SJB vs. TBT
SJB (ProShares Short High Yield) and TBT (ProShares UltraShort 20+ Year Treasury) are both Inverse Bonds funds from ProShares - SJB tracks the iBoxx $ Liquid High Yield Index (-100%) while TBT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SJB returned -3.52%/yr vs 3.38%/yr for TBT. At a correlation of -0.02, they often move in opposite directions. SJB charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
SJB vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.90% return, which is significantly lower than TBT's 6.47% return. Over the past 10 years, SJB has underperformed TBT with an annualized return of -3.52%, while TBT has yielded a comparatively higher 3.38% annualized return.
SJB
- 1D
- 0.32%
- 1M
- 0.38%
- 6M
- 1.09%
- YTD
- 0.90%
- 1Y
- 0.37%
- 3Y*
- -1.62%
- 5Y*
- -0.24%
- 10Y*
- -3.52%
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
SJB vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.90% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between SJB and TBT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
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 TBT shifts across timeframes, from -0.02 (all time) to 0.50 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. TBT — Risk / Return Rank
SJB
TBT
SJB vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.03 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 0.16 | -0.02 |
| Martin ratioReturn relative to average drawdown | 0.27 | 0.30 | -0.03 |
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Drawdowns
SJB vs. TBT - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for SJB and TBT.
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Drawdown Indicators
| SJB | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -94.99% | +36.93% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -14.89% | +12.15% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -33.83% | +23.29% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -33.83% | +20.53% |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | -65.09% | +32.23% |
Current DrawdownCurrent decline from peak | -57.33% | -85.17% | +27.84% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -77.36% | +34.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 7.71% | -6.32% |
Volatility
SJB vs. TBT - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 0.93%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.79%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 5.79% | -4.86% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 13.88% | -10.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 18.99% | -15.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 31.30% | -23.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.45% | 28.67% | -20.22% |
SJB vs. TBT - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
SJB vs. TBT - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.60%, more than TBT's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.60% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Frequently Asked Questions
SJB and TBT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to SJB (0.93%). In terms of maximum drawdown, SJB dropped -58.06% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.38% vs -3.52% for SJB. On fees, TBT is cheaper at 0.93% per year. On volatility, SJB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.38% return vs -3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.60%, compared with 2.63% for TBT.
SJB tracks iBoxx $ Liquid High Yield Index (-100%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for SJB and 0.93% for TBT.
TBT currently has the higher Sharpe Ratio (0.12 vs 0.10), 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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