TBX vs. TBT
TBX (ProShares Short 7-10 Year Treasury) and TBT (ProShares UltraShort 20+ Year Treasury) are both Inverse Bonds funds from ProShares - TBX tracks the ICE BofA US Treasury (7-10 Y) (-100%) while TBT tracks the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, TBX returned 2.22%/yr vs 3.38%/yr for TBT. Their correlation of 0.83 suggests significant overlap in exposure. TBX charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
TBX vs. TBT - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 4.20% return, which is significantly lower than TBT's 6.47% return. Over the past 10 years, TBX has underperformed TBT with an annualized return of 2.22%, while TBT has yielded a comparatively higher 3.38% annualized return.
TBX
- 1D
- 0.59%
- 1M
- 1.16%
- 6M
- 4.01%
- YTD
- 4.20%
- 1Y
- 3.35%
- 3Y*
- 4.67%
- 5Y*
- 6.60%
- 10Y*
- 2.22%
TBT
- 1D
- 1.35%
- 1M
- 4.17%
- 6M
- 7.64%
- YTD
- 6.47%
- 1Y
- 2.30%
- 3Y*
- 11.05%
- 5Y*
- 18.74%
- 10Y*
- 3.38%
TBX vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 4.20% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
TBT ProShares UltraShort 20+ Year Treasury | 6.47% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between TBX and TBT is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.86 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.87 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | 0.83 |
The correlation between TBX and TBT has been stable across timeframes, ranging from 0.83 to 0.89 - a consistent structural relationship.
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Return for Risk
TBX vs. TBT — Risk / Return Rank
TBX
TBT
TBX vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.59 | ||
| Sortino ratioReturn per unit of downside risk | +0.75 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.03 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.09 | 0.16 | +0.94 |
| Martin ratioReturn relative to average drawdown | 2.16 | 0.30 | +1.86 |
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Drawdowns
TBX vs. TBT - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TBX and TBT.
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Drawdown Indicators
| TBX | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -94.99% | +53.95% |
Max Drawdown (1Y)Largest decline over 1 year | -3.08% | -14.89% | +11.81% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -33.83% | +26.06% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -33.83% | +26.06% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -65.09% | +45.63% |
Current DrawdownCurrent decline from peak | -16.18% | -85.17% | +68.99% |
Average DrawdownAverage peak-to-trough decline | -26.57% | -77.36% | +50.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.55% | 7.71% | -6.16% |
Volatility
TBX vs. TBT - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.58%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.79%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 5.79% | -4.21% |
Volatility (6M)Calculated over the trailing 6-month period | 3.63% | 13.88% | -10.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.74% | 18.99% | -14.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 31.30% | -22.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 28.67% | -21.55% |
TBX vs. TBT - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
TBX vs. TBT - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.85%, more than TBT's 2.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.63% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
TBX ProShares Short 7-10 Year Treasury | 2.85% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
Frequently Asked Questions
TBX and TBT have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (5.79%) compared to TBX (1.58%). In terms of maximum drawdown, TBX dropped -41.04% vs TBT's -94.99%.
On 10-year performance, TBT leads with 3.38% vs 2.22% for TBX. On fees, TBT is cheaper at 0.93% per year. On volatility, TBX has been the lower-risk option at 1.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TBT has performed better with a 3.38% return vs 2.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for TBX.
TBX has the higher dividend yield at 2.85%, compared with 2.63% for TBT.
TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for TBX and 0.93% for TBT.
TBX currently has the higher Sharpe Ratio (0.71 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.
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