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TBF vs. LEMB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBF vs. LEMB

Last updated Jun 4, 2026

TBF (ProShares Short 20+ Year Treasury) and LEMB (iShares J.P. Morgan EM Local Currency Bond ETF) are both exchange-traded funds - TBF is a Inverse Bonds fund tracking the U.S. Treasury 20+ Year Index (-100%), while LEMB is a Emerging Markets Bonds fund tracking the J.P. Morgan GBI-EM Global 15 cap 4.5 floor. Both are passively managed. Over the past 10 years, TBF returned 2.77%/yr vs 1.37%/yr for LEMB. At a correlation of -0.08, they often move in opposite directions. TBF charges 0.94%/yr vs 0.30%/yr for LEMB.

Performance

TBF vs. LEMB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) and iShares J.P. Morgan EM Local Currency Bond ETF (LEMB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TBF achieves a 2.38% return, which is significantly higher than LEMB's 1.19% return. Over the past 10 years, TBF has outperformed LEMB with an annualized return of 2.77%, while LEMB has yielded a comparatively lower 1.37% annualized return.

TBF

1D
0.49%
1M
-0.32%
YTD
2.38%
6M
4.57%
1Y
0.68%
3Y*
7.99%
5Y*
10.00%
10Y*
2.77%

LEMB

1D
-0.57%
1M
1.13%
YTD
1.19%
6M
2.18%
1Y
9.81%
3Y*
6.09%
5Y*
0.59%
10Y*
1.37%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. LEMB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TBF
ProShares Short 20+ Year Treasury		2.38%1.27%16.33%2.43%42.37%1.33%-19.35%-10.96%3.26%-8.46%
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		1.19%18.02%-1.72%7.23%-10.74%-9.92%3.10%6.40%-7.49%12.49%

Correlation

The correlation between TBF and LEMB is -0.40, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.40

Correlation (3Y)
Calculated over the trailing 3-year period

-0.38

Correlation (5Y)
Calculated over the trailing 5-year period

-0.33

Correlation (10Y)
Calculated over the trailing 10-year period

-0.17

Correlation (All Time)
Calculated using the full available price history since Oct 21, 2011

-0.08

Over the past year, the inverse relationship between TBF and LEMB has strengthened: their correlation has moved from -0.08 to -0.40, meaning they now move in opposite directions more often than their long-term average.

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ProShares Short 20+ Year Treasury

iShares J.P. Morgan EM Local Currency Bond ETF

Often compared with TBF:
TBF vs. TLTTBF vs. TTTTBF vs. TMVTBF vs. TLTWTBF vs. QQQTBF vs. UUPTBF vs. EDV
Often compared with LEMB:
LEMB vs. EMLCLEMB vs. EMBLEMB vs. EBNDLEMB vs. VWOBLEMB vs. PFUIXLEMB vs. PELBXLEMB vs. FLOT

Return for Risk

TBF vs. LEMB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBF
TBF Risk / Return Rank: 99
Overall Rank
TBF Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TBF Sortino Ratio Rank: 99
Sortino Ratio Rank
TBF Omega Ratio Rank: 88
Omega Ratio Rank
TBF Calmar Ratio Rank: 1010
Calmar Ratio Rank
TBF Martin Ratio Rank: 1010
Martin Ratio Rank
LEMB
LEMB Risk / Return Rank: 3939
Overall Rank
LEMB Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
LEMB Sortino Ratio Rank: 4141
Sortino Ratio Rank
LEMB Omega Ratio Rank: 4444
Omega Ratio Rank
LEMB Calmar Ratio Rank: 3333
Calmar Ratio Rank
LEMB Martin Ratio Rank: 3636
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBF vs. LEMB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and iShares J.P. Morgan EM Local Currency Bond ETF (LEMB). 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.

TBFLEMBDifference
Sharpe ratioReturn per unit of total volatility
0.07
1.51

-1.44

Sortino ratioReturn per unit of downside risk
0.17
2.10

-1.94

Omega ratioGain probability vs. loss probability

1.02

1.29

-0.27

Calmar ratioReturn relative to maximum drawdown

0.10

1.64

-1.55

Martin ratioReturn relative to average drawdown

0.21

5.58

-5.37

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBF vs. LEMB - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.07, which is lower than the LEMB Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of TBF and LEMB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TBFLEMBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.07

1.51

-1.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.64

0.07

+0.57

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.19

0.15

+0.04

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.21

0.05

-0.26

Drawdowns

TBF vs. LEMB - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, which is greater than LEMB's maximum drawdown of -30.82%. Use the drawdown chart below to compare losses from any high point for TBF and LEMB.

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Drawdown Indicators

TBFLEMBDifference

Max Drawdown

Largest peak-to-trough decline

-70.40%

-30.82%

-39.58%

Max Drawdown (1Y)

Largest decline over 1 year

-7.23%

-6.00%

-1.23%

Max Drawdown (3Y)

Largest decline over 3 years

-17.79%

-10.09%

-7.70%

Max Drawdown (5Y)

Largest decline over 5 years

-17.79%

-25.29%

+7.50%

Max Drawdown (10Y)

Largest decline over 10 years

-38.39%

-29.09%

-9.30%

Current Drawdown

Current decline from peak

-43.40%

-4.87%

-38.53%

Average Drawdown

Average peak-to-trough decline

-47.43%

-12.74%

-34.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.27%

1.76%

+1.51%

Volatility

TBF vs. LEMB - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.80% compared to iShares J.P. Morgan EM Local Currency Bond ETF (LEMB) at 2.09%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than LEMB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBFLEMBDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.80%

2.09%

+0.71%

Volatility (6M)

Calculated over the trailing 6-month period

6.42%

5.34%

+1.08%

Volatility (1Y)

Calculated over the trailing 1-year period

9.63%

6.54%

+3.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

15.72%

8.24%

+7.48%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.52%

9.29%

+5.23%

TBF vs. LEMB - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is higher than LEMB's 0.30% expense ratio.

Dividends

TBF vs. LEMB - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.84%, more than LEMB's 2.41% yield.

PositionTTM20252024202320222021202020192018201720162015
LEMB
iShares J.P. Morgan EM Local Currency Bond ETF		2.41%2.44%0.00%1.34%0.86%3.89%0.00%4.39%3.46%0.00%0.00%0.64%
TBF
ProShares Short 20+ Year Treasury		2.84%3.39%4.06%4.99%0.36%0.00%0.22%1.68%0.88%0.00%0.00%0.00%

Frequently Asked Questions

TBF and LEMB have a correlation of -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TBF has higher volatility (2.80%) compared to LEMB (2.09%). In terms of maximum drawdown, TBF dropped -70.40% vs LEMB's -30.82%.

On 10-year performance, TBF leads with 2.77% vs 1.37% for LEMB. On fees, LEMB is cheaper at 0.30% per year. On volatility, LEMB has been the lower-risk option at 2.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, TBF has performed better with a 2.77% return vs 1.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

LEMB is cheaper with a 0.30% expense ratio, compared with 0.94% for TBF.

TBF has the higher dividend yield at 2.84%, compared with 2.41% for LEMB.

TBF is categorized as Inverse Bonds, while LEMB is Emerging Markets Bonds. TBF tracks U.S. Treasury 20+ Year Index (-100%), while LEMB tracks J.P. Morgan GBI-EM Global 15 cap 4.5 floor. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.94% for TBF and 0.30% for LEMB.

LEMB currently has the higher Sharpe Ratio (1.51 vs 0.07), 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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