TBT vs. TBX
Compare and contrast key facts about ProShares UltraShort 20+ Year Treasury (TBT) and ProShares Short 7-10 Year Treasury (TBX).
TBT and TBX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. TBX is a passively managed fund by ProShares that tracks the performance of the ICE BofA US Treasury (7-10 Y) (-100%). It was launched on Apr 4, 2011. Both TBT and TBX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBT or TBX.
Key characteristics
| TBT | TBX | |
|---|---|---|
| YTD Return | 24.45% | 6.35% |
| 1Y Return | 37.25% | 12.94% |
| 3Y Return (Ann) | 25.07% | 8.57% |
| 5Y Return (Ann) | 3.64% | 2.82% |
| 10Y Return (Ann) | -4.43% | 0.01% |
| Sharpe Ratio | 1.01 | 1.44 |
| Daily Std Dev | 34.21% | 8.65% |
| Max Drawdown | -94.99% | -41.04% |
| Current Drawdown | -86.22% | -20.26% |
Correlation
The correlation between TBT and TBX is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TBT vs. TBX - Performance Comparison
In the year-to-date period, TBT achieves a 24.45% return, which is significantly higher than TBX's 6.35% return. Over the past 10 years, TBT has underperformed TBX with an annualized return of -4.43%, while TBX has yielded a comparatively higher 0.01% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TBT vs. TBX - Expense Ratio Comparison
TBT has a 0.92% expense ratio, which is lower than TBX's 0.95% expense ratio.
Risk-Adjusted Performance
TBT vs. TBX - Risk-Adjusted Performance 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.
Dividends
TBT vs. TBX - Dividend Comparison
TBT's dividend yield for the trailing twelve months is around 4.13%, less than TBX's 4.23% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 4.13% | 4.98% | 0.42% | 0.00% | 0.27% | 2.12% | 0.99% |
TBX ProShares Short 7-10 Year Treasury | 4.23% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
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. For additional features, visit the drawdowns tool.
Volatility
TBT vs. TBX - Volatility Comparison
ProShares UltraShort 20+ Year Treasury (TBT) has a higher volatility of 8.40% compared to ProShares Short 7-10 Year Treasury (TBX) at 2.30%. 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.