TBX vs. SPMO
TBX (ProShares Short 7-10 Year Treasury) and SPMO (Invesco S&P 500 Momentum ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while SPMO is a Momentum fund tracking the S&P 500 Momentum Index. Both are passively managed. Over the past 10 years, TBX returned 2.10%/yr vs 21.59%/yr for SPMO. At a 0.06 correlation, their price movements are largely independent. TBX charges 0.95%/yr vs 0.13%/yr for SPMO.
Performance
TBX vs. SPMO - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.28% return, which is significantly lower than SPMO's 36.08% return. Over the past 10 years, TBX has underperformed SPMO with an annualized return of 2.10%, while SPMO has yielded a comparatively higher 21.59% annualized return.
TBX
- 1D
- 0.31%
- 1M
- -0.17%
- YTD
- 3.28%
- 6M
- 3.40%
- 1Y
- 2.87%
- 3Y*
- 4.64%
- 5Y*
- 6.11%
- 10Y*
- 2.10%
SPMO
- 1D
- 1.26%
- 1M
- 11.71%
- YTD
- 36.08%
- 6M
- 35.05%
- 1Y
- 52.78%
- 3Y*
- 44.69%
- 5Y*
- 24.25%
- 10Y*
- 21.59%
TBX vs. SPMO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.28% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
SPMO Invesco S&P 500 Momentum ETF | 36.08% | 26.58% | 45.82% | 17.56% | -10.45% | 22.64% | 28.25% | 25.93% | -0.92% | 27.76% |
Correlation
The correlation between TBX and SPMO is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.06 |
Correlation (All Time) Calculated using the full available price history since Oct 12, 2015 | 0.06 |
The correlation between TBX and SPMO shifts across timeframes, from -0.12 (1 year) to 0.06 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. SPMO — Risk / Return Rank
TBX
SPMO
TBX vs. SPMO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Invesco S&P 500 Momentum ETF (SPMO). 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 | SPMO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.56 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.48 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 4.18 | -3.24 |
| Martin ratioReturn relative to average drawdown | 1.88 | 15.78 | -13.90 |
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Drawdowns
TBX vs. SPMO - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than SPMO's maximum drawdown of -30.95%. Use the drawdown chart below to compare losses from any high point for TBX and SPMO.
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Drawdown Indicators
| TBX | SPMO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -30.95% | -10.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -12.70% | +9.62% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -20.13% | +12.36% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -22.74% | +14.97% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -30.95% | +11.49% |
Current DrawdownCurrent decline from peak | -16.93% | 0.00% | -16.93% |
Average DrawdownAverage peak-to-trough decline | -26.60% | -4.59% | -22.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 3.35% | -1.81% |
Volatility
TBX vs. SPMO - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.42%, while Invesco S&P 500 Momentum ETF (SPMO) has a volatility of 10.55%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than SPMO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | SPMO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.42% | 10.55% | -9.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.52% | 17.11% | -13.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.75% | 20.05% | -15.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 19.77% | -11.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 20.55% | -13.41% |
TBX vs. SPMO - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than SPMO's 0.13% expense ratio.
Dividends
TBX vs. SPMO - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 3.04%, more than SPMO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPMO Invesco S&P 500 Momentum ETF | 0.78% | 0.73% | 0.48% | 1.63% | 1.66% | 0.52% | 1.27% | 1.39% | 1.05% | 0.77% | 1.94% | 0.36% |
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% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBX and SPMO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPMO has higher volatility (10.55%) compared to TBX (1.42%). In terms of maximum drawdown, TBX dropped -41.04% vs SPMO's -30.95%.
On 10-year performance, SPMO leads with 21.59% vs 2.10% for TBX. On fees, SPMO is cheaper at 0.13% per year. 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, SPMO has performed better with a 21.59% return vs 2.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPMO is cheaper with a 0.13% expense ratio, compared with 0.95% for TBX.
TBX has the higher dividend yield at 3.04%, compared with 0.78% for SPMO.
TBX is categorized as Inverse Bonds, while SPMO is Momentum. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while SPMO tracks S&P 500 Momentum Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for TBX and 0.13% for SPMO.
SPMO currently has the higher Sharpe Ratio (2.65 vs 0.61), 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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