TBX vs. TBT
Compare and contrast key facts about ProShares Short 7-10 Year Treasury (TBX) and ProShares UltraShort 20+ Year Treasury (TBT).
TBX and TBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TBX is a passively managed fund by ProShares that tracks the performance of the ICE BofA US Treasury (7-10 Y) (-100%). It was launched on Apr 4, 2011. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. Both TBX and TBT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Scroll down to visually compare performance, riskiness, drawdowns, and other indicators and decide which better suits your portfolio: TBX or TBT.
Key characteristics
| TBX | TBT | |
|---|---|---|
| YTD Return | 5.43% | 19.50% |
| 1Y Return | 12.13% | 27.31% |
| 3Y Return (Ann) | 8.21% | 21.88% |
| 5Y Return (Ann) | 2.84% | 3.62% |
| 10Y Return (Ann) | 0.09% | -4.37% |
| Sharpe Ratio | 1.49 | 0.92 |
| Daily Std Dev | 8.30% | 32.95% |
| Max Drawdown | -41.04% | -94.99% |
| Current Drawdown | -20.94% | -86.77% |
Correlation
The correlation between TBX and TBT is 0.83, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Performance
TBX vs. TBT - Performance Comparison
In the year-to-date period, TBX achieves a 5.43% return, which is significantly lower than TBT's 19.50% return. Over the past 10 years, TBX has outperformed TBT with an annualized return of 0.09%, while TBT has yielded a comparatively lower -4.37% annualized return. The chart below displays the growth of a $10,000 investment in both assets, with all prices adjusted for splits and dividends.
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TBX vs. TBT - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than TBT's 0.92% expense ratio.
Risk-Adjusted Performance
TBX vs. TBT - Risk-Adjusted Performance 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.
Dividends
TBX vs. TBT - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 4.27%, which matches TBT's 4.30% yield.
| TTM | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 4.27% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% |
TBT ProShares UltraShort 20+ Year Treasury | 4.30% | 4.98% | 0.42% | 0.00% | 0.27% | 2.12% | 0.99% |
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. For additional features, visit the drawdowns tool.
Volatility
TBX vs. TBT - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.60%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 5.78%. 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.