TBX vs. UPRO

Last updated Jun 4, 2026

TBX (ProShares Short 7-10 Year Treasury) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, TBX returned 1.97%/yr vs 30.09%/yr for UPRO. At a 0.18 correlation, their price movements are largely independent. TBX charges 0.95%/yr vs 0.89%/yr for UPRO.

Performance

TBX vs. UPRO - 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 S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TBX achieves a 3.03% return, which is significantly lower than UPRO's 27.90% return. Over the past 10 years, TBX has underperformed UPRO with an annualized return of 1.97%, while UPRO has yielded a comparatively higher 30.09% annualized return.

TBX

• 1D: 0.26%
• 1M: 0.55%
• YTD: 3.03%
• 6M: 4.03%
• 1Y: 2.10%
• 3Y*: 4.79%
• 5Y*: 5.98%
• 10Y*: 1.97%

UPRO

• 1D: -2.09%
• 1M: 14.64%
• YTD: 27.90%
• 6M: 26.67%
• 1Y: 80.84%
• 3Y*: 52.58%
• 5Y*: 23.13%
• 10Y*: 30.09%

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

TBX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TBX ProShares Short 7-10 Year Treasury	3.03%	-1.15%	8.52%	3.99%	18.31%	1.70%	-9.96%	-5.20%	1.25%	-2.61%
UPRO ProShares UltraPro S&P 500	27.90%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Correlation

The correlation between TBX and UPRO is -0.20, 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	-0.20
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.08
Correlation (10Y) Calculated over the trailing 10-year period	0.08
Correlation (All Time) Calculated using the full available price history since Apr 6, 2011	0.18

The correlation between TBX and UPRO shifts across timeframes, from -0.20 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.

TBX vs. UPRO - Sectors Allocation Comparison

Sectors	TBX	UPRO
Financial Services	55.0%	28.8%
Basic Materials	-	0.8%
Communication Services	-	4.8%
Consumer Cyclical	-	4.5%
Consumer Defensive	-	2.0%
Energy	-	1.4%
Healthcare	-	3.8%
Industrials	-	3.4%
Real Estate	-	0.8%
Technology	-	17.8%
Utilities	-	1.1%

Return for Risk

TBX vs. UPRO — Risk / Return Rank

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

TBX

TBX Risk / Return Rank: 14
TBX Sharpe Ratio Rank: 15
TBX Sortino Ratio Rank: 13
TBX Omega Ratio Rank: 13
TBX Calmar Ratio Rank: 16
TBX Martin Ratio Rank: 14

UPRO

UPRO Risk / Return Rank: 62
UPRO Sharpe Ratio Rank: 68
UPRO Sortino Ratio Rank: 57
UPRO Omega Ratio Rank: 58
UPRO Calmar Ratio Rank: 60
UPRO Martin Ratio Rank: 68

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. UPRO - 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 S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio: Return per unit of total volatility	0.42	2.30	-1.88
Sortino ratio: Return per unit of downside risk	0.62	2.76	-2.14
Omega ratio: Gain probability vs. loss probability	1.07	1.36	-0.29
Calmar ratio: Return relative to maximum drawdown	0.62	3.03	-2.41
Martin ratio: Return relative to average drawdown	1.17	12.80	-11.64
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. UPRO - Sharpe Ratio Comparison

The current TBX Sharpe Ratio is 0.42, which is lower than the UPRO Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of TBX and UPRO, 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	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.42	2.30	-1.88
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.46	+0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	0.56	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.65	-0.81

Drawdowns

TBX vs. UPRO - Drawdown Comparison

The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for TBX and UPRO.

Drawdown Indicators

	TBX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-41.04%	-76.82%	+35.78%
Max Drawdown (1Y) Largest decline over 1 year	-3.39%	-26.78%	+23.39%
Max Drawdown (3Y) Largest decline over 3 years	-7.77%	-48.87%	+41.10%
Max Drawdown (5Y) Largest decline over 5 years	-7.77%	-63.94%	+56.17%
Max Drawdown (10Y) Largest decline over 10 years	-19.46%	-76.82%	+57.36%
Current Drawdown Current decline from peak	-17.13%	-2.09%	-15.04%
Average Drawdown Average peak-to-trough decline	-26.64%	-14.42%	-12.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.80%	6.33%	-4.53%

Volatility

TBX vs. UPRO - Volatility Comparison

The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.68%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 8.45%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TBX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.68%	8.45%	-6.77%
Volatility (6M) Calculated over the trailing 6-month period	3.39%	26.60%	-23.21%
Volatility (1Y) Calculated over the trailing 1-year period	4.97%	35.35%	-30.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.44%	50.32%	-41.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.14%	53.74%	-46.60%

TBX vs. UPRO - Expense Ratio Comparison

TBX has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.

Dividends

TBX vs. UPRO - Dividend Comparison

TBX's dividend yield for the trailing twelve months is around 3.04%, more than UPRO's 0.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
UPRO ProShares UltraPro S&P 500	0.68%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Frequently Asked Questions

Can I hold both TBX and UPRO in my portfolio?

TBX and UPRO have a correlation of -0.20, 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 UPRO?

UPRO has higher volatility (8.45%) compared to TBX (1.68%). In terms of maximum drawdown, TBX dropped -41.04% vs UPRO's -76.82%.

Which ETF is better, TBX or UPRO?

On 10-year performance, UPRO leads with 30.09% vs 1.97% for TBX. On fees, UPRO is cheaper at 0.89% per year. 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 UPRO?

Over the 10-year period, UPRO has performed better with a 30.09% return vs 1.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TBX or UPRO?

UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for TBX.

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

TBX has the higher dividend yield at 3.04%, compared with 0.68% for UPRO.

What is the main difference between TBX and UPRO?

TBX is categorized as Inverse Bonds, while UPRO is Leveraged Equities. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for TBX and 0.89% for UPRO.

Which has better risk-adjusted returns?

UPRO currently has the higher Sharpe Ratio (2.30 vs 0.42), 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.