TBX vs. JMTG

Last updated Jul 18, 2026

TBX (ProShares Short 7-10 Year Treasury) and JMTG (JPMorgan 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 JMTG is a Mortgage Backed Securities fund actively managed by JPMorgan. TBX is passively managed, while JMTG is actively managed. Over the past year, TBX returned 2.47% vs 5.70% for JMTG. At a correlation of -0.89, they often move in opposite directions. TBX charges 0.95%/yr vs 0.24%/yr for JMTG.

Performance

TBX vs. JMTG - Performance Comparison

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

Returns By Period

In the year-to-date period, TBX achieves a 3.50% return, which is significantly higher than JMTG's 0.70% return.

TBX

• 1D: -0.06%
• 1M: 0.30%
• 6M: 2.94%
• YTD: 3.50%
• 1Y: 2.47%
• 3Y*: 4.48%
• 5Y*: 6.52%
• 10Y*: 2.19%

JMTG

• 1D: 0.00%
• 1M: 0.09%
• 6M: 0.50%
• YTD: 0.70%
• 1Y: 5.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBX vs. JMTG - Yearly Performance Comparison

	2026 (YTD)	2025
TBX ProShares Short 7-10 Year Treasury	3.50%	0.26%
JMTG JPMorgan Mortgage-Backed Securities ETF	0.70%	3.94%

Correlation

The correlation between TBX and JMTG is -0.90, 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	-0.90
Correlation (All Time) Calculated using the full available price history since Jun 30, 2025	-0.89

The correlation between TBX and JMTG has been stable across timeframes, ranging from -0.90 to -0.89 - a consistent structural relationship.

Return for Risk

TBX vs. JMTG — Risk / Return Rank

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

TBX

TBX Risk / Return Rank: 20
TBX Sharpe Ratio Rank: 19
TBX Sortino Ratio Rank: 18
TBX Omega Ratio Rank: 17
TBX Calmar Ratio Rank: 24
TBX Martin Ratio Rank: 21

JMTG

JMTG Risk / Return Rank: 57
JMTG Sharpe Ratio Rank: 62
JMTG Sortino Ratio Rank: 65
JMTG Omega Ratio Rank: 62
JMTG Calmar Ratio Rank: 53
JMTG Martin Ratio Rank: 44

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. JMTG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and JPMorgan Mortgage-Backed Securities ETF (JMTG). 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	JMTG	Difference
Sharpe ratio: Return per unit of total volatility	0.52	1.56	-1.04
Sortino ratio: Return per unit of downside risk	0.78	2.32	-1.53
Omega ratio: Gain probability vs. loss probability	1.09	1.29	-0.20
Calmar ratio: Return relative to maximum drawdown	0.92	2.06	-1.14
Martin ratio: Return relative to average drawdown	1.92	5.57	-3.65

TBX vs. JMTG - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.52, which is lower than the JMTG Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of TBX and JMTG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TBX vs. JMTG - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, which is greater than JMTG's maximum drawdown of -2.78%. Use the drawdown chart below to compare losses from any high point for TBX and JMTG.

Drawdown Indicators

	TBX	JMTG	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-2.78%	-38.26%
Max Drawdown (1Y) Largest decline over 1 year	-2.69%	-2.78%	+0.09%
Max Drawdown (3Y) Largest decline over 3 years	-7.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	—	—
Current Drawdown Current decline from peak	-16.75%	-1.55%	-15.20%
Average Drawdown Average peak-to-trough decline	-26.56%	-0.76%	-25.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.35%	1.03%	+0.32%

Volatility

TBX vs. JMTG - Volatility Comparison

ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.47% compared to JPMorgan Mortgage-Backed Securities ETF (JMTG) at 1.06%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than JMTG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	JMTG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.47%	1.06%	+0.41%
Volatility (6M) Calculated over the trailing 6-month period	3.67%	2.88%	+0.79%
Volatility (1Y) Calculated over the trailing 1-year period	4.73%	3.67%	+1.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	3.68%	+4.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	3.68%	+3.43%

TBX vs. JMTG - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than JMTG's 0.24% expense ratio.

Dividends

TBX vs. JMTG - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 2.87%, less than JMTG's 4.31% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
JMTG JPMorgan Mortgage-Backed Securities ETF	4.31%	2.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
TBX ProShares Short 7-10 Year Treasury	2.87%	3.45%	6.58%	4.07%	0.40%	0.00%	0.10%	1.53%	0.72%

Frequently Asked Questions

Can I hold both TBX and JMTG in my portfolio?

TBX and JMTG have a correlation of -0.90, 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 JMTG?

TBX has higher volatility (1.47%) compared to JMTG (1.06%). In terms of maximum drawdown, TBX dropped -41.04% vs JMTG's -2.78%.

Which ETF is better, TBX or JMTG?

On 1-year performance, JMTG leads with 5.70% vs 2.47% for TBX. On fees, JMTG is cheaper at 0.24% per year. On volatility, JMTG has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBX or JMTG?

Over the 1-year period, JMTG has performed better with a 5.70% return vs 2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or JMTG?

JMTG is cheaper with a 0.24% expense ratio, compared with 0.95% for TBX.

Which ETF pays a higher dividend yield, TBX or JMTG?

JMTG has the higher dividend yield at 4.31%, compared with 2.87% for TBX.

What is the main difference between TBX and JMTG?

TBX is categorized as Inverse Bonds, while JMTG is Mortgage Backed Securities. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for TBX and 0.24% for JMTG.

Which has better risk-adjusted returns?

JMTG currently has the higher Sharpe Ratio (1.56 vs 0.52), 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.