SJB vs. TBX
SJB (ProShares Short High Yield) and TBX (ProShares Short 7-10 Year Treasury) are both Inverse Bonds funds from ProShares - SJB tracks the iBoxx $ Liquid High Yield Index (-100%) while TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%). Both are passively managed. Over the past 10 years, SJB returned -3.52%/yr vs 2.22%/yr for TBX. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
SJB vs. TBX - 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 TBX's 4.20% return. Over the past 10 years, SJB has underperformed TBX with an annualized return of -3.52%, while TBX has yielded a comparatively higher 2.22% 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%
TBX
- 1D
- 0.59%
- 1M
- 1.16%
- 6M
- 4.01%
- YTD
- 4.20%
- 1Y
- 3.35%
- 3Y*
- 4.67%
- 5Y*
- 6.60%
- 10Y*
- 2.22%
SJB vs. TBX - 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% |
TBX ProShares Short 7-10 Year Treasury | 4.20% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
Correlation
The correlation between SJB and TBX is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.03 |
Over the past year, SJB and TBX have become more correlated (0.51) than their long-term average of 0.03, meaning their price movements have been converging.
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Return for Risk
SJB vs. TBX — Risk / Return Rank
SJB
TBX
SJB vs. TBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
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 | TBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.61 | ||
| Sortino ratioReturn per unit of downside risk | -0.89 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.12 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 0.14 | 1.09 | -0.96 |
| Martin ratioReturn relative to average drawdown | 0.27 | 2.16 | -1.89 |
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Drawdowns
SJB vs. TBX - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than TBX's maximum drawdown of -41.04%. Use the drawdown chart below to compare losses from any high point for SJB and TBX.
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Drawdown Indicators
| SJB | TBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -41.04% | -17.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -3.08% | +0.34% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -7.77% | -2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -7.77% | -5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | -19.46% | -13.40% |
Current DrawdownCurrent decline from peak | -57.33% | -16.18% | -41.15% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -26.57% | -16.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 1.55% | -0.16% |
Volatility
SJB vs. TBX - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 0.93%, while ProShares Short 7-10 Year Treasury (TBX) has a volatility of 1.58%. This indicates that SJB 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
| SJB | TBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.93% | 1.58% | -0.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.07% | 3.63% | -0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.85% | 4.74% | -0.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 8.44% | -0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.45% | 7.12% | +1.33% |
SJB vs. TBX - Expense Ratio Comparison
Both SJB and TBX have an expense ratio of 0.95%.
Dividends
SJB vs. TBX - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.60%, more than TBX's 2.85% 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% |
TBX ProShares Short 7-10 Year Treasury | 2.85% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
Frequently Asked Questions
SJB and TBX have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.58%) compared to SJB (0.93%). In terms of maximum drawdown, SJB dropped -58.06% vs TBX's -41.04%.
On 10-year performance, TBX leads with 2.22% vs -3.52% for SJB. Both ETFs have the same 0.95% expense ratio. 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, TBX has performed better with a 2.22% return vs -3.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJB and TBX have the same expense ratio: 0.95% per year.
SJB has the higher dividend yield at 3.60%, compared with 2.85% for TBX.
SJB tracks iBoxx $ Liquid High Yield Index (-100%), while TBX tracks ICE BofA US Treasury (7-10 Y) (-100%).
TBX currently has the higher Sharpe Ratio (0.71 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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