SJB vs. TLT
Compare and contrast key facts about ProShares Short High Yield (SJB) and iShares 20+ Year Treasury Bond ETF (TLT).
SJB and TLT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SJB is a passively managed fund by ProShares that tracks the performance of the iBoxx $ Liquid High Yield Index (-100%). It was launched on Mar 21, 2011. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002. Both SJB and TLT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SJB vs. TLT - Performance Comparison
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SJB vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 1.76% | -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 | 0.17% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.18% |
Returns By Period
In the year-to-date period, SJB achieves a 1.76% return, which is significantly higher than TLT's 0.17% return. Over the past 10 years, SJB has underperformed TLT with an annualized return of -4.13%, while TLT has yielded a comparatively higher -1.38% annualized return.
SJB
- 1D
- -1.05%
- 1M
- 1.33%
- YTD
- 1.76%
- 6M
- 2.10%
- 1Y
- -0.56%
- 3Y*
- -1.29%
- 5Y*
- -0.64%
- 10Y*
- -4.13%
TLT
- 1D
- -0.10%
- 1M
- -4.23%
- YTD
- 0.17%
- 6M
- -0.87%
- 1Y
- -0.49%
- 3Y*
- -2.78%
- 5Y*
- -5.85%
- 10Y*
- -1.38%
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SJB vs. TLT - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than TLT's 0.15% expense ratio.
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.
| SJB | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.10 | -0.04 | -0.06 |
Sortino ratioReturn per unit of downside risk | -0.10 | 0.02 | -0.12 |
Omega ratioGain probability vs. loss probability | 0.99 | 1.00 | -0.02 |
Calmar ratioReturn relative to maximum drawdown | -0.09 | 0.05 | -0.14 |
Martin ratioReturn relative to average drawdown | -0.11 | 0.11 | -0.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SJB | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.10 | -0.04 | -0.06 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.09 | -0.37 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.09 | -0.39 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | 0.26 | -0.86 |
Correlation
The correlation between SJB and TLT is 0.03, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
SJB vs. TLT - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.40%, less than TLT's 4.49% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.40% | 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 | 4.49% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
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 | -6.35% | -9.23% | +2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -43.70% | +30.40% |
Max Drawdown (10Y)Largest decline over 10 years | -36.52% | -48.35% | +11.83% |
Current DrawdownCurrent decline from peak | -56.97% | -40.17% | -16.80% |
Average DrawdownAverage peak-to-trough decline | -42.30% | -13.62% | -28.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.16% | 4.38% | +0.78% |
Volatility
SJB vs. TLT - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 2.25%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. 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 | 2.25% | 3.71% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 2.90% | 6.61% | -3.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.69% | 11.44% | -5.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.50% | 15.90% | -8.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.55% | 14.93% | -6.38% |