TBX vs. UVXY
TBX (ProShares Short 7-10 Year Treasury) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TBX returned 2.19%/yr vs -71.80%/yr for UVXY. At a correlation of -0.18, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
TBX vs. UVXY - 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 UVXY's -29.20% return. Over the past 10 years, TBX has outperformed UVXY with an annualized return of 2.19%, while UVXY has yielded a comparatively lower -71.80% 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%
UVXY
- 1D
- 8.81%
- 1M
- -7.29%
- 6M
- -28.42%
- YTD
- -29.20%
- 1Y
- -70.71%
- 3Y*
- -60.83%
- 5Y*
- -67.79%
- 10Y*
- -71.80%
TBX vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -29.20% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between TBX and UVXY is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.01 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.18 |
The correlation between TBX and UVXY shifts across timeframes, from -0.18 (all time) to 0.11 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
TBX vs. UVXY — Risk / Return Rank
TBX
UVXY
TBX vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.22 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.84 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | -0.96 | +1.88 |
| Martin ratioReturn relative to average drawdown | 1.92 | -1.43 | +3.35 |
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Drawdowns
TBX vs. UVXY - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TBX and UVXY.
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Drawdown Indicators
| TBX | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -100.00% | +58.96% |
Max Drawdown (1Y)Largest decline over 1 year | -2.69% | -73.88% | +71.19% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -95.42% | +87.65% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -99.75% | +91.98% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -100.00% | +80.54% |
Current DrawdownCurrent decline from peak | -16.75% | -100.00% | +83.25% |
Average DrawdownAverage peak-to-trough decline | -26.56% | -98.76% | +72.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.35% | 49.63% | -48.28% |
Volatility
TBX vs. UVXY - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.47%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 19.34%. This indicates that TBX experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.47% | 19.34% | -17.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.67% | 67.22% | -63.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.73% | 85.95% | -81.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 103.85% | -95.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 112.04% | -104.93% |
TBX vs. UVXY - Expense Ratio Comparison
Both TBX and UVXY have an expense ratio of 0.95%.
Dividends
TBX vs. UVXY - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.87%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TBX and UVXY have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (19.34%) compared to TBX (1.47%). In terms of maximum drawdown, TBX dropped -41.04% vs UVXY's -100.00%.
On 10-year performance, TBX leads with 2.19% vs -71.80% for UVXY. 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 -71.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBX and UVXY have the same expense ratio: 0.95% per year.
TBX has the higher dividend yield at 2.87%, compared with 0.00% for UVXY.
TBX is categorized as Inverse Bonds, while UVXY is Volatility. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
TBX currently has the higher Sharpe Ratio (0.52 vs -0.82), 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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