TBX vs. AGG

Last updated Jun 3, 2026

TBX (ProShares Short 7-10 Year Treasury) and AGG (iShares Core U.S. Aggregate Bond ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while AGG is a Total Bond Market fund tracking the Bloomberg U.S. Aggregate Bond Index. Both are passively managed. Over the past 10 years, TBX returned 1.94%/yr vs 1.59%/yr for AGG. At a correlation of -0.84, they often move in opposite directions. TBX charges 0.95%/yr vs 0.03%/yr for AGG.

Performance

TBX vs. AGG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 7-10 Year Treasury (TBX) and iShares Core U.S. Aggregate Bond ETF (AGG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBX achieves a 2.75% return, which is significantly higher than AGG's 0.47% return. Over the past 10 years, TBX has outperformed AGG with an annualized return of 1.94%, while AGG has yielded a comparatively lower 1.59% annualized return.

TBX

• 1D: -0.09%
• 1M: 0.66%
• YTD: 2.75%
• 6M: 3.56%
• 1Y: 1.95%
• 3Y*: 4.70%
• 5Y*: 5.82%
• 10Y*: 1.94%

AGG

• 1D: 0.03%
• 1M: 0.14%
• YTD: 0.47%
• 6M: 0.49%
• 1Y: 5.29%
• 3Y*: 4.02%
• 5Y*: 0.23%
• 10Y*: 1.59%

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

TBX vs. AGG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	2.75%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
AGG iShares Core U.S. Aggregate Bond ETF	0.47%	7.19%	1.31%	5.65%	-13.02%	-1.77%	7.48%	8.46%	0.09%	3.55%

Correlation

The correlation between TBX and AGG is -0.94, 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	-0.94
Correlation (3Y) Calculated over the trailing 3-year period	-0.90
Correlation (5Y) Calculated over the trailing 5-year period	-0.93
Correlation (10Y) Calculated over the trailing 10-year period	-0.89
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	-0.84

The correlation between TBX and AGG shifts across timeframes, from -0.94 (1 year) to -0.84 (all time), reflecting how their relationship changes across market environments.

Return for Risk

TBX vs. AGG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBX

TBX Risk / Return Rank: 15
TBX Sharpe Ratio Rank: 15
TBX Sortino Ratio Rank: 13
TBX Omega Ratio Rank: 13
TBX Calmar Ratio Rank: 17
TBX Martin Ratio Rank: 15

AGG

AGG Risk / Return Rank: 37
AGG Sharpe Ratio Rank: 38
AGG Sortino Ratio Rank: 40
AGG Omega Ratio Rank: 37
AGG Calmar Ratio Rank: 36
AGG Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TBX vs. AGG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and iShares Core U.S. Aggregate Bond ETF (AGG). 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.

	TBX	AGG	Difference
Sharpe ratio Return per unit of total volatility	0.39	1.38	-0.99
Sortino ratio Return per unit of downside risk	0.58	2.06	-1.48
Omega ratio Gain probability vs. loss probability	1.07	1.25	-0.18
Calmar ratio Return relative to maximum drawdown	0.71	1.81	-1.11
Martin ratio Return relative to average drawdown	1.33	5.61	-4.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TBX vs. AGG - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.39, which is lower than the AGG Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of TBX and AGG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBX	AGG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.39	1.38	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	0.04	+0.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.30	-0.02
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.59	-0.75

Drawdowns

TBX vs. AGG - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, which is greater than AGG's maximum drawdown of -18.43%. Use the drawdown chart below to compare losses from any high point for TBX and AGG.

Drawdown Indicators

	TBX	AGG	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-18.43%	-22.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-2.76%	-0.63%
Max Drawdown (3Y) Largest decline over 3 years	-7.77%	-6.11%	-1.66%
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	-17.82%	+10.05%
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	-18.43%	-1.03%
Current Drawdown Current decline from peak	-17.35%	-1.93%	-15.42%
Average Drawdown Average peak-to-trough decline	-26.64%	-2.71%	-23.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.89%	+0.91%

Volatility

TBX vs. AGG - Volatility Comparison

ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.70% compared to iShares Core U.S. Aggregate Bond ETF (AGG) at 1.32%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than AGG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	AGG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.70%	1.32%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	3.42%	2.76%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.98%	3.85%	+1.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	6.09%	+2.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	5.41%	+1.73%

TBX vs. AGG - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than AGG's 0.03% expense ratio.

Dividends

TBX vs. AGG - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.05%, less than AGG's 3.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGG iShares Core U.S. Aggregate Bond ETF	3.98%	3.89%	3.74%	3.13%	2.39%	1.77%	2.14%	2.70%	2.72%	2.32%	2.39%	2.45%
TBX ProShares Short 7-10 Year Treasury	3.05%	3.45%	6.58%	4.07%	0.40%	0.00%	0.10%	1.53%	0.72%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TBX and AGG in my portfolio?

TBX and AGG have a correlation of -0.94, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TBX or AGG?

TBX has higher volatility (1.70%) compared to AGG (1.32%). In terms of maximum drawdown, TBX dropped -41.04% vs AGG's -18.43%.

Which ETF is better, TBX or AGG?

On 10-year performance, TBX leads with 1.94% vs 1.59% for AGG. On fees, AGG is cheaper at 0.03% per year. On volatility, AGG has been the lower-risk option at 1.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBX or AGG?

Over the 10-year period, TBX has performed better with a 1.94% return vs 1.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or AGG?

AGG is cheaper with a 0.03% expense ratio, compared with 0.95% for TBX.

Which ETF pays a higher dividend yield, TBX or AGG?

AGG has the higher dividend yield at 3.98%, compared with 3.05% for TBX.

What is the main difference between TBX and AGG?

TBX is categorized as Inverse Bonds, while AGG is Total Bond Market. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while AGG tracks Bloomberg U.S. Aggregate Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TBX and 0.03% for AGG.

Which has better risk-adjusted returns?

AGG currently has the higher Sharpe Ratio (1.38 vs 0.39), 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.