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TBX vs. IEF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TBX vs. IEF

Last updated Jun 3, 2026

TBX (ProShares Short 7-10 Year Treasury) and IEF (iShares 7-10 Year Treasury Bond ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while IEF is a Government Bonds fund tracking the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, TBX returned 1.94%/yr vs 0.66%/yr for IEF. At a correlation of -0.90, they often move in opposite directions. TBX charges 0.95%/yr vs 0.15%/yr for IEF.

Performance

TBX vs. IEF - Performance Comparison

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

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Returns By Period

In the year-to-date period, TBX achieves a 2.75% return, which is significantly higher than IEF's -0.40% return. Over the past 10 years, TBX has outperformed IEF with an annualized return of 1.94%, while IEF has yielded a comparatively lower 0.66% annualized return.

TBX

1D
-0.09%
1M
0.66%
YTD
2.75%
6M
3.56%
1Y
1.95%
3Y*
4.70%
5Y*
5.82%
10Y*
1.94%

IEF

1D
0.07%
1M
-0.19%
YTD
-0.40%
6M
-0.71%
1Y
4.23%
3Y*
2.56%
5Y*
-0.98%
10Y*
0.66%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TBX vs. IEF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TBX
ProShares Short 7-10 Year Treasury		2.75%-1.15%8.52%3.99%18.31%1.70%-9.96%-5.20%1.25%-2.61%
IEF
iShares 7-10 Year Treasury Bond ETF		-0.40%8.03%-0.63%3.64%-15.15%-3.33%10.01%8.03%0.99%2.55%

Correlation

The correlation between TBX and IEF is -0.97, 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

-0.97

Correlation (3Y)
Calculated over the trailing 3-year period

-0.93

Correlation (5Y)
Calculated over the trailing 5-year period

-0.96

Correlation (10Y)
Calculated over the trailing 10-year period

-0.95

Correlation (All Time)
Calculated using the full available price history since Apr 6, 2011

-0.90

The correlation between TBX and IEF has been stable across timeframes, ranging from -0.97 to -0.90 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short 7-10 Year Treasury

iShares 7-10 Year Treasury Bond ETF

Often compared with TBX:
TBX vs. TBTTBX vs. ^TYXTBX vs. SPMOTBX vs. PULSTBX vs. ^GSPCTBX vs. FXAIXTBX vs. AGG
Often compared with IEF:
IEF vs. TLTIEF vs. VGITIEF vs. LQDIEF vs. BNDIEF vs. SHYIEF vs. IEIIEF vs. TIP

Return for Risk

TBX vs. IEF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TBX
TBX Risk / Return Rank: 1515
Overall Rank
TBX Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
TBX Sortino Ratio Rank: 1313
Sortino Ratio Rank
TBX Omega Ratio Rank: 1313
Omega Ratio Rank
TBX Calmar Ratio Rank: 1717
Calmar Ratio Rank
TBX Martin Ratio Rank: 1515
Martin Ratio Rank
IEF
IEF Risk / Return Rank: 2323
Overall Rank
IEF Sharpe Ratio Rank: 2525
Sharpe Ratio Rank
IEF Sortino Ratio Rank: 2525
Sortino Ratio Rank
IEF Omega Ratio Rank: 2323
Omega Ratio Rank
IEF Calmar Ratio Rank: 2121
Calmar Ratio Rank
IEF Martin Ratio Rank: 2222
Martin Ratio Rank
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. IEF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and iShares 7-10 Year Treasury Bond ETF (IEF). 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.

TBXIEFDifference

Sharpe ratio

Return per unit of total volatility

0.39

0.89

-0.50

Sortino ratio

Return per unit of downside risk

0.58

1.34

-0.76

Omega ratio

Gain probability vs. loss probability

1.07

1.15

-0.08

Calmar ratio

Return relative to maximum drawdown

0.71

0.95

-0.25

Martin ratio

Return relative to average drawdown

1.33

2.86

-1.53

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. IEF - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.39, which is lower than the IEF Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of TBX and IEF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

TBXIEFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.39

0.89

-0.50

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.69

-0.13

+0.82

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.27

0.10

+0.17

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.16

0.50

-0.66

Drawdowns

TBX vs. IEF - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, which is greater than IEF's maximum drawdown of -23.93%. Use the drawdown chart below to compare losses from any high point for TBX and IEF.

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Drawdown Indicators

TBXIEFDifference

Max Drawdown

Largest peak-to-trough decline

-41.04%

-23.93%

-17.11%

Max Drawdown (1Y)

Largest decline over 1 year

-3.39%

-4.07%

+0.68%

Max Drawdown (3Y)

Largest decline over 3 years

-7.77%

-7.74%

-0.03%

Max Drawdown (5Y)

Largest decline over 5 years

-7.77%

-21.40%

+13.63%

Max Drawdown (10Y)

Largest decline over 10 years

-19.46%

-23.93%

+4.47%

Current Drawdown

Current decline from peak

-17.35%

-11.12%

-6.23%

Average Drawdown

Average peak-to-trough decline

-26.64%

-5.34%

-21.30%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.80%

1.36%

+0.44%

Volatility

TBX vs. IEF - Volatility Comparison

ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.70% compared to iShares 7-10 Year Treasury Bond ETF (IEF) at 1.57%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than IEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TBXIEFDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.70%

1.57%

+0.13%

Volatility (6M)

Calculated over the trailing 6-month period

3.42%

3.37%

+0.05%

Volatility (1Y)

Calculated over the trailing 1-year period

4.98%

4.79%

+0.19%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

8.44%

7.71%

+0.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

7.14%

6.62%

+0.52%

TBX vs. IEF - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than IEF's 0.15% expense ratio.

Dividends

TBX vs. IEF - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.05%, less than IEF's 3.89% yield.

PositionTTM20252024202320222021202020192018201720162015
IEF
iShares 7-10 Year Treasury Bond ETF		3.89%3.77%3.62%2.91%1.96%0.83%1.08%2.08%2.24%1.82%1.81%1.90%
TBX
ProShares Short 7-10 Year Treasury		3.05%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 IEF have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TBX has higher volatility (1.70%) compared to IEF (1.57%). In terms of maximum drawdown, TBX dropped -41.04% vs IEF's -23.93%.

On 10-year performance, TBX leads with 1.94% vs 0.66% for IEF. On fees, IEF is cheaper at 0.15% per year. On volatility, IEF has been the lower-risk option at 1.57%. 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 1.94% return vs 0.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEF is cheaper with a 0.15% expense ratio, compared with 0.95% for TBX.

IEF has the higher dividend yield at 3.89%, compared with 3.05% for TBX.

TBX is categorized as Inverse Bonds, while IEF is Government Bonds. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while IEF tracks ICE U.S. Treasury 7-10 Year Bond Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TBX and 0.15% for IEF.

IEF currently has the higher Sharpe Ratio (0.89 vs 0.39), 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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