TBX vs. TQQQ

Last updated Jun 5, 2026

TBX (ProShares Short 7-10 Year Treasury) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, TBX returned 1.90%/yr vs 44.95%/yr for TQQQ. At a 0.13 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

TBX vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short 7-10 Year Treasury (TBX) and ProShares UltraPro QQQ (TQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBX achieves a 2.92% return, which is significantly lower than TQQQ's 61.91% return. Over the past 10 years, TBX has underperformed TQQQ with an annualized return of 1.90%, while TQQQ has yielded a comparatively higher 44.95% annualized return.

TBX

• 1D: -0.11%
• 1M: 0.55%
• YTD: 2.92%
• 6M: 3.57%
• 1Y: 2.73%
• 3Y*: 4.72%
• 5Y*: 5.96%
• 10Y*: 1.90%

TQQQ

• 1D: -1.55%
• 1M: 26.46%
• YTD: 61.91%
• 6M: 54.01%
• 1Y: 132.34%
• 3Y*: 68.49%
• 5Y*: 27.97%
• 10Y*: 44.95%

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

TBX vs. TQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	2.92%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
TQQQ ProShares UltraPro QQQ	61.91%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between TBX and TQQQ is -0.14, 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	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	0.13

The correlation between TBX and TQQQ shifts across timeframes, from -0.14 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.

TBX vs. TQQQ - Sectors Allocation Comparison

Sectors	TBX	TQQQ
Financial Services	55.0%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

TBX vs. TQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TBX

TBX Risk / Return Rank: 18
TBX Sharpe Ratio Rank: 19
TBX Sortino Ratio Rank: 17
TBX Omega Ratio Rank: 17
TBX Calmar Ratio Rank: 20
TBX Martin Ratio Rank: 17

TQQQ

TQQQ Risk / Return Rank: 71
TQQQ Sharpe Ratio Rank: 86
TQQQ Sortino Ratio Rank: 67
TQQQ Omega Ratio Rank: 66
TQQQ Calmar Ratio Rank: 73
TQQQ Martin Ratio Rank: 66

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. TQQQ - 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 QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	0.56	2.80	-2.24
Sortino ratio: Return per unit of downside risk	0.82	3.01	-2.19
Omega ratio: Gain probability vs. loss probability	1.10	1.39	-0.29
Calmar ratio: Return relative to maximum drawdown	0.81	3.60	-2.79
Martin ratio: Return relative to average drawdown	1.52	11.77	-10.25
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. TQQQ - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.56, which is lower than the TQQQ Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of TBX and TQQQ, 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	TQQQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	2.80	-2.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.42	+0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.68	-0.42
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.74	-0.89

Drawdowns

TBX vs. TQQQ - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum TQQQ drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for TBX and TQQQ.

Drawdown Indicators

	TBX	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-81.66%	+40.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-36.97%	+33.58%
Max Drawdown (3Y) Largest decline over 3 years	-7.77%	-58.04%	+50.27%
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	-81.66%	+73.89%
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	-81.66%	+62.20%
Current Drawdown Current decline from peak	-17.22%	-2.29%	-14.93%
Average Drawdown Average peak-to-trough decline	-26.64%	-18.52%	-8.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	11.28%	-9.48%

Volatility

TBX vs. TQQQ - Volatility Comparison

The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.68%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 13.35%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	13.35%	-11.67%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	36.04%	-32.65%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	47.60%	-42.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	66.50%	-58.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	65.95%	-58.81%

TBX vs. TQQQ - Expense Ratio Comparison

Both TBX and TQQQ have an expense ratio of 0.95%.

Dividends

TBX vs. TQQQ - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.05%, more than TQQQ's 0.37% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TBX ProShares Short 7-10 Year Treasury	3.05%	3.45%	6.58%	4.07%	0.40%	0.00%	0.10%	1.53%	0.72%	0.00%	0.00%	0.00%
TQQQ ProShares UltraPro QQQ	0.37%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both TBX and TQQQ in my portfolio?

TBX and TQQQ 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.

Which is riskier, TBX or TQQQ?

TQQQ has higher volatility (13.35%) compared to TBX (1.68%). In terms of maximum drawdown, TBX dropped -41.04% vs TQQQ's -81.66%.

Which ETF is better, TBX or TQQQ?

On 10-year performance, TQQQ leads with 44.95% vs 1.90% for TBX. Both ETFs have the same 0.95% expense ratio. On volatility, TBX has been the lower-risk option at 1.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TBX or TQQQ?

Over the 10-year period, TQQQ has performed better with a 44.95% return vs 1.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or TQQQ?

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

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

TBX has the higher dividend yield at 3.05%, compared with 0.37% for TQQQ.

What is the main difference between TBX and TQQQ?

TBX is categorized as Inverse Bonds, while TQQQ is Leveraged Equities. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while TQQQ tracks NASDAQ-100 Index (300%).

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (2.80 vs 0.56), 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.