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 1.90%/yr vs -72.73%/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 2.92% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, TBX has outperformed UVXY with an annualized return of 1.90%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
TBX vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -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 0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.06 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.11 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.18 |
The correlation between TBX and UVXY shifts across timeframes, from -0.18 (all time) to 0.06 (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.
| TBX | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.44 | ||
| Sortino ratioReturn per unit of downside risk | +2.49 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.81 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.81 | -0.97 | +1.78 |
| Martin ratioReturn relative to average drawdown | 1.52 | -1.33 | +2.85 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TBX | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.56 | -0.88 | +1.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.71 | -0.66 | +1.37 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.27 | -0.64 | +0.91 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | -0.68 | +0.52 |
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 | -3.39% | -76.19% | +72.80% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -95.25% | +87.48% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -99.69% | +91.92% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -100.00% | +80.54% |
Current DrawdownCurrent decline from peak | -17.22% | -100.00% | +82.78% |
Average DrawdownAverage peak-to-trough decline | -26.64% | -98.55% | +71.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.80% | 55.83% | -54.03% |
Volatility
TBX vs. UVXY - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.68%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. 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 | 1.68% | 12.26% | -10.58% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 62.79% | -59.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.97% | 84.51% | -79.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.44% | 103.82% | -95.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.14% | 113.81% | -106.67% |
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 3.05%, 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 | 3.05% | 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 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to TBX (1.68%). In terms of maximum drawdown, TBX dropped -41.04% vs UVXY's -100.00%.
On 10-year performance, TBX leads with 1.90% vs -72.73% for UVXY. 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.
Over the 10-year period, TBX has performed better with a 1.90% return vs -72.73%. 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 3.05%, 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 (0.56 vs -0.88), 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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