TBX vs. JPIE
TBX (ProShares Short 7-10 Year Treasury) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while JPIE is a Multisector Bonds fund actively managed by JPMorgan. TBX is passively managed, while JPIE is actively managed. Over the past 3 years, TBX returned 4.72%/yr vs 6.55%/yr for JPIE. At a correlation of -0.61, they often move in opposite directions. TBX charges 0.95%/yr vs 0.40%/yr for JPIE.
Performance
TBX vs. JPIE - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 2.92% return, which is significantly higher than JPIE's 1.51% return.
TBX
- 1D
- -0.11%
- 1M
- 0.55%
- YTD
- 2.92%
- 6M
- 3.57%
- 1Y
- 2.73%
- 3Y*
- 4.72%
- 5Y*
- 5.96%
- 10Y*
- 1.90%
JPIE
- 1D
- 0.09%
- 1M
- 0.39%
- YTD
- 1.51%
- 6M
- 1.98%
- 1Y
- 5.83%
- 3Y*
- 6.55%
- 5Y*
- —
- 10Y*
- —
TBX vs. JPIE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 2.92% | -1.15% | 8.52% | 3.99% | 18.31% | -0.63% |
JPIE JPMorgan Income ETF | 1.51% | 7.39% | 6.32% | 7.07% | -6.13% | 0.30% |
Correlation
The correlation between TBX and JPIE is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Nov 3, 2021 | -0.61 |
The correlation between TBX and JPIE shifts across timeframes, from -0.74 (1 year) to -0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. JPIE — Risk / Return Rank
TBX
JPIE
TBX vs. JPIE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and JPMorgan Income ETF (JPIE). 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 | JPIE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -4.98 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.83 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | 5.10 | -4.29 |
| Martin ratioReturn relative to average drawdown | 1.52 | 25.31 | -23.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBX | JPIE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | 3.69 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 0.99 | -1.14 |
Drawdowns
TBX vs. JPIE - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than JPIE's maximum drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for TBX and JPIE.
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Drawdown Indicators
| TBX | JPIE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -9.96% | -31.08% |
Max Drawdown (1Y)Largest decline over 1 year | -3.39% | -1.15% | -2.24% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -2.40% | -5.37% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | — | — |
Current DrawdownCurrent decline from peak | -17.22% | -0.04% | -17.18% |
Average DrawdownAverage peak-to-trough decline | -26.64% | -2.09% | -24.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 0.23% | +1.57% |
Volatility
TBX vs. JPIE - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.68% compared to JPMorgan Income ETF (JPIE) at 0.61%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | JPIE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.68% | 0.61% | +1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 1.28% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.97% | 1.59% | +3.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 3.52% | +4.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 3.52% | +3.62% |
TBX vs. JPIE - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than JPIE's 0.40% expense ratio.
Dividends
TBX vs. JPIE - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.05%, less than JPIE's 5.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
JPIE JPMorgan Income ETF | 5.62% | 5.65% | 6.11% | 5.70% | 4.49% | 0.63% | 0.00% | 0.00% | 0.00% |
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% |
Frequently Asked Questions
TBX and JPIE have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.68%) compared to JPIE (0.61%). In terms of maximum drawdown, TBX dropped -41.04% vs JPIE's -9.96%.
On 3-year performance, JPIE leads with 6.55% vs 4.72% for TBX. On fees, JPIE is cheaper at 0.40% per year. On volatility, JPIE has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JPIE has performed better with a 6.55% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JPIE is cheaper with a 0.40% expense ratio, compared with 0.95% for TBX.
JPIE has the higher dividend yield at 5.62%, compared with 3.05% for TBX.
TBX is categorized as Inverse Bonds, while JPIE is Multisector Bonds. They also come from different issuers: ProShares and JPMorgan. Their fees differ too: 0.95% for TBX and 0.40% for JPIE.
JPIE currently has the higher Sharpe Ratio (3.69 vs 0.56), 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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