TBX vs. GTO
TBX (ProShares Short 7-10 Year Treasury) and GTO (Invesco Total Return Bond ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while GTO is a Intermediate Core-Plus Bond fund actively managed by Invesco. TBX is passively managed, while GTO is actively managed. Over the past 10 years, TBX returned 2.14%/yr vs 2.95%/yr for GTO. At a correlation of -0.77, they often move in opposite directions. TBX charges 0.95%/yr vs 0.35%/yr for GTO.
Performance
TBX vs. GTO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBX achieves a 2.39% return, which is significantly higher than GTO's 1.30% return. Over the past 10 years, TBX has underperformed GTO with an annualized return of 2.14%, while GTO has yielded a comparatively higher 2.95% annualized 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%
GTO
- 1D
- 0.13%
- 1M
- 0.83%
- YTD
- 1.30%
- 6M
- 1.13%
- 1Y
- 5.53%
- 3Y*
- 4.95%
- 5Y*
- 0.17%
- 10Y*
- 2.95%
TBX vs. GTO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 2.39% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
GTO Invesco Total Return Bond ETF | 1.30% | 7.17% | 2.63% | 5.95% | -14.77% | -0.38% | 10.86% | 11.65% | -0.26% | 7.41% |
Correlation
The correlation between TBX and GTO is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.89 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.79 |
Correlation (All Time) Calculated using the full available price history since Feb 10, 2016 | -0.77 |
The correlation between TBX and GTO shifts across timeframes, from -0.93 (1 year) to -0.77 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBX vs. GTO — Risk / Return Rank
TBX
GTO
TBX vs. GTO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Invesco Total Return Bond ETF (GTO). 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 | GTO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.30 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | 2.03 | -1.18 |
| Martin ratioReturn relative to average drawdown | 1.71 | 6.17 | -4.46 |
Loading charts...
Drawdowns
TBX vs. GTO - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than GTO's maximum drawdown of -20.61%. Use the drawdown chart below to compare losses from any high point for TBX and GTO.
Loading charts...
Drawdown Indicators
| TBX | GTO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -20.61% | -20.43% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -2.73% | -0.35% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -5.98% | -1.79% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -20.61% | +12.84% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -20.61% | +1.15% |
Current DrawdownCurrent decline from peak | -17.64% | -1.02% | -16.62% |
Average DrawdownAverage peak-to-trough decline | -26.59% | -4.78% | -21.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 0.90% | +0.64% |
Volatility
TBX vs. GTO - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.48% compared to Invesco Total Return Bond ETF (GTO) at 0.98%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than GTO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBX | GTO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.48% | 0.98% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 2.60% | +0.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 3.39% | +1.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.45% | 5.68% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 5.58% | +1.55% |
TBX vs. GTO - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than GTO's 0.35% expense ratio.
Dividends
TBX vs. GTO - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.90%, less than GTO's 4.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
GTO Invesco Total Return Bond ETF | 4.79% | 4.70% | 4.42% | 4.05% | 3.47% | 1.93% | 4.04% | 2.97% | 5.25% | 2.81% | 2.57% |
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% | 0.00% | 0.00% |
Frequently Asked Questions
TBX and GTO have a correlation of -0.93, 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 GTO (0.98%). In terms of maximum drawdown, TBX dropped -41.04% vs GTO's -20.61%.
On 10-year performance, GTO leads with 2.95% vs 2.14% for TBX. On fees, GTO is cheaper at 0.35% per year. On volatility, GTO has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GTO has performed better with a 2.95% return vs 2.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GTO is cheaper with a 0.35% expense ratio, compared with 0.95% for TBX.
GTO has the higher dividend yield at 4.79%, compared with 2.90% for TBX.
TBX is categorized as Inverse Bonds, while GTO is Intermediate Core-Plus Bond. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for TBX and 0.35% for GTO.
GTO currently has the higher Sharpe Ratio (1.64 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.
Find the right allocation for TBX and GTO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer