TBX vs. PST
TBX (ProShares Short 7-10 Year Treasury) and PST (ProShares UltraShort 7-10 Year Treasury) are both Inverse Bonds funds from ProShares - TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%) while PST tracks the ICE U.S. Treasury 7-10 Year Bond Index. Both are passively managed. Over the past 10 years, TBX returned 2.09%/yr vs 2.73%/yr for PST. Their correlation of 0.89 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.
Performance
TBX vs. PST - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.19% return, which is significantly lower than PST's 4.69% return. Over the past 10 years, TBX has underperformed PST with an annualized return of 2.09%, while PST has yielded a comparatively higher 2.73% annualized 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%
PST
- 1D
- -0.27%
- 1M
- -0.60%
- YTD
- 4.69%
- 6M
- 5.06%
- 1Y
- 3.06%
- 3Y*
- 5.23%
- 5Y*
- 9.44%
- 10Y*
- 2.73%
TBX vs. PST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.19% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
PST ProShares UltraShort 7-10 Year Treasury | 4.69% | -4.42% | 12.27% | 3.17% | 38.55% | 4.01% | -18.67% | -11.03% | 1.72% | -4.52% |
Correlation
The correlation between TBX and PST is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.89 |
The correlation between TBX and PST has been stable across timeframes, ranging from 0.89 to 0.99 - a consistent structural relationship.
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Return for Risk
TBX vs. PST — Risk / Return Rank
TBX
PST
TBX vs. PST - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and ProShares UltraShort 7-10 Year Treasury (PST). 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 | PST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.30 | ||
| Sortino ratioReturn per unit of downside risk | +0.39 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.06 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 0.96 | 0.45 | +0.51 |
| Martin ratioReturn relative to average drawdown | 1.92 | 0.80 | +1.12 |
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Drawdowns
TBX vs. PST - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum PST drawdown of -79.25%. Use the drawdown chart below to compare losses from any high point for TBX and PST.
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Drawdown Indicators
| TBX | PST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -79.25% | +38.21% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -6.90% | +3.82% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -16.19% | +8.42% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -16.19% | +8.42% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -36.07% | +16.61% |
Current DrawdownCurrent decline from peak | -17.00% | -64.08% | +47.08% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -61.48% | +34.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.53% | 3.83% | -2.30% |
Volatility
TBX vs. PST - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.42%, while ProShares UltraShort 7-10 Year Treasury (PST) has a volatility of 2.73%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than PST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | PST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 2.73% | -1.31% |
Volatility (6M)Calculated over the trailing 6-month period | 3.51% | 7.03% | -3.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 9.49% | -4.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 15.59% | -7.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 13.30% | -6.17% |
TBX vs. PST - Expense Ratio Comparison
Both TBX and PST have an expense ratio of 0.95%.
Dividends
TBX vs. PST - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, less than PST's 3.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
PST ProShares UltraShort 7-10 Year Treasury | 3.08% | 3.47% | 3.61% | 3.69% | 0.02% | 0.00% | 0.11% | 1.85% | 0.66% |
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
With a correlation of 0.99, TBX and PST move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
PST has higher volatility (2.73%) compared to TBX (1.42%). In terms of maximum drawdown, TBX dropped -41.04% vs PST's -79.25%.
On 10-year performance, PST leads with 2.73% vs 2.09% for TBX. Both ETFs have the same 0.95% expense ratio. On volatility, TBX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PST has performed better with a 2.73% return vs 2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBX and PST have the same expense ratio: 0.95% per year.
PST has the higher dividend yield at 3.08%, compared with 3.04% for TBX.
TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while PST tracks ICE U.S. Treasury 7-10 Year Bond Index.
TBX currently has the higher Sharpe Ratio (0.62 vs 0.32), 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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