TBX vs. SJB
TBX (ProShares Short 7-10 Year Treasury) and SJB (ProShares Short High Yield) are both Inverse Bonds funds from ProShares - TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%) while SJB tracks the iBoxx $ Liquid High Yield Index (-100%). Both are passively managed. Over the past 10 years, TBX returned 2.17%/yr vs -3.51%/yr for SJB. At a 0.03 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
TBX vs. SJB - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, TBX achieves a 3.56% return, which is significantly higher than SJB's 0.64% return. Over the past 10 years, TBX has outperformed SJB with an annualized return of 2.17%, while SJB has yielded a comparatively lower -3.51% annualized return.
TBX
- 1D
- 0.04%
- 1M
- 0.90%
- 6M
- 3.46%
- YTD
- 3.56%
- 1Y
- 2.50%
- 3Y*
- 4.49%
- 5Y*
- 6.54%
- 10Y*
- 2.17%
SJB
- 1D
- 0.07%
- 1M
- 0.30%
- 6M
- 0.84%
- YTD
- 0.64%
- 1Y
- 0.12%
- 3Y*
- -1.67%
- 5Y*
- -0.34%
- 10Y*
- -3.51%
TBX vs. SJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.56% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
SJB ProShares Short High Yield | 0.64% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
Correlation
The correlation between TBX and SJB is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.03 |
Over the past year, TBX and SJB have become more correlated (0.51) than their long-term average of 0.03, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
TBX vs. SJB — Risk / Return Rank
TBX
SJB
TBX vs. SJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and ProShares Short High Yield (SJB). 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 | SJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +0.72 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.01 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 0.04 | +0.85 |
| Martin ratioReturn relative to average drawdown | 1.85 | 0.09 | +1.76 |
Loading charts...
Drawdowns
TBX vs. SJB - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum SJB drawdown of -58.06%. Use the drawdown chart below to compare losses from any high point for TBX and SJB.
Loading charts...
Drawdown Indicators
| TBX | SJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -58.06% | +17.02% |
Max Drawdown (1Y)Largest decline over 1 year | -2.79% | -2.74% | -0.05% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -10.54% | +2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -13.30% | +5.53% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -32.86% | +13.40% |
Current DrawdownCurrent decline from peak | -16.70% | -57.44% | +40.74% |
Average DrawdownAverage peak-to-trough decline | -26.56% | -42.58% | +16.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.38% | 1.38% | 0.00% |
Volatility
TBX vs. SJB - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.50% compared to ProShares Short High Yield (SJB) at 0.81%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than SJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TBX | SJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 0.81% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 3.67% | 3.08% | +0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 3.84% | +0.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 7.52% | +0.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 8.45% | -1.34% |
TBX vs. SJB - Expense Ratio Comparison
Both TBX and SJB have an expense ratio of 0.95%.
Dividends
TBX vs. SJB - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.87%, less than SJB's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.61% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
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
TBX and SJB have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.50%) compared to SJB (0.81%). In terms of maximum drawdown, TBX dropped -41.04% vs SJB's -58.06%.
On 10-year performance, TBX leads with 2.17% vs -3.51% for SJB. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBX has performed better with a 2.17% return vs -3.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBX and SJB have the same expense ratio: 0.95% per year.
SJB has the higher dividend yield at 3.61%, compared with 2.87% for TBX.
TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while SJB tracks iBoxx $ Liquid High Yield Index (-100%).
TBX currently has the higher Sharpe Ratio (0.53 vs 0.03), 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.
Find the right allocation for TBX and SJB
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer