TBX vs. JMBS
TBX (ProShares Short 7-10 Year Treasury) and JMBS (Janus Henderson Mortgage-Backed Securities ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while JMBS is a Mortgage Backed Securities fund actively managed by Janus Henderson. TBX is passively managed, while JMBS is actively managed. Over the past 5 years, TBX returned 6.08%/yr vs 0.82%/yr for JMBS. At a correlation of -0.75, they often move in opposite directions. TBX charges 0.95%/yr vs 0.32%/yr for JMBS.
Performance
TBX vs. JMBS - 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 JMBS's 0.77% 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%
JMBS
- 1D
- 0.16%
- 1M
- 0.58%
- YTD
- 0.77%
- 6M
- 0.88%
- 1Y
- 6.23%
- 3Y*
- 4.68%
- 5Y*
- 0.82%
- 10Y*
- —
TBX vs. JMBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.19% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | -2.18% |
JMBS Janus Henderson Mortgage-Backed Securities ETF | 0.77% | 8.82% | 1.53% | 5.66% | -11.40% | -0.32% | 5.80% | 7.11% | 1.55% |
Correlation
The correlation between TBX and JMBS 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 | -0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2018 | -0.75 |
The correlation between TBX and JMBS 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. JMBS — Risk / Return Rank
TBX
JMBS
TBX vs. JMBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Janus Henderson Mortgage-Backed Securities ETF (JMBS). 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 | JMBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.85 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.27 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 2.05 | -1.09 |
| Martin ratioReturn relative to average drawdown | 1.92 | 6.37 | -4.44 |
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Drawdowns
TBX vs. JMBS - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than JMBS's maximum drawdown of -16.68%. Use the drawdown chart below to compare losses from any high point for TBX and JMBS.
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Drawdown Indicators
| TBX | JMBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -16.68% | -24.36% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -3.05% | -0.03% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -7.76% | -0.01% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -16.68% | +8.91% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | — | — |
Current DrawdownCurrent decline from peak | -17.00% | -1.39% | -15.61% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -3.88% | -22.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 0.98% | +0.55% |
Volatility
TBX vs. JMBS - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.42% compared to Janus Henderson Mortgage-Backed Securities ETF (JMBS) at 1.33%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than JMBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | JMBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 1.33% | +0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 3.35% | +0.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 4.26% | +0.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 6.51% | +1.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 5.52% | +1.61% |
TBX vs. JMBS - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than JMBS's 0.32% expense ratio.
Dividends
TBX vs. JMBS - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, less than JMBS's 5.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JMBS Janus Henderson Mortgage-Backed Securities ETF | 5.18% | 5.03% | 5.53% | 4.38% | 2.73% | 1.16% | 2.92% | 3.63% | 0.89% |
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% |
Frequently Asked Questions
TBX and JMBS 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 JMBS (1.33%). In terms of maximum drawdown, TBX dropped -41.04% vs JMBS's -16.68%.
On 5-year performance, TBX leads with 6.08% vs 0.82% for JMBS. On fees, JMBS is cheaper at 0.32% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TBX has performed better with a 6.08% return vs 0.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JMBS is cheaper with a 0.32% expense ratio, compared with 0.95% for TBX.
JMBS has the higher dividend yield at 5.18%, compared with 3.04% for TBX.
TBX is categorized as Inverse Bonds, while JMBS is Mortgage Backed Securities. They also come from different issuers: ProShares and Janus Henderson. Their fees differ too: 0.95% for TBX and 0.32% for JMBS.
JMBS currently has the higher Sharpe Ratio (1.47 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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