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USD=X vs. ^TNX
Performance
Return for Risk
Drawdowns
Volatility

USD=X vs. ^TNX

Last updated Jun 25, 2026

USD=X (USD Cash) is a currency, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, USD=X returned 0.00%/yr vs 10.80%/yr for ^TNX.

Performance

USD=X vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USD Cash (USD=X) and Cboe 10-Year Treasury Note Yield Index (^TNX). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

USD=X

1D
0.00%
1M
0.00%
YTD
0.00%
6M
0.00%
1Y
0.00%
3Y*
0.00%
5Y*
0.00%
10Y*
0.00%

^TNX

1D
-1.10%
1M
-3.42%
YTD
5.74%
6M
6.43%
1Y
2.54%
3Y*
5.59%
5Y*
23.44%
10Y*
10.80%
*Multi-year figures are annualized to reflect compound growth (CAGR)

USD=X vs. ^TNX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
USD=X
USD Cash		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
^TNX
Cboe 10-Year Treasury Note Yield Index		5.74%-8.97%18.29%-0.34%156.55%64.89%-52.21%-28.56%11.68%-1.68%

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USD Cash

Cboe 10-Year Treasury Note Yield Index

Often compared with USD=X:
USD=X vs. UUPUSD=X vs. EUR=XUSD=X vs. XRP-USDUSD=X vs. BTC-USDUSD=X vs. QQQUSD=X vs. TSLAUSD=X vs. USDX
Often compared with ^TNX:
^TNX vs. TMF^TNX vs. ^TYX^TNX vs. SPY^TNX vs. ^FVX^TNX vs. TMV^TNX vs. KMB^TNX vs. TQQQ

Return for Risk

USD=X vs. ^TNX — Risk / Return Rank

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

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

^TNX
^TNX Risk / Return Rank: 1515
Overall Rank
^TNX Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
^TNX Sortino Ratio Rank: 1414
Sortino Ratio Rank
^TNX Omega Ratio Rank: 1414
Omega Ratio Rank
^TNX Calmar Ratio Rank: 1616
Calmar Ratio Rank
^TNX Martin Ratio Rank: 1515
Martin Ratio Rank
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.

USD=X vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USD Cash (USD=X) and Cboe 10-Year Treasury Note Yield Index (^TNX). 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.

USD=X^TNXDifference
Sharpe ratioReturn per unit of total volatility

—

0.17

—

Sortino ratioReturn per unit of downside risk

—

0.34

—

Omega ratioGain probability vs. loss probability

—

1.04

—

Calmar ratioReturn relative to maximum drawdown

—

0.22

—

Martin ratioReturn relative to average drawdown

—

0.39

—

USD=X vs. ^TNX - Sharpe Ratio Comparison

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Drawdowns

USD=X vs. ^TNX - Drawdown Comparison

The maximum USD=X drawdown since its inception was 0.00%, smaller than the maximum ^TNX drawdown of -96.85%. Use the drawdown chart below to compare losses from any high point for USD=X and ^TNX.

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Drawdown Indicators

USD=X^TNXDifference

Max Drawdown

Largest peak-to-trough decline

0.00%

-96.85%

+96.85%

Max Drawdown (1Y)

Largest decline over 1 year

0.00%

-11.94%

+11.94%

Max Drawdown (3Y)

Largest decline over 3 years

0.00%

-27.41%

+27.41%

Max Drawdown (5Y)

Largest decline over 5 years

0.00%

-27.41%

+27.41%

Max Drawdown (10Y)

Largest decline over 10 years

0.00%

-84.57%

+84.57%

Current Drawdown

Current decline from peak

0.00%

-72.21%

+72.21%

Average Drawdown

Average peak-to-trough decline

0.00%

-55.01%

+55.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.00%

6.59%

-6.59%

Volatility

USD=X vs. ^TNX - Volatility Comparison

The current volatility for USD Cash (USD=X) is 0.00%, while Cboe 10-Year Treasury Note Yield Index (^TNX) has a volatility of 3.54%. This indicates that USD=X experiences smaller price fluctuations and is considered to be less risky than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

USD=X^TNXDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.00%

3.54%

-3.54%

Volatility (6M)

Calculated over the trailing 6-month period

0.00%

10.75%

-10.75%

Volatility (1Y)

Calculated over the trailing 1-year period

0.00%

15.11%

-15.11%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

0.00%

32.22%

-32.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

0.00%

47.88%

-47.88%

Frequently Asked Questions

^TNX has higher volatility (3.54%) compared to USD=X (0.00%). In terms of maximum drawdown, USD=X dropped 0.00% vs ^TNX's -96.85%.

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