TBX vs. ^TYX
TBX (ProShares Short 7-10 Year Treasury) is Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while ^TYX (Treasury Yield 30 Years) is an index. Over the past 10 years, TBX returned 2.33%/yr vs 8.72%/yr for ^TYX. Their 0.79 correlation means they have sometimes moved together and sometimes differently.
Performance
TBX vs. ^TYX - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 4.71% return, which is significantly lower than ^TYX's 8.99% return. Over the past 10 years, TBX has underperformed ^TYX with an annualized return of 2.33%, while ^TYX has yielded a comparatively higher 8.72% annualized return.
TBX
- 1D
- 0.17%
- 1M
- 1.73%
- 6M
- 4.03%
- YTD
- 4.71%
- 1Y
- 5.30%
- 3Y*
- 4.21%
- 5Y*
- 6.92%
- 10Y*
- 2.33%
- ALL TIME*
- -1.00%
^TYX
- 1D
- 1.29%
- 1M
- 5.82%
- 6M
- 8.27%
- YTD
- 8.99%
- 1Y
- 9.74%
- 3Y*
- 8.72%
- 5Y*
- 22.70%
- 10Y*
- 8.72%
- ALL TIME*
- -0.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $818.03K | $918.65K | $792.72K |
TBX vs. ^TYX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 4.71% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
^TYX Treasury Yield 30 Years | 8.99% | 1.13% | 19.08% | 1.11% | 108.66% | 15.74% | -31.10% | -20.89% | 10.26% | -10.58% |
Correlation
The correlation between TBX and ^TYX is 0.84, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.84 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.84 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.82 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.79 |
The correlation between TBX and ^TYX has been stable across timeframes, ranging from 0.79 to 0.84 - a consistent structural relationship.
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Return for Risk
TBX vs. ^TYX — Risk / Return Rank
TBX
^TYX
TBX vs. ^TYX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Treasury Yield 30 Years (^TYX). 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 | ^TYX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.12 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.92 | +0.96 |
| Martin ratioReturn relative to average drawdown | 4.19 | 2.05 | +2.13 |
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Drawdowns
TBX vs. ^TYX - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum ^TYX drawdown of -93.84%. Use the drawdown chart below to compare losses from any high point for TBX and ^TYX.
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Drawdown Indicators
| TBX | ^TYX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -93.84% | +52.80% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -8.69% | +6.48% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -22.85% | +15.08% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -22.85% | +15.08% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -72.86% | +53.40% |
Current DrawdownCurrent decline from peak | -15.77% | -65.32% | +49.55% |
Average DrawdownAverage peak-to-trough decline | -26.53% | -56.73% | +30.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 3.90% | -2.78% |
Volatility
TBX vs. ^TYX - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.27%, while Treasury Yield 30 Years (^TYX) has a volatility of 2.73%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than ^TYX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | ^TYX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 2.73% | -1.46% |
Volatility (6M)Calculated over the trailing 6-month period | 3.69% | 8.22% | -4.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 11.70% | -7.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.42% | 24.59% | -16.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 33.33% | -26.22% |
Frequently Asked Questions
TBX and ^TYX have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^TYX has higher volatility (2.73%) compared to TBX (1.27%). In terms of maximum drawdown, TBX dropped -41.04% vs ^TYX's -93.84%.
TBX currently has the higher Sharpe Ratio (0.89 vs 0.68), 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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