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 3.52%/yr vs -3.49%/yr for SJB. Their -0.02 correlation means they have often moved in opposite directions in the past. TBF charges 0.94%/yr vs 0.95%/yr for SJB.
Performance
TBF vs. SJB - 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 SJB's 0.71% return. Over the past 10 years, TBF has outperformed SJB with an annualized return of 3.52%, while SJB has yielded a comparatively lower -3.49% annualized 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%
SJB
- 1D
- 0.13%
- 1M
- 0.40%
- 6M
- 0.51%
- YTD
- 0.71%
- 1Y
- 0.41%
- 3Y*
- -1.86%
- 5Y*
- -0.26%
- 10Y*
- -3.49%
- ALL TIME*
- -5.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.62M | $1.58M | $2.90M | |
| $5.03M | $3.82M | $5.32M |
TBF vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBF ProShares Short 20+ Year Treasury | 5.32% | 1.27% | 16.33% | 2.43% | 42.37% | 1.33% | -19.35% | -10.96% | 3.26% | -8.46% |
SJB ProShares Short High Yield | 0.71% | -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 historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.48 |
Correlation (3Y) Balances recent behavior with more history. | 0.49 |
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 TBF and SJB shifts across timeframes, from -0.02 (all time) to 0.49 (3 years), reflecting how their relationship changes across market environments.
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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 | +0.71 | ||
| Sortino ratioReturn per unit of downside risk | +1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.02 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | 0.15 | +0.99 |
| Martin ratioReturn relative to average drawdown | 2.57 | 0.28 | +2.29 |
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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.
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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 | -6.52% | -2.74% | -3.78% |
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% | -32.86% | -5.53% |
Current DrawdownCurrent decline from peak | -41.77% | -57.41% | +15.64% |
Average DrawdownAverage peak-to-trough decline | -47.37% | -42.63% | -4.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.88% | 1.45% | +1.43% |
Volatility
TBF vs. SJB - Volatility Comparison
ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.56% compared to ProShares Short High Yield (SJB) at 1.21%. 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.
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Volatility by Period
| TBF | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.56% | 1.21% | +1.35% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 3.23% | +3.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.11% | 3.95% | +5.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.60% | 7.52% | +8.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.44% | 8.44% | +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 2.70%, less than SJB's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.60% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
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 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 (2.56%) compared to SJB (1.21%). In terms of maximum drawdown, TBF dropped -70.40% vs SJB's -58.06%.
On 10-year performance, TBF leads with 3.52% vs -3.49% for SJB. On fees, TBF is cheaper at 0.94% per year. On volatility, SJB has been the lower-risk option at 1.21%. 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 3.52% return vs -3.49%. 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 3.60%, compared with 2.70% 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 (0.81 vs 0.10), 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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