TBX vs. SJB

Last updated Jun 4, 2026

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 1.97%/yr vs -3.85%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 7-10 Year Treasury (TBX) and ProShares Short High Yield (SJB). 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 SJB's 0.67% return. Over the past 10 years, TBX has outperformed SJB with an annualized return of 1.97%, while SJB has yielded a comparatively lower -3.85% annualized 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%

SJB

• 1D: 0.20%
• 1M: -0.20%
• YTD: 0.67%
• 6M: 0.75%
• 1Y: -0.44%
• 3Y*: -1.91%
• 5Y*: -0.54%
• 10Y*: -3.85%

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

TBX vs. SJB - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	3.03%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
SJB ProShares Short High Yield	0.67%	-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 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.40
Correlation (10Y) Calculated over the trailing 10-year period	0.16
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	0.03

Over the past year, TBX and SJB have become more correlated (0.50) than their long-term average of 0.03, meaning their price movements have been converging.

TBX vs. SJB - Sectors Allocation Comparison

Sectors	TBX	SJB
Financial Services	55.0%	97.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

TBX vs. SJB — 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

SJB

SJB Risk / Return Rank: 7
SJB Sharpe Ratio Rank: 7
SJB Sortino Ratio Rank: 7
SJB Omega Ratio Rank: 6
SJB Calmar Ratio Rank: 7
SJB Martin Ratio Rank: 7

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. 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.

	TBX	SJB	Difference
Sharpe ratio: Return per unit of total volatility	0.42	-0.12	+0.54
Sortino ratio: Return per unit of downside risk	0.62	-0.14	+0.76
Omega ratio: Gain probability vs. loss probability	1.07	0.98	+0.09
Calmar ratio: Return relative to maximum drawdown	0.62	-0.16	+0.78
Martin ratio: Return relative to average drawdown	1.17	-0.31	+1.48
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. SJB - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.42, which is higher than the SJB Sharpe Ratio of -0.12. The chart below compares the historical Sharpe Ratios of TBX and SJB, 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	SJB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	-0.12	+0.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	-0.07	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	-0.45	+0.73
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	-0.60	+0.45

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.

Drawdown Indicators

	TBX	SJB	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-58.06%	+17.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-2.74%	-0.65%
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%	-34.57%	+15.11%
Current Drawdown Current decline from peak	-17.13%	-57.42%	+40.29%
Average Drawdown Average peak-to-trough decline	-26.64%	-42.47%	+15.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	1.44%	+0.36%

Volatility

TBX vs. SJB - Volatility Comparison

ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.68% compared to ProShares Short High Yield (SJB) at 1.23%. 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.

Volatility by Period

	TBX	SJB	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	1.23%	+0.45%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	2.95%	+0.44%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	3.83%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	7.51%	+0.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	8.52%	-1.38%

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 3.04%, less than SJB's 3.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
SJB ProShares Short High Yield	3.44%	3.86%	5.86%	4.10%	0.46%	0.00%	0.07%	1.27%	0.71%
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 SJB in my portfolio?

TBX and SJB have a correlation of 0.50, 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 SJB?

TBX has higher volatility (1.68%) compared to SJB (1.23%). In terms of maximum drawdown, TBX dropped -41.04% vs SJB's -58.06%.

Which ETF is better, TBX or SJB?

On 10-year performance, TBX leads with 1.97% vs -3.85% for SJB. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBX or SJB?

Over the 10-year period, TBX has performed better with a 1.97% return vs -3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or SJB?

TBX and SJB have the same expense ratio: 0.95% per year.

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

SJB has the higher dividend yield at 3.44%, compared with 3.04% for TBX.

What is the main difference between TBX and SJB?

TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while SJB tracks iBoxx $ Liquid High Yield Index (-100%).

Which has better risk-adjusted returns?

TBX currently has the higher Sharpe Ratio (0.42 vs -0.12), 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.