TBX vs. SQQQ
TBX (ProShares Short 7-10 Year Treasury) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, TBX returned 2.19%/yr vs -54.92%/yr for SQQQ. At a correlation of -0.13, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
TBX vs. SQQQ - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 3.50% return, which is significantly higher than SQQQ's -36.02% return. Over the past 10 years, TBX has outperformed SQQQ with an annualized return of 2.19%, while SQQQ has yielded a comparatively lower -54.92% annualized return.
TBX
- 1D
- -0.06%
- 1M
- 0.30%
- 6M
- 2.94%
- YTD
- 3.50%
- 1Y
- 2.47%
- 3Y*
- 4.48%
- 5Y*
- 6.52%
- 10Y*
- 2.19%
SQQQ
- 1D
- 4.65%
- 1M
- 10.00%
- 6M
- -34.17%
- YTD
- -36.02%
- 1Y
- -51.09%
- 3Y*
- -49.80%
- 5Y*
- -45.39%
- 10Y*
- -54.92%
TBX vs. SQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 3.50% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
SQQQ ProShares UltraPro Short QQQ | -36.02% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -65.92% | -20.83% | -58.67% |
Correlation
The correlation between TBX and SQQQ is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | -0.13 |
The correlation between TBX and SQQQ shifts across timeframes, from -0.13 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. SQQQ — Risk / Return Rank
TBX
SQQQ
TBX vs. SQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and ProShares UltraPro Short QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.85 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | -0.84 | +1.76 |
| Martin ratioReturn relative to average drawdown | 1.92 | -1.53 | +3.45 |
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Drawdowns
TBX vs. SQQQ - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBX and SQQQ.
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Drawdown Indicators
| TBX | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -100.00% | +58.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -61.03% | +58.34% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -92.51% | +84.74% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -97.27% | +89.50% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -99.97% | +80.51% |
Current DrawdownCurrent decline from peak | -16.75% | -100.00% | +83.25% |
Average DrawdownAverage peak-to-trough decline | -26.56% | -92.76% | +66.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 33.52% | -32.17% |
Volatility
TBX vs. SQQQ - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.47%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 22.12%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 22.12% | -20.65% |
Volatility (6M)Calculated over the trailing 6-month period | 3.67% | 46.34% | -42.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 56.08% | -51.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 67.92% | -59.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 66.58% | -59.47% |
TBX vs. SQQQ - Expense Ratio Comparison
Both TBX and SQQQ have an expense ratio of 0.95%.
Dividends
TBX vs. SQQQ - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.87%, less than SQQQ's 9.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | 9.34% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
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% | 0.00% |
Frequently Asked Questions
TBX and SQQQ have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SQQQ has higher volatility (22.12%) compared to TBX (1.47%). In terms of maximum drawdown, TBX dropped -41.04% vs SQQQ's -100.00%.
On 10-year performance, TBX leads with 2.19% vs -54.92% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, TBX has been the lower-risk option at 1.47%. 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 2.19% return vs -54.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBX and SQQQ have the same expense ratio: 0.95% per year.
SQQQ has the higher dividend yield at 9.34%, compared with 2.87% for TBX.
TBX is categorized as Inverse Bonds, while SQQQ is Leveraged Equities. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while SQQQ tracks NASDAQ-100 Index (-300%).
TBX currently has the higher Sharpe Ratio (0.52 vs -0.91), 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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