TBIIX vs. PST

Last updated Aug 1, 2026

TBIIX (TIAA-CREF Bond Index Fund) and PST (ProShares UltraShort 7-10 Year Treasury) are both funds - TBIIX is a Intermediate Core Bond fund managed by TIAA, while PST is a Inverse Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Over the past 10 years, TBIIX returned 1.16%/yr vs 3.13%/yr for PST. Their -0.92 correlation means they have often moved in opposite directions in the past. TBIIX charges 0.07%/yr vs 0.95%/yr for PST.

Performance

TBIIX vs. PST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TIAA-CREF Bond Index Fund (TBIIX) and ProShares UltraShort 7-10 Year Treasury (PST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBIIX achieves a -0.61% return, which is significantly lower than PST's 7.74% return. Over the past 10 years, TBIIX has underperformed PST with an annualized return of 1.16%, while PST has yielded a comparatively higher 3.13% annualized return.

TBIIX

• 1D: 0.10%
• 1M: -1.24%
• 6M: -0.83%
• YTD: -0.61%
• 1Y: 1.82%
• 3Y*: 3.50%
• 5Y*: -0.70%
• 10Y*: 1.16%
• ALL TIME*: 2.35%

PST

• 1D: 0.55%
• 1M: 3.24%
• 6M: 6.90%
• YTD: 7.74%
• 1Y: 7.92%
• 3Y*: 4.59%
• 5Y*: 11.11%
• 10Y*: 3.13%
• ALL TIME*: -4.97%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
PST ProShares UltraShort 7-10 Year Treasury	$115.25K	$150.97K	$186.50K
TBIIX TIAA-CREF Bond Index Fund	$0.00	$0.00	$0.00

TBIIX vs. PST - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBIIX TIAA-CREF Bond Index Fund	-0.61%	7.12%	1.13%	5.13%	-13.61%	-1.81%	7.69%	8.58%	-0.25%	3.43%
PST ProShares UltraShort 7-10 Year Treasury	7.74%	-4.42%	12.27%	3.17%	38.55%	4.01%	-18.67%	-11.03%	1.72%	-4.52%

Correlation

The correlation between TBIIX and PST is -0.91, 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.	-0.91
Correlation (3Y) Balances recent behavior with more history.	-0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.95
Correlation (10Y) Provides a long-term view across more market conditions.	-0.93
Correlation (All Time) Calculated using the full available price history since Jan 4, 2010	-0.92

The correlation between TBIIX and PST has been stable across timeframes, ranging from -0.95 to -0.91 - a consistent structural relationship.

Return for Risk

TBIIX vs. PST — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

TBIIX

TBIIX Risk / Return Rank: 21
TBIIX Sharpe Ratio Rank: 22
TBIIX Sortino Ratio Rank: 21
TBIIX Omega Ratio Rank: 20
TBIIX Calmar Ratio Rank: 22
TBIIX Martin Ratio Rank: 18

PST

PST Risk / Return Rank: 27
PST Sharpe Ratio Rank: 26
PST Sortino Ratio Rank: 24
PST Omega Ratio Rank: 23
PST Calmar Ratio Rank: 34
PST Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

TBIIX vs. PST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TIAA-CREF Bond Index Fund (TBIIX) and ProShares UltraShort 7-10 Year Treasury (PST). 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.

	TBIIX	PST	Difference
Sharpe ratio: Return per unit of total volatility	0.77	0.59	+0.18
Sortino ratio: Return per unit of downside risk	1.13	0.90	+0.23
Omega ratio: Gain probability vs. loss probability	1.13	1.10	+0.03
Calmar ratio: Return relative to maximum drawdown	1.01	1.17	-0.16
Martin ratio: Return relative to average drawdown	2.54	2.40	+0.14

TBIIX vs. PST - Sharpe Ratio Comparison

The current TBIIX Sharpe Ratio is 0.77, which is higher than the PST Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of TBIIX and PST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBIIX vs. PST - Drawdown Comparison

The maximum TBIIX drawdown since its inception was -19.33%, smaller than the maximum PST drawdown of -79.25%. Use the drawdown chart below to compare losses from any high point for TBIIX and PST.

Drawdown Indicators

	TBIIX	PST	Difference
Max Drawdown Largest peak-to-trough decline	-19.33%	-79.25%	+59.92%
Max Drawdown (1Y) Largest decline over 1 year	-2.99%	-4.73%	+1.74%
Max Drawdown (3Y) Largest decline over 3 years	-5.12%	-16.19%	+11.07%
Max Drawdown (5Y) Largest decline over 5 years	-18.68%	-16.19%	-2.49%
Max Drawdown (10Y) Largest decline over 10 years	-19.33%	-36.07%	+16.74%
Current Drawdown Current decline from peak	-4.47%	-63.04%	+58.57%
Average Drawdown Average peak-to-trough decline	-3.68%	-61.49%	+57.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.19%	2.73%	-1.54%

Volatility

TBIIX vs. PST - Volatility Comparison

The current volatility for TIAA-CREF Bond Index Fund (TBIIX) is 0.99%, while ProShares UltraShort 7-10 Year Treasury (PST) has a volatility of 2.53%. This indicates that TBIIX experiences smaller price fluctuations and is considered to be less risky than PST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBIIX	PST	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.99%	2.53%	-1.54%
Volatility (6M) Calculated over the trailing 6-month period	3.06%	7.32%	-4.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.94%	9.39%	-5.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.08%	15.56%	-9.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.02%	13.29%	-8.27%

TBIIX vs. PST - Expense Ratio Comparison

TBIIX has a 0.07% expense ratio, which is lower than PST's 0.95% expense ratio.

Dividends

TBIIX vs. PST - Dividend Comparison

TBIIX's dividend yield for the trailing twelve months is around 3.65%, more than PST's 2.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PST ProShares UltraShort 7-10 Year Treasury	2.78%	3.47%	3.61%	3.69%	0.02%	0.00%	0.11%	1.85%	0.66%	0.00%	0.00%	0.00%
TBIIX TIAA-CREF Bond Index Fund	3.65%	3.73%	3.14%	2.44%	2.11%	2.07%	3.17%	2.82%	2.46%	2.44%	2.31%	2.61%

Frequently Asked Questions

Can I hold both TBIIX and PST in my portfolio?

TBIIX and PST have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBIIX or PST?

PST has higher volatility (2.53%) compared to TBIIX (0.99%). In terms of maximum drawdown, TBIIX dropped -19.33% vs PST's -79.25%.

Which has better risk-adjusted returns?

TBIIX currently has the higher Sharpe Ratio (0.77 vs 0.59), 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.