SJB vs. TLT
SJB (ProShares Short High Yield) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SJB returned -3.58%/yr vs -2.38%/yr for TLT. Their 0.02 correlation means their historical movements had little consistent relationship. SJB charges 0.95%/yr vs 0.15%/yr for TLT.
Performance
SJB vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 1.17% return, which is significantly higher than TLT's -3.49% return. Over the past 10 years, SJB has underperformed TLT with an annualized return of -3.58%, while TLT has yielded a comparatively higher -2.38% annualized 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%
TLT
- 1D
- -0.66%
- 1M
- -3.81%
- 6M
- -3.46%
- YTD
- -3.49%
- 1Y
- -2.45%
- 3Y*
- -1.80%
- 5Y*
- -8.18%
- 10Y*
- -2.38%
- ALL TIME*
- 3.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.85M | $1.63M | $3.02M | |
| $2.33B | $2.02B | $2.19B |
SJB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 1.17% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
TLT iShares 20+ Year Treasury Bond ETF | -3.49% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Correlation
The correlation between SJB and TLT is -0.48, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.48 |
Correlation (3Y) Balances recent behavior with more history. | -0.51 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.39 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.16 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | 0.02 |
The correlation between SJB and TLT shifts across timeframes, from -0.51 (3 years) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. TLT — Risk / Return Rank
SJB
TLT
SJB vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.99 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.28 | -0.14 | +0.42 |
| Martin ratioReturn relative to average drawdown | 0.54 | -0.30 | +0.84 |
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Drawdowns
SJB vs. TLT - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than TLT's maximum drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SJB and TLT.
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Drawdown Indicators
| SJB | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -48.35% | -9.71% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -7.74% | +5.00% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -14.79% | +4.25% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -43.70% | +30.40% |
Max Drawdown (10Y)Largest decline over 10 years | -32.86% | -48.35% | +15.49% |
Current DrawdownCurrent decline from peak | -57.22% | -42.36% | -14.86% |
Average DrawdownAverage peak-to-trough decline | -42.62% | -13.99% | -28.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.43% | 3.57% | -2.14% |
Volatility
SJB vs. TLT - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.15%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.46%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.15% | 2.46% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.20% | 6.85% | -3.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.94% | 9.32% | -5.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 15.74% | -8.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.44% | 14.83% | -6.39% |
SJB vs. TLT - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
SJB vs. TLT - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.59%, less than TLT's 4.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.59% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.34% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
SJB and TLT 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.
TLT has higher volatility (2.46%) compared to SJB (1.15%). In terms of maximum drawdown, SJB dropped -58.06% vs TLT's -48.35%.
On 10-year performance, TLT leads with -2.38% vs -3.58% for SJB. On fees, TLT is cheaper at 0.15% per year. On volatility, SJB has been the lower-risk option at 1.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TLT has performed better with a -2.38% return vs -3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.95% for SJB.
TLT has the higher dividend yield at 4.34%, compared with 3.59% for SJB.
SJB is categorized as Inverse Bonds, while TLT is Government Bonds. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SJB and 0.15% for TLT.
SJB currently has the higher Sharpe Ratio (0.20 vs -0.11), 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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