TBT vs. TBX
TBT (ProShares UltraShort 20+ Year Treasury) and TBX (ProShares Short 7-10 Year Treasury) are both Inverse Bonds funds from ProShares - TBT tracks the ICE U.S. Treasury 20+ Year Bond Index while TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%). Both are passively managed. Over the past 10 years, TBT returned 2.32%/yr vs 2.09%/yr for TBX. Their correlation of 0.83 suggests significant overlap in exposure. TBT charges 0.93%/yr vs 0.95%/yr for TBX.
Performance
TBT vs. TBX - Performance Comparison
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Returns By Period
In the year-to-date period, TBT achieves a 1.05% return, which is significantly lower than TBX's 3.19% return. Over the past 10 years, TBT has outperformed TBX with an annualized return of 2.32%, while TBX has yielded a comparatively lower 2.09% annualized return.
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
TBX
- 1D
- -0.09%
- 1M
- -0.26%
- YTD
- 3.19%
- 6M
- 3.25%
- 1Y
- 2.94%
- 3Y*
- 4.61%
- 5Y*
- 6.08%
- 10Y*
- 2.09%
TBT vs. TBX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
TBX ProShares Short 7-10 Year Treasury | 3.19% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
Correlation
The correlation between TBT and TBX is 0.89, 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 | 0.89 |
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 5, 2011 | 0.83 |
The correlation between TBT and TBX has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
TBT vs. TBX — Risk / Return Rank
TBT
TBX
TBT vs. TBX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) 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.
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.
| TBT | TBX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | -0.84 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.11 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 0.96 | -1.01 |
| Martin ratioReturn relative to average drawdown | -0.10 | 1.92 | -2.02 |
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Drawdowns
TBT vs. TBX - Drawdown Comparison
The maximum TBT drawdown since its inception was -94.99%, which is greater than TBX's maximum drawdown of -41.04%. Use the drawdown chart below to compare losses from any high point for TBT and TBX.
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Drawdown Indicators
| TBT | TBX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -41.04% | -53.95% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -3.08% | -11.81% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -7.77% | -26.06% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -7.77% | -26.06% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -19.46% | -45.63% |
Current DrawdownCurrent decline from peak | -85.92% | -17.00% | -68.92% |
Average DrawdownAverage peak-to-trough decline | -77.34% | -26.60% | -50.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 1.53% | +6.02% |
Volatility
TBT vs. TBX - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 4.53% compared to ProShares Short 7-10 Year Treasury (TBX) at 1.42%. This indicates that TBT'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.
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Volatility by Period
| TBT | TBX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.53% | 1.42% | +3.11% |
Volatility (6M)Calculated over the trailing 6-month period | 13.49% | 3.51% | +9.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.19% | 4.75% | +14.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.32% | 8.44% | +22.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.75% | 7.13% | +21.62% |
TBT vs. TBX - Expense Ratio Comparison
TBT has a 0.93% expense ratio, which is lower than TBX's 0.95% expense ratio.
Dividends
TBT vs. TBX - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 2.95%, less than TBX's 3.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TBX ProShares Short 7-10 Year Treasury | 3.04% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
Frequently Asked Questions
TBT and TBX have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to TBX (1.42%). In terms of maximum drawdown, TBT dropped -94.99% vs TBX's -41.04%.
On 10-year performance, TBT leads with 2.32% vs 2.09% for TBX. On fees, TBT is cheaper at 0.93% per year. On volatility, TBX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 2.32% return vs 2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for TBX.
TBX has the higher dividend yield at 3.04%, compared with 2.95% for TBT.
TBT tracks ICE U.S. Treasury 20+ Year Bond Index, while TBX tracks ICE BofA US Treasury (7-10 Y) (-100%). Their fees differ too: 0.93% for TBT and 0.95% for TBX.
TBX currently has the higher Sharpe Ratio (0.62 vs -0.04), 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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