TBF vs. SJB
TBF (ProShares Short 20+ Year Treasury) and SJB (ProShares Short High Yield) are both Inverse Bonds funds from ProShares - TBF tracks the U.S. Treasury 20+ Year Index (-100%) while SJB tracks the iBoxx $ Liquid High Yield Index (-100%). Both are passively managed. Over the past 10 years, TBF returned 2.89%/yr vs -3.86%/yr for SJB. At a correlation of -0.02, they often move in opposite directions. TBF charges 0.94%/yr vs 0.95%/yr for SJB.
Performance
TBF vs. SJB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBF achieves a 1.51% return, which is significantly higher than SJB's 0.74% return. Over the past 10 years, TBF has outperformed SJB with an annualized return of 2.89%, while SJB has yielded a comparatively lower -3.86% annualized return.
TBF
- 1D
- -0.20%
- 1M
- -1.81%
- YTD
- 1.51%
- 6M
- 2.17%
- 1Y
- 1.64%
- 3Y*
- 7.93%
- 5Y*
- 10.42%
- 10Y*
- 2.89%
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
TBF vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 1.51% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
Correlation
The correlation between TBF and SJB is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.02 |
The correlation between TBF and SJB shifts across timeframes, from -0.02 (all time) to 0.51 (3 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBF vs. SJB — Risk / Return Rank
TBF
SJB
TBF vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares Short High Yield (SJB). 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 | SJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.00 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.23 | -0.02 | +0.25 |
| Martin ratioReturn relative to average drawdown | 0.50 | -0.05 | +0.55 |
Loading charts...
Drawdowns
TBF vs. SJB - Drawdown Comparison
The maximum TBF drawdown since its inception was -70.40%, which is greater than SJB's maximum drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for TBF and SJB.
Loading charts...
Drawdown Indicators
| TBF | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -70.40% | -58.06% | -12.34% |
Max Drawdown (1Y)Largest decline over 1 year | -7.23% | -2.74% | -4.49% |
Max Drawdown (3Y)Largest decline over 3 years | -17.79% | -10.54% | -7.25% |
Max Drawdown (5Y)Largest decline over 5 years | -17.79% | -13.30% | -4.49% |
Max Drawdown (10Y)Largest decline over 10 years | -38.39% | -34.57% | -3.82% |
Current DrawdownCurrent decline from peak | -43.88% | -57.40% | +13.52% |
Average DrawdownAverage peak-to-trough decline | -47.41% | -42.52% | -4.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.31% | 1.30% | +2.01% |
Volatility
TBF vs. SJB - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.20% compared to ProShares Short High Yield (SJB) at 1.06%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBF | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.20% | 1.06% | +1.14% |
Volatility (6M)Calculated over the trailing 6-month period | 6.52% | 3.03% | +3.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.29% | 3.88% | +5.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.68% | 7.52% | +8.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.50% | 8.50% | +6.00% |
TBF vs. SJB - Expense Ratio Comparison
TBF has a 0.94% expense ratio, which is lower than SJB's 0.95% expense ratio.
Dividends
TBF vs. SJB - Dividend Comparison
TBF's dividend yield for the trailing twelve months is around 2.86%, less than SJB's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
TBF ProShares Short 20+ Year Treasury | 2.86% | 3.39% | 4.06% | 4.99% | 0.36% | 0.00% | 0.22% | 1.68% | 0.88% |
Frequently Asked Questions
TBF and SJB 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.
TBF has higher volatility (2.20%) compared to SJB (1.06%). In terms of maximum drawdown, TBF dropped -70.40% vs SJB's -58.06%.
On 10-year performance, TBF leads with 2.89% vs -3.86% for SJB. On fees, TBF is cheaper at 0.94% per year. On volatility, SJB has been the lower-risk option at 1.06%. 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 2.89% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 2.86% for TBF.
TBF tracks U.S. Treasury 20+ Year Index (-100%), while SJB tracks iBoxx $ Liquid High Yield Index (-100%). Their fees differ too: 0.94% for TBF and 0.95% for SJB.
TBF currently has the higher Sharpe Ratio (0.18 vs -0.02), 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.
Find the right allocation for TBF and SJB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer