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 2.14%/yr vs -73.90%/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 2.39% return, which is significantly higher than UVXY's -24.94% return. Over the past 10 years, TBX has outperformed UVXY with an annualized return of 2.14%, while UVXY has yielded a comparatively lower -73.90% annualized return.
TBX
- 1D
- -0.16%
- 1M
- -0.57%
- YTD
- 2.39%
- 6M
- 2.68%
- 1Y
- 2.63%
- 3Y*
- 4.38%
- 5Y*
- 5.88%
- 10Y*
- 2.14%
UVXY
- 1D
- -2.46%
- 1M
- -14.14%
- YTD
- -24.94%
- 6M
- -26.89%
- 1Y
- -71.73%
- 3Y*
- -62.37%
- 5Y*
- -66.99%
- 10Y*
- -73.90%
TBX vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 2.39% | -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 | -24.94% | -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 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
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 4, 2011 | -0.18 |
The correlation between TBX and UVXY shifts across timeframes, from -0.18 (all time) to 0.10 (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 | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +2.34 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.83 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.86 | -0.99 | +1.85 |
| Martin ratioReturn relative to average drawdown | 1.71 | -1.43 | +3.14 |
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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 | -3.08% | -72.74% | +69.66% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -94.91% | +87.14% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -99.71% | +91.94% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -100.00% | +80.54% |
Current DrawdownCurrent decline from peak | -17.64% | -100.00% | +82.36% |
Average DrawdownAverage peak-to-trough decline | -26.59% | -98.75% | +72.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.54% | 50.54% | -49.00% |
Volatility
TBX vs. UVXY - Volatility Comparison
The current volatility for ProShares Short 7-10 Year Treasury (TBX) is 1.48%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.55%. 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 | 1.48% | 25.55% | -24.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.56% | 66.08% | -62.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.76% | 84.93% | -80.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.45% | 103.95% | -95.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.13% | 112.35% | -105.22% |
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 2.90%, 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 | 2.90% | 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 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.55%) compared to TBX (1.48%). In terms of maximum drawdown, TBX dropped -41.04% vs UVXY's -100.00%.
On 10-year performance, TBX leads with 2.14% vs -73.90% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, TBX has been the lower-risk option at 1.48%. 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 2.14% return vs -73.90%. 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 2.90%, 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 (0.55 vs -0.85), 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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