Short High Yield) and TBF (ProShares Short 20+ Year Treasury) are both Inverse Bonds funds from ProShares - SJB tracks the iBoxx $ Liquid High Yield Index (-100%) while TBF tracks the U.S. Treasury 20+ Year Index (-100%). Both are passively managed. Over the past 10 years, SJB returned -3.86%/yr vs 2.89%/yr for TBF. At a correlation of -0.02, they often move in opposite directions. SJB charges 0.95%/yr vs 0.94%/yr for TBF.
Performance
SJB vs. TBF - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than TBF's 1.51% return. Over the past 10 years, SJB has underperformed TBF with an annualized return of -3.86%, while TBF has yielded a comparatively higher 2.89% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
SJB vs. TBF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
Correlation
The correlation between SJB and TBF is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.02 |
The correlation between SJB and TBF shifts across timeframes, from -0.02 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. TBF — Risk / Return Rank
SJB
TBF
SJB vs. TBF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and ProShares Short 20+ Year Treasury (TBF). 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 | TBF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.04 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.23 | -0.25 |
| Martin ratioReturn relative to average drawdown | -0.05 | 0.50 | -0.55 |
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Drawdowns
SJB vs. TBF - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum TBF drawdown of -70.40%. Use the drawdown chart below to compare losses from any high point for SJB and TBF.
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Drawdown Indicators
| SJB | TBF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -70.40% | +12.34% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -7.23% | +4.49% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -17.79% | +7.25% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -17.79% | +4.49% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -38.39% | +3.82% |
Current DrawdownCurrent decline from peak | -57.40% | -43.88% | -13.52% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -47.41% | +4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 3.31% | -2.01% |
Volatility
SJB vs. TBF - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.06%, while ProShares Short 20+ Year Treasury (TBF) has a volatility of 2.20%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than TBF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | TBF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 2.20% | -1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 6.52% | -3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 9.29% | -5.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 15.68% | -8.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 14.50% | -6.00% |
SJB vs. TBF - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than TBF's 0.94% expense ratio.
Dividends
SJB vs. TBF - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, more than TBF's 2.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Frequently Asked Questions
SJB and TBF have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.20%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs TBF's -70.40%.
On 10-year performance, TBF leads with 2.89% vs -3.86% for SJB. On fees, TBF is cheaper at 0.94% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBF has performed better with a 2.89% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 2.86% for TBF.
SJB tracks iBoxx $ Liquid High Yield Index (-100%), while TBF tracks U.S. Treasury 20+ Year Index (-100%). Their fees differ too: 0.95% for SJB and 0.94% for TBF.
TBF currently has the higher Sharpe Ratio (0.18 vs -0.02), 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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