TBX vs. BTC-USD

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Short 7-10 Year Treasury (TBX) and Bitcoin (BTC-USD).

TBX is a passively managed fund by ProShares that tracks the performance of the ICE BofA US Treasury (7-10 Y) (-100%). It was launched on Apr 4, 2011.

Performance

TBX vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 7-10 Year Treasury (TBX) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

TBX vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	1.57%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
BTC-USD Bitcoin	-21.63%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	94.10%	-73.37%	1,324.24%

Returns By Period

In the year-to-date period, TBX achieves a 1.57% return, which is significantly higher than BTC-USD's -21.63% return. Over the past 10 years, TBX has underperformed BTC-USD with an annualized return of 1.73%, while BTC-USD has yielded a comparatively higher 66.45% annualized return.

TBX

• 1D: 0.08%
• 1M: 2.27%
• YTD: 1.57%
• 6M: 2.49%
• 1Y: 4.06%
• 3Y*: 5.11%
• 5Y*: 5.34%
• 10Y*: 1.73%

BTC-USD

• 1D: 0.51%
• 1M: -0.38%
• YTD: -21.63%
• 6M: -42.21%
• 1Y: -19.49%
• 3Y*: 34.49%
• 5Y*: 3.06%
• 10Y*: 66.45%

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

Return for Risk

TBX vs. BTC-USD — Risk / Return Rank

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

TBX

TBX Risk / Return Rank: 23
TBX Sharpe Ratio Rank: 25
TBX Sortino Ratio Rank: 25
TBX Omega Ratio Rank: 26
TBX Calmar Ratio Rank: 21
TBX Martin Ratio Rank: 16

BTC-USD

BTC-USD Risk / Return Rank: 43
BTC-USD Sharpe Ratio Rank: 61
BTC-USD Sortino Ratio Rank: 55
BTC-USD Omega Ratio Rank: 51
BTC-USD Calmar Ratio Rank: 43
BTC-USD Martin Ratio Rank: 4

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. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Bitcoin (BTC-USD). 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	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	0.48	-0.44	+0.92
Sortino ratio Return per unit of downside risk	0.75	-0.38	+1.12
Omega ratio Gain probability vs. loss probability	1.11	0.96	+0.15
Calmar ratio Return relative to maximum drawdown	0.43	-1.11	+1.53
Martin ratio Return relative to average drawdown	0.60	-1.99	+2.59
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. BTC-USD - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.48, which is higher than the BTC-USD Sharpe Ratio of -0.44. The chart below compares the historical Sharpe Ratios of TBX and BTC-USD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TBX	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.48	-0.44	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.64	0.05	+0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.97	-0.73
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	1.19	-1.36

Correlation

The correlation between TBX and BTC-USD is 0.00, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

TBX vs. BTC-USD - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for TBX and BTC-USD.

Drawdown Indicators

	TBX	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-85.30%	+44.26%
Max Drawdown (1Y) Largest decline over 1 year	-6.77%	-49.65%	+42.88%
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	-76.67%	+68.90%
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	-83.80%	+64.34%
Current Drawdown Current decline from peak	-18.30%	-45.02%	+26.72%
Average Drawdown Average peak-to-trough decline	-26.74%	-41.99%	+15.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.84%	27.60%	-22.76%

Volatility

TBX vs. BTC-USD - Volatility Comparison

The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.92%, while Bitcoin (BTC-USD) has a volatility of 13.58%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.92%	13.58%	-11.66%
Volatility (6M) Calculated over the trailing 6-month period	3.22%	35.98%	-32.76%
Volatility (1Y) Calculated over the trailing 1-year period	8.65%	36.76%	-28.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.43%	46.90%	-38.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	56.70%	-49.56%