TBX vs. BNDI
TBX (ProShares Short 7-10 Year Treasury) and BNDI (Neos Enhanced Income 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 BNDI is a Intermediate Core-Plus Bond fund actively managed by Neos. TBX is passively managed, while BNDI is actively managed. Over the past 3 years, TBX returned 4.38%/yr vs 4.99%/yr for BNDI. At a correlation of -0.89, they often move in opposite directions. TBX charges 0.95%/yr vs 0.58%/yr for BNDI.
Performance
TBX vs. BNDI - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 2.39% return, which is significantly higher than BNDI's 2.06% return.
TBX
- 1D
- -0.16%
- 1M
- -0.57%
- YTD
- 2.39%
- 6M
- 2.68%
- 1Y
- 2.63%
- 3Y*
- 4.38%
- 5Y*
- 5.88%
- 10Y*
- 2.14%
BNDI
- 1D
- 0.12%
- 1M
- 0.85%
- YTD
- 2.06%
- 6M
- 1.93%
- 1Y
- 6.32%
- 3Y*
- 4.99%
- 5Y*
- —
- 10Y*
- —
TBX vs. BNDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 2.39% | -1.15% | 8.52% | 3.99% | 6.09% |
BNDI Neos Enhanced Income Aggregate Bond ETF | 2.06% | 7.95% | 1.74% | 6.89% | -2.88% |
Correlation
The correlation between TBX and BNDI is -0.90, 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 | -0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Aug 30, 2022 | -0.89 |
The correlation between TBX and BNDI has been stable across timeframes, ranging from -0.90 to -0.86 - a consistent structural relationship.
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Return for Risk
TBX vs. BNDI — Risk / Return Rank
TBX
BNDI
TBX vs. BNDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Neos Enhanced Income Aggregate Bond ETF (BNDI). 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 | BNDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.94 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.27 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.31 | -1.45 |
| Martin ratioReturn relative to average drawdown | 1.71 | 8.00 | -6.28 |
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Drawdowns
TBX vs. BNDI - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than BNDI's maximum drawdown of -7.25%. Use the drawdown chart below to compare losses from any high point for TBX and BNDI.
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Drawdown Indicators
| TBX | BNDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -7.25% | -33.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.75% | -0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -5.83% | -1.94% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | — | — |
Current DrawdownCurrent decline from peak | -17.64% | -0.09% | -17.55% |
Average DrawdownAverage peak-to-trough decline | -26.59% | -1.72% | -24.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 0.79% | +0.75% |
Volatility
TBX vs. BNDI - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) and Neos Enhanced Income Aggregate Bond ETF (BNDI) have volatilities of 1.48% and 1.45%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | BNDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 1.45% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 3.31% | +0.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 4.24% | +0.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.45% | 6.18% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 6.18% | +0.95% |
TBX vs. BNDI - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than BNDI's 0.58% expense ratio.
Dividends
TBX vs. BNDI - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.90%, less than BNDI's 5.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BNDI Neos Enhanced Income Aggregate Bond ETF | 5.80% | 5.69% | 5.54% | 5.17% | 1.68% | 0.00% | 0.00% | 0.00% | 0.00% |
TBX ProShares Short 7-10 Year Treasury | 2.90% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
Frequently Asked Questions
TBX and BNDI have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.48%) compared to BNDI (1.45%). In terms of maximum drawdown, TBX dropped -41.04% vs BNDI's -7.25%.
On 3-year performance, BNDI leads with 4.99% vs 4.38% for TBX. On fees, BNDI is cheaper at 0.58% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BNDI has performed better with a 4.99% return vs 4.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BNDI is cheaper with a 0.58% expense ratio, compared with 0.95% for TBX.
BNDI has the higher dividend yield at 5.80%, compared with 2.90% for TBX.
TBX is categorized as Inverse Bonds, while BNDI is Intermediate Core-Plus Bond. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for TBX and 0.58% for BNDI.
BNDI currently has the higher Sharpe Ratio (1.49 vs 0.55), 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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