TBX vs. BSV
TBX (ProShares Short 7-10 Year Treasury) and BSV (Vanguard Short-Term Bond Index Fund ETF Shares) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while BSV is a Short-Term Bond fund tracking the Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. Both are passively managed. Over the past 10 years, TBX returned 2.09%/yr vs 1.91%/yr for BSV. At a correlation of -0.75, they often move in opposite directions. TBX charges 0.95%/yr vs 0.03%/yr for BSV.
Performance
TBX vs. BSV - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.19% return, which is significantly higher than BSV's 0.32% return. Over the past 10 years, TBX has outperformed BSV with an annualized return of 2.09%, while BSV has yielded a comparatively lower 1.91% 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%
BSV
- 1D
- 0.10%
- 1M
- 0.21%
- YTD
- 0.32%
- 6M
- 0.51%
- 1Y
- 3.18%
- 3Y*
- 4.51%
- 5Y*
- 1.68%
- 10Y*
- 1.91%
TBX vs. BSV - 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% |
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 0.32% | 6.00% | 3.78% | 4.90% | -5.49% | -1.09% | 4.70% | 4.98% | 1.34% | 1.20% |
Correlation
The correlation between TBX and BSV is -0.91, 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 | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | -0.75 |
The correlation between TBX and BSV shifts across timeframes, from -0.91 (1 year) to -0.75 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. BSV — Risk / Return Rank
TBX
BSV
TBX vs. BSV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Vanguard Short-Term Bond Index Fund ETF Shares (BSV). 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 | BSV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.33 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 2.48 | -1.52 |
| Martin ratioReturn relative to average drawdown | 1.92 | 8.14 | -6.22 |
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Drawdowns
TBX vs. BSV - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than BSV's maximum drawdown of -8.54%. Use the drawdown chart below to compare losses from any high point for TBX and BSV.
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Drawdown Indicators
| TBX | BSV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -8.54% | -32.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -1.29% | -1.79% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -1.53% | -6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -8.54% | +0.77% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -8.54% | -10.92% |
Current DrawdownCurrent decline from peak | -17.00% | -0.60% | -16.40% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -0.97% | -25.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.39% | +1.14% |
Volatility
TBX vs. BSV - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.42% compared to Vanguard Short-Term Bond Index Fund ETF Shares (BSV) at 0.60%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than BSV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | BSV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 0.60% | +0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 1.33% | +2.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 1.82% | +2.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 2.73% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 2.38% | +4.75% |
TBX vs. BSV - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than BSV's 0.03% expense ratio.
Dividends
TBX vs. BSV - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, less than BSV's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BSV Vanguard Short-Term Bond Index Fund ETF Shares | 3.99% | 3.83% | 3.38% | 2.46% | 1.50% | 1.45% | 1.79% | 2.29% | 1.99% | 1.65% | 1.48% | 1.40% |
TBX ProShares Short 7-10 Year Treasury | 3.04% | 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
TBX and BSV have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.42%) compared to BSV (0.60%). In terms of maximum drawdown, TBX dropped -41.04% vs BSV's -8.54%.
On 10-year performance, TBX leads with 2.09% vs 1.91% for BSV. On fees, BSV is cheaper at 0.03% per year. On volatility, BSV has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBX has performed better with a 2.09% return vs 1.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BSV is cheaper with a 0.03% expense ratio, compared with 0.95% for TBX.
BSV has the higher dividend yield at 3.99%, compared with 3.04% for TBX.
TBX is categorized as Inverse Bonds, while BSV is Short-Term Bond. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while BSV tracks Bloomberg U.S. 1–5 Year Government/Credit Float Adjusted Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for TBX and 0.03% for BSV.
BSV currently has the higher Sharpe Ratio (1.76 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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