TBX vs. ^GSPC
TBX (ProShares Short 7-10 Year Treasury) is Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, TBX returned 2.09%/yr vs 13.71%/yr for ^GSPC. At a 0.17 correlation, their price movements are largely independent.
Performance
TBX vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.19% return, which is significantly lower than ^GSPC's 7.60% return. Over the past 10 years, TBX has underperformed ^GSPC with an annualized return of 2.09%, while ^GSPC has yielded a comparatively higher 13.71% annualized return.
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%
^GSPC
- 1D
- -1.44%
- 1M
- -1.45%
- YTD
- 7.60%
- 6M
- 6.59%
- 1Y
- 22.24%
- 3Y*
- 19.20%
- 5Y*
- 11.54%
- 10Y*
- 13.71%
TBX vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
^GSPC S&P 500 Index | 7.60% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between TBX and ^GSPC is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.17 |
The correlation between TBX and ^GSPC shifts across timeframes, from -0.24 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. ^GSPC — Risk / Return Rank
TBX
^GSPC
TBX vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and S&P 500 Index (^GSPC). 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.
| TBX | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.16 | ||
| Sortino ratioReturn per unit of downside risk | -1.52 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.32 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 2.46 | -1.50 |
| Martin ratioReturn relative to average drawdown | 1.92 | 10.92 | -8.99 |
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Drawdowns
TBX vs. ^GSPC - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for TBX and ^GSPC.
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Drawdown Indicators
| TBX | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -56.78% | +15.74% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -9.10% | +6.02% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -18.90% | +11.13% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -25.43% | +17.66% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -33.92% | +14.46% |
Current DrawdownCurrent decline from peak | -17.00% | -3.21% | -13.79% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -10.71% | -15.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 2.04% | -0.51% |
Volatility
TBX vs. ^GSPC - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.42%, while S&P 500 Index (^GSPC) has a volatility of 4.89%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 4.89% | -3.47% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 9.93% | -6.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 12.57% | -7.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 17.00% | -8.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 18.08% | -10.95% |
Frequently Asked Questions
TBX and ^GSPC have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^GSPC has higher volatility (4.89%) compared to TBX (1.42%). In terms of maximum drawdown, TBX dropped -41.04% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (1.78 vs 0.62), 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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