TBX vs. PYLD

Last updated Jun 4, 2026

TBX (ProShares Short 7-10 Year Treasury) and PYLD (PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while PYLD is a Multisector Bonds fund actively managed by PIMCO. TBX is passively managed, while PYLD is actively managed. Over the past year, TBX returned 2.10% vs 7.40% for PYLD. At a correlation of -0.79, they often move in opposite directions. TBX charges 0.95%/yr vs 0.55%/yr for PYLD.

Performance

TBX vs. PYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 7-10 Year Treasury (TBX) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBX achieves a 3.03% return, which is significantly higher than PYLD's 0.95% return.

TBX

• 1D: 0.26%
• 1M: 0.55%
• YTD: 3.03%
• 6M: 4.03%
• 1Y: 2.10%
• 3Y*: 4.79%
• 5Y*: 5.98%
• 10Y*: 1.97%

PYLD

• 1D: -0.23%
• 1M: 0.53%
• YTD: 0.95%
• 6M: 1.31%
• 1Y: 7.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TBX vs. PYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TBX ProShares Short 7-10 Year Treasury	3.03%	-1.15%	8.52%	3.01%
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	0.95%	9.57%	7.69%	5.60%

Correlation

The correlation between TBX and PYLD is -0.79, 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	-0.79
Correlation (All Time) Calculated using the full available price history since Jun 23, 2023	-0.79

The correlation between TBX and PYLD has been stable across timeframes, ranging from -0.79 to -0.79 - a consistent structural relationship.

TBX vs. PYLD - Sectors Allocation Comparison

Sectors	TBX	PYLD
Financial Services	55.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TBX vs. PYLD — Risk / Return Rank

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

TBX

TBX Risk / Return Rank: 14
TBX Sharpe Ratio Rank: 15
TBX Sortino Ratio Rank: 13
TBX Omega Ratio Rank: 13
TBX Calmar Ratio Rank: 16
TBX Martin Ratio Rank: 14

PYLD

PYLD Risk / Return Rank: 66
PYLD Sharpe Ratio Rank: 72
PYLD Sortino Ratio Rank: 78
PYLD Omega Ratio Rank: 79
PYLD Calmar Ratio Rank: 45
PYLD Martin Ratio Rank: 58

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. PYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD). 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	PYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.42	2.42	-1.99
Sortino ratio: Return per unit of downside risk	0.62	3.56	-2.94
Omega ratio: Gain probability vs. loss probability	1.07	1.48	-0.40
Calmar ratio: Return relative to maximum drawdown	0.62	2.29	-1.67
Martin ratio: Return relative to average drawdown	1.17	10.44	-9.27
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. PYLD - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.42, which is lower than the PYLD Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of TBX and PYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TBX	PYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	2.42	-1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	2.04	-2.20

Drawdowns

TBX vs. PYLD - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, which is greater than PYLD's maximum drawdown of -4.52%. Use the drawdown chart below to compare losses from any high point for TBX and PYLD.

Drawdown Indicators

	TBX	PYLD	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-4.52%	-36.52%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-3.25%	-0.14%
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	-17.13%	-0.44%	-16.69%
Average Drawdown Average peak-to-trough decline	-26.64%	-0.65%	-25.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	0.71%	+1.09%

Volatility

TBX vs. PYLD - Volatility Comparison

ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.68% compared to PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund (PYLD) at 1.24%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than PYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	PYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.24%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	2.50%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	3.08%	+1.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	3.99%	+4.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	3.99%	+3.15%

TBX vs. PYLD - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than PYLD's 0.55% expense ratio.

Dividends

TBX vs. PYLD - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.04%, less than PYLD's 6.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
PYLD PIMCO ETF Trust - PIMCO Multisector Bond Active Exchange-Traded Fund	6.30%	6.21%	6.40%	2.72%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both TBX and PYLD in my portfolio?

TBX and PYLD have a correlation of -0.79, 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 PYLD?

TBX has higher volatility (1.68%) compared to PYLD (1.24%). In terms of maximum drawdown, TBX dropped -41.04% vs PYLD's -4.52%.

Which ETF is better, TBX or PYLD?

On 1-year performance, PYLD leads with 7.40% vs 2.10% for TBX. On fees, PYLD is cheaper at 0.55% per year. On volatility, PYLD has been the lower-risk option at 1.24%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBX or PYLD?

Over the 1-year period, PYLD has performed better with a 7.40% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or PYLD?

PYLD is cheaper with a 0.55% expense ratio, compared with 0.95% for TBX.

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

PYLD has the higher dividend yield at 6.30%, compared with 3.04% for TBX.

What is the main difference between TBX and PYLD?

TBX is categorized as Inverse Bonds, while PYLD is Multisector Bonds. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for TBX and 0.55% for PYLD.

Which has better risk-adjusted returns?

PYLD currently has the higher Sharpe Ratio (2.42 vs 0.42), 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.