TBX vs. CEF

Last updated Jun 4, 2026

TBX (ProShares Short 7-10 Year Treasury) and CEF (Sprott Physical Gold and Silver Trust) are both funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while CEF is a Precious Metals fund actively managed by Sprott. TBX is passively managed, while CEF is actively managed. Over the past 10 years, TBX returned 1.97%/yr vs 13.80%/yr for CEF. At a correlation of -0.21, they often move in opposite directions. TBX charges 0.95%/yr vs 0.48%/yr for CEF.

Performance

TBX vs. CEF - Performance Comparison

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

Returns By Period

In the year-to-date period, TBX achieves a 3.03% return, which is significantly higher than CEF's 1.16% return. Over the past 10 years, TBX has underperformed CEF with an annualized return of 1.97%, while CEF has yielded a comparatively higher 13.80% annualized return.

TBX

• 1D: 0.26%
• 1M: 0.55%
• YTD: 3.03%
• 6M: 4.03%
• 1Y: 2.10%
• 3Y*: 4.79%
• 5Y*: 5.98%
• 10Y*: 1.97%

CEF

• 1D: -1.74%
• 1M: -0.92%
• YTD: 1.16%
• 6M: 10.23%
• 1Y: 54.90%
• 3Y*: 35.48%
• 5Y*: 18.30%
• 10Y*: 13.80%

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

TBX vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	3.03%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
CEF Sprott Physical Gold and Silver Trust	1.16%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	16.91%	-6.34%	18.78%

Correlation

The correlation between TBX and CEF is -0.22, 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	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.24
Correlation (10Y) Calculated over the trailing 10-year period	-0.28
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	-0.21

The correlation between TBX and CEF shifts across timeframes, from -0.28 (10 years) to -0.17 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

TBX vs. CEF — Risk / Return Rank

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

TBX

TBX Risk / Return Rank: 14
TBX Sharpe Ratio Rank: 15
TBX Sortino Ratio Rank: 13
TBX Omega Ratio Rank: 13
TBX Calmar Ratio Rank: 16
TBX Martin Ratio Rank: 14

CEF

CEF Risk / Return Rank: 25
CEF Sharpe Ratio Rank: 26
CEF Sortino Ratio Rank: 18
CEF Omega Ratio Rank: 29
CEF Calmar Ratio Rank: 30
CEF Martin Ratio Rank: 20

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. CEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Sprott Physical Gold and Silver Trust (CEF). 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	CEF	Difference
Sharpe ratio: Return per unit of total volatility	0.42	1.46	-1.03
Sortino ratio: Return per unit of downside risk	0.62	1.79	-1.17
Omega ratio: Gain probability vs. loss probability	1.07	1.28	-0.21
Calmar ratio: Return relative to maximum drawdown	0.62	2.06	-1.44
Martin ratio: Return relative to average drawdown	1.17	5.26	-4.09
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. CEF - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.42, which is lower than the CEF Sharpe Ratio of 1.46. The chart below compares the historical Sharpe Ratios of TBX and CEF, 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	CEF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	1.46	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.76	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.63	-0.36
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.22	-0.38

Drawdowns

TBX vs. CEF - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum CEF drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for TBX and CEF.

Drawdown Indicators

	TBX	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-62.29%	+21.25%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-26.77%	+23.38%
Max Drawdown (3Y) Largest decline over 3 years	-7.77%	-26.77%	+19.00%
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	-26.77%	+19.00%
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	-29.10%	+9.64%
Current Drawdown Current decline from peak	-17.13%	-21.75%	+4.62%
Average Drawdown Average peak-to-trough decline	-26.64%	-27.34%	+0.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	10.47%	-8.67%

Volatility

TBX vs. CEF - Volatility Comparison

The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.68%, while Sprott Physical Gold and Silver Trust (CEF) has a volatility of 10.09%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	10.09%	-8.41%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	35.14%	-31.75%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	37.84%	-32.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	24.26%	-15.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	21.82%	-14.68%

TBX vs. CEF - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than CEF's 0.48% expense ratio.

Dividends

TBX vs. CEF - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.04%, while CEF has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CEF Sprott Physical Gold and Silver Trust	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.08%	0.07%	0.09%	0.10%
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

Can I hold both TBX and CEF in my portfolio?

TBX and CEF have a correlation of -0.22, 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 CEF?

CEF has higher volatility (10.09%) compared to TBX (1.68%). In terms of maximum drawdown, TBX dropped -41.04% vs CEF's -62.29%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (1.46 vs 0.42), 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.