TBF vs. BINC
TBF (ProShares Short 20+ Year Treasury) and BINC (iShares Flexible Income Active ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while BINC is a Multisector Bonds fund actively managed by iShares. TBF is passively managed, while BINC is actively managed. Over the past 3 years, TBF returned 6.77%/yr vs 6.82%/yr for BINC. Their -0.68 correlation means they have often moved in opposite directions in the past. TBF charges 0.94%/yr vs 0.40%/yr for BINC.
Performance
TBF vs. BINC - Performance Comparison
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Returns By Period
In the year-to-date period, TBF achieves a 5.32% return, which is significantly higher than BINC's 1.54% return.
TBF
- 1D
- -0.16%
- 1M
- 2.99%
- 6M
- 4.48%
- YTD
- 5.32%
- 1Y
- 7.38%
- 3Y*
- 6.77%
- 5Y*
- 12.07%
- 10Y*
- 3.52%
- ALL TIME*
- -2.94%
BINC
- 1D
- 0.00%
- 1M
- -0.07%
- 6M
- 0.94%
- YTD
- 1.54%
- 1Y
- 4.33%
- 3Y*
- 6.82%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 6.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $72.59M | $77.74M | $122.56M | |
| $5.03M | $3.82M | $5.32M |
TBF vs. BINC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 5.32% | 1.27% | 16.33% | 3.00% |
BINC iShares Flexible Income Active ETF | 1.54% | 7.57% | 5.76% | 7.12% |
Correlation
The correlation between TBF and BINC is -0.69, 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. | -0.69 |
Correlation (3Y) Balances recent behavior with more history. | -0.67 |
Correlation (All Time) Calculated using the full available price history since May 23, 2023 | -0.68 |
The correlation between TBF and BINC has been stable across timeframes, ranging from -0.69 to -0.67 - a consistent structural relationship.
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Return for Risk
TBF vs. BINC — Risk / Return Rank
TBF
BINC
TBF vs. BINC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and iShares Flexible Income Active ETF (BINC). 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.
| TBF | BINC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.35 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 1.62 | -0.48 |
| Martin ratioReturn relative to average drawdown | 2.57 | 6.21 | -3.64 |
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Drawdowns
TBF vs. BINC - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than BINC's maximum drawdown of -2.69%. Use the drawdown chart below to compare losses from any high point for TBF and BINC.
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Drawdown Indicators
| TBF | BINC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -2.69% | -67.71% |
Max Drawdown (1Y)Largest decline over 1 year | -6.52% | -2.69% | -3.83% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -2.69% | -15.10% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | — | — |
Current DrawdownCurrent decline from peak | -41.77% | -0.07% | -41.70% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -0.36% | -47.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 0.70% | +2.18% |
Volatility
TBF vs. BINC - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.56% compared to iShares Flexible Income Active ETF (BINC) at 0.80%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than BINC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBF | BINC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 0.80% | +1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 2.01% | +4.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 2.35% | +6.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 2.97% | +12.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 2.97% | +11.47% |
TBF vs. BINC - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is higher than BINC's 0.40% expense ratio.
Dividends
TBF vs. BINC - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.70%, less than BINC's 5.86% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BINC iShares Flexible Income Active ETF | 5.86% | 5.86% | 6.14% | 3.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TBF ProShares Short 20+ Year Treasury | 2.70% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Frequently Asked Questions
TBF and BINC have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBF has higher volatility (2.56%) compared to BINC (0.80%). In terms of maximum drawdown, TBF dropped -70.40% vs BINC's -2.69%.
On 3-year performance, BINC leads with 6.82% vs 6.77% for TBF. On fees, BINC is cheaper at 0.40% per year. On volatility, BINC has been the lower-risk option at 0.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BINC has performed better with a 6.82% return vs 6.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BINC is cheaper with a 0.40% expense ratio, compared with 0.94% for TBF.
BINC has the higher dividend yield at 5.86%, compared with 2.70% for TBF.
TBF is categorized as Inverse Bonds, while BINC is Multisector Bonds. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.94% for TBF and 0.40% for BINC.
BINC currently has the higher Sharpe Ratio (1.85 vs 0.81), 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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