TBF vs. TBX

Last updated Jun 5, 2026

TBF (ProShares Short 20+ Year Treasury) and TBX (ProShares Short 7-10 Year Treasury) are both Inverse Bonds funds from ProShares - TBF tracks the U.S. Treasury 20+ Year Index (-100%) while TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%). Both are passively managed. Over the past 10 years, TBF returned 2.68%/yr vs 1.90%/yr for TBX. Their correlation of 0.83 suggests significant overlap in exposure. TBF charges 0.94%/yr vs 0.95%/yr for TBX.

Performance

TBF vs. TBX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 20+ Year Treasury (TBF) and ProShares Short 7-10 Year Treasury (TBX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBF achieves a 2.13% return, which is significantly lower than TBX's 2.92% return. Over the past 10 years, TBF has outperformed TBX with an annualized return of 2.68%, while TBX has yielded a comparatively lower 1.90% annualized return.

TBF

• 1D: -0.24%
• 1M: -0.08%
• YTD: 2.13%
• 6M: 3.96%
• 1Y: 1.98%
• 3Y*: 7.78%
• 5Y*: 9.95%
• 10Y*: 2.68%

TBX

• 1D: -0.11%
• 1M: 0.55%
• YTD: 2.92%
• 6M: 3.57%
• 1Y: 2.73%
• 3Y*: 4.72%
• 5Y*: 5.96%
• 10Y*: 1.90%

*Multi-year figures are annualized to reflect compound growth (CAGR)

TBF vs. TBX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBF ProShares Short 20+ Year Treasury	2.13%	1.27%	16.33%	2.43%	42.37%	1.33%	-19.35%	-10.96%	3.26%	-8.46%
TBX ProShares Short 7-10 Year Treasury	2.92%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%

Correlation

The correlation between TBF and TBX is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.88
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	0.83

The correlation between TBF and TBX has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.

TBF vs. TBX - Sectors Allocation Comparison

Sectors	TBF	TBX
Financial Services	48.6%	55.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TBF vs. TBX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBF

TBF Risk / Return Rank: 12
TBF Sharpe Ratio Rank: 12
TBF Sortino Ratio Rank: 11
TBF Omega Ratio Rank: 11
TBF Calmar Ratio Rank: 12
TBF Martin Ratio Rank: 12

TBX

TBX Risk / Return Rank: 18
TBX Sharpe Ratio Rank: 19
TBX Sortino Ratio Rank: 17
TBX Omega Ratio Rank: 17
TBX Calmar Ratio Rank: 20
TBX Martin Ratio Rank: 17

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. TBX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 20+ Year Treasury (TBF) and ProShares Short 7-10 Year Treasury (TBX). 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.

	TBF	TBX	Difference
Sharpe ratio: Return per unit of total volatility	0.21	0.56	-0.35
Sortino ratio: Return per unit of downside risk	0.36	0.82	-0.45
Omega ratio: Gain probability vs. loss probability	1.04	1.10	-0.05
Calmar ratio: Return relative to maximum drawdown	0.28	0.81	-0.53
Martin ratio: Return relative to average drawdown	0.61	1.52	-0.91
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. TBX - Sharpe Ratio Comparison

The current TBF Sharpe Ratio is 0.21, which is lower than the TBX Sharpe Ratio of 0.56. The chart below compares the historical Sharpe Ratios of TBF and TBX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBF	TBX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	0.56	-0.35
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.71	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	0.27	-0.08
Sharpe Ratio (All Time) Calculated using the full available price history	-0.21	-0.16	-0.06

Drawdowns

TBF vs. TBX - Drawdown Comparison

The maximum TBF drawdown since its inception was -70.40%, which is greater than TBX's maximum drawdown of -41.04%. Use the drawdown chart below to compare losses from any high point for TBF and TBX.

Drawdown Indicators

	TBF	TBX	Difference
Max Drawdown Largest peak-to-trough decline	-70.40%	-41.04%	-29.36%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-3.39%	-3.84%
Max Drawdown (3Y) Largest decline over 3 years	-17.79%	-7.77%	-10.02%
Max Drawdown (5Y) Largest decline over 5 years	-17.79%	-7.77%	-10.02%
Max Drawdown (10Y) Largest decline over 10 years	-38.39%	-19.46%	-18.93%
Current Drawdown Current decline from peak	-43.53%	-17.22%	-26.31%
Average Drawdown Average peak-to-trough decline	-47.43%	-26.64%	-20.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.27%	1.80%	+1.47%

Volatility

TBF vs. TBX - Volatility Comparison

ProShares Short 20+ Year Treasury (TBF) has a higher volatility of 2.77% compared to ProShares Short 7-10 Year Treasury (TBX) at 1.68%. This indicates that TBF's price experiences larger fluctuations and is considered to be riskier than TBX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBF	TBX	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.77%	1.68%	+1.09%
Volatility (6M) Calculated over the trailing 6-month period	6.43%	3.39%	+3.04%
Volatility (1Y) Calculated over the trailing 1-year period	9.63%	4.97%	+4.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.71%	8.44%	+7.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	7.14%	+7.37%

TBF vs. TBX - Expense Ratio Comparison

TBF has a 0.94% expense ratio, which is lower than TBX's 0.95% expense ratio.

Dividends

TBF vs. TBX - Dividend Comparison

TBF's dividend yield for the trailing twelve months is around 2.85%, less than TBX's 3.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
TBF ProShares Short 20+ Year Treasury	2.85%	3.39%	4.06%	4.99%	0.36%	0.00%	0.22%	1.68%	0.88%
TBX ProShares Short 7-10 Year Treasury	3.05%	3.45%	6.58%	4.07%	0.40%	0.00%	0.10%	1.53%	0.72%

Frequently Asked Questions

Can I hold both TBF and TBX in my portfolio?

TBF and TBX have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBF or TBX?

TBF has higher volatility (2.77%) compared to TBX (1.68%). In terms of maximum drawdown, TBF dropped -70.40% vs TBX's -41.04%.

Which ETF is better, TBF or TBX?

On 10-year performance, TBF leads with 2.68% vs 1.90% for TBX. On fees, TBF is cheaper at 0.94% per year. On volatility, TBX has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBF or TBX?

Over the 10-year period, TBF has performed better with a 2.68% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBF or TBX?

TBF is cheaper with a 0.94% expense ratio, compared with 0.95% for TBX.

Which ETF pays a higher dividend yield, TBF or TBX?

TBX has the higher dividend yield at 3.05%, compared with 2.85% for TBF.

What is the main difference between TBF and TBX?

TBF tracks U.S. Treasury 20+ Year Index (-100%), while TBX tracks ICE BofA US Treasury (7-10 Y) (-100%). Their fees differ too: 0.94% for TBF and 0.95% for TBX.

Which has better risk-adjusted returns?

TBX currently has the higher Sharpe Ratio (0.56 vs 0.21), 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.