TBX vs. VGIT
TBX (ProShares Short 7-10 Year Treasury) and VGIT (Vanguard Intermediate-Term Treasury ETF) are both exchange-traded funds - TBX is a Inverse Bonds fund tracking the ICE BofA US Treasury (7-10 Y) (-100%), while VGIT is a Government Bonds fund tracking the Bloomberg U.S. Treasury 3-10 Year Index. Both are passively managed. Over the past 10 years, TBX returned 2.33%/yr vs 1.09%/yr for VGIT. Their -0.87 correlation means they have often moved in opposite directions in the past. TBX charges 0.95%/yr vs 0.03%/yr for VGIT.
Performance
TBX vs. VGIT - Performance Comparison
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Returns By Period
In the year-to-date period, TBX achieves a 4.71% return, which is significantly higher than VGIT's -0.77% return. Over the past 10 years, TBX has outperformed VGIT with an annualized return of 2.33%, while VGIT has yielded a comparatively lower 1.09% annualized return.
TBX
- 1D
- 0.17%
- 1M
- 1.73%
- 6M
- 4.03%
- YTD
- 4.71%
- 1Y
- 5.30%
- 3Y*
- 4.21%
- 5Y*
- 6.92%
- 10Y*
- 2.33%
- ALL TIME*
- -1.00%
VGIT
- 1D
- -0.17%
- 1M
- -0.77%
- 6M
- -0.72%
- YTD
- -0.77%
- 1Y
- 1.11%
- 3Y*
- 3.73%
- 5Y*
- -0.24%
- 10Y*
- 1.09%
- ALL TIME*
- 2.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $818.03K | $918.65K | $792.72K | |
| $132.12M | $142.49M | $173.65M |
TBX vs. VGIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 4.71% | -1.15% | 8.52% | 3.99% | 18.31% | 1.70% | -9.96% | -5.20% | 1.25% | -2.61% |
VGIT Vanguard Intermediate-Term Treasury ETF | -0.77% | 7.34% | 1.39% | 4.28% | -10.53% | -2.64% | 7.71% | 6.19% | 1.35% | 1.70% |
Correlation
The correlation between TBX and VGIT is -0.97, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.97 |
Correlation (3Y) Balances recent behavior with more history. | -0.91 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.94 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.93 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2011 | -0.87 |
The correlation between TBX and VGIT has been stable across timeframes, ranging from -0.97 to -0.87 - a consistent structural relationship.
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Return for Risk
TBX vs. VGIT — Risk / Return Rank
TBX
VGIT
TBX vs. VGIT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short 7-10 Year Treasury (TBX) and Vanguard Intermediate-Term Treasury ETF (VGIT). 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 | VGIT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.35 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.11 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.88 | 0.75 | +1.13 |
| Martin ratioReturn relative to average drawdown | 4.19 | 1.73 | +2.46 |
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Drawdowns
TBX vs. VGIT - Drawdown Comparison
The maximum TBX drawdown since its inception was -41.04%, which is greater than VGIT's maximum drawdown of -16.05%. Use the drawdown chart below to compare losses from any high point for TBX and VGIT.
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Drawdown Indicators
| TBX | VGIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -41.04% | -16.05% | -24.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.21% | -2.83% | +0.62% |
Max Drawdown (3Y)Largest decline over 3 years | -7.77% | -4.34% | -3.43% |
Max Drawdown (5Y)Largest decline over 5 years | -7.77% | -14.94% | +7.17% |
Max Drawdown (10Y)Largest decline over 10 years | -19.46% | -16.05% | -3.41% |
Current DrawdownCurrent decline from peak | -15.77% | -2.70% | -13.07% |
Average DrawdownAverage peak-to-trough decline | -26.53% | -3.51% | -23.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.12% | 1.22% | -0.10% |
Volatility
TBX vs. VGIT - Volatility Comparison
ProShares Short 7-10 Year Treasury (TBX) has a higher volatility of 1.27% compared to Vanguard Intermediate-Term Treasury ETF (VGIT) at 0.84%. This indicates that TBX's price experiences larger fluctuations and is considered to be riskier than VGIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TBX | VGIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 0.84% | +0.43% |
Volatility (6M)Calculated over the trailing 6-month period | 3.69% | 2.59% | +1.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.69% | 3.34% | +1.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.42% | 5.39% | +3.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 4.49% | +2.62% |
TBX vs. VGIT - Expense Ratio Comparison
TBX has a 0.95% expense ratio, which is higher than VGIT's 0.03% expense ratio.
Dividends
TBX vs. VGIT - Dividend Comparison
TBX's dividend yield for the trailing twelve months is around 2.84%, less than VGIT's 3.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBX ProShares Short 7-10 Year Treasury | 2.84% | 3.45% | 6.58% | 4.07% | 0.40% | 0.00% | 0.10% | 1.53% | 0.72% | 0.00% | 0.00% | 0.00% |
VGIT Vanguard Intermediate-Term Treasury ETF | 3.56% | 3.79% | 3.67% | 2.73% | 1.74% | 1.69% | 2.23% | 2.24% | 2.05% | 1.67% | 1.69% | 1.69% |
Frequently Asked Questions
TBX and VGIT have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBX has higher volatility (1.27%) compared to VGIT (0.84%). In terms of maximum drawdown, TBX dropped -41.04% vs VGIT's -16.05%.
On 10-year performance, TBX leads with 2.33% vs 1.09% for VGIT. On fees, VGIT is cheaper at 0.03% per year. On volatility, VGIT has been the lower-risk option at 0.84%. 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 2.33% return vs 1.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VGIT is cheaper with a 0.03% expense ratio, compared with 0.95% for TBX.
VGIT has the higher dividend yield at 3.56%, compared with 2.84% for TBX.
TBX is categorized as Inverse Bonds, while VGIT is Government Bonds. TBX tracks ICE BofA US Treasury (7-10 Y) (-100%), while VGIT tracks Bloomberg U.S. Treasury 3-10 Year Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for TBX and 0.03% for VGIT.
TBX currently has the higher Sharpe Ratio (0.89 vs 0.63), 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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