TBX vs TYO
ProShares Short 7-10 Year Treasury vs Direxion Daily 7-10 Year Treasury Bear 3X ETF
Which is better, TBX or TYO?
Nearly the same fund. TBX costs less.
TBX has a lower expense ratio. TBX led over the full window, TYO over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.98.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | TBX | TYO |
|---|---|---|
| Expense Ratio | 0.95%Best | 1.00% |
| AUM | $19M | $11M |
| Dividend Yield | 2.53% | 7.17% |
| Holdings | 4 | 12 |
| YTD Return | +8.58% | +24.61%Best |
| 1Y Return | +10.20% | +29.99%Best |
| 3Y Return (annualized) | +2.31% | +4.55%Best |
| 5Y Return (annualized) | +6.62% | +16.67%Best |
| Volatility (annualized) | 6.5%Best | 18.9% |
| Max Drawdown | -42.4%Best | -83.7% |
| $10,000 over 5 years | $13,778 | $21,617Best |
| Fund Family | ProShares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Debt | Trading-Inverse Debt |
| Inception | Apr 4, 2011 | Apr 16, 2009 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Apr 5, 2011 to Oct 14, 2026 (15.5 years).
TBX vs TYO growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 15.5 years both funds cover.
TBX vs TYO Performance
ProShares Short 7-10 Year Treasury (TBX) is an ETF from ProShares and Direxion Daily 7-10 Year Treasury Bear 3X ETF (TYO) is an ETF from Direxion Shares ETF Trust. Over the past year TBX returned +10.20% while TYO returned +29.99%. Year to date, TBX is up 8.58% versus a gain of 24.61% for TYO.
Over three years, TBX compounded at +2.31% per year against +4.55% for TYO; over five years the annualized figures are +6.62% and +16.67% respectively. Across the full 16-year window we track, TBX has the edge at -1.12% annualized vs -5.64%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TYO has been the more volatile fund, with annualized monthly volatility of 18.9% compared with 6.5% for TBX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -42.4% for TBX and -83.7% for TYO. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.98. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
TBX charges 0.95% per year while TYO charges 1.00%. On a $10,000 position that is $95 vs $100 annually, a gap of $5 per year that compounds over a long holding period. On income, TBX currently yields 2.53% against 7.17% for TYO.
Holdings Overlap
We hold position weights for 1 holding in TBX and 2 in TYO, totalling 46.4% and 88.7% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in TBX and 2 in TYO, against full books of 4 and 12.
You are not choosing between two funds in isolation.
Whichever of TBX and TYO you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, TBX or TYO?
TBX has an expense ratio of 0.95% while TYO charges 1.00%. TBX is the cheaper option, by $5 a year on a $10,000 investment.
Which performed better, TBX or TYO?
Over the past year TBX returned +10.20% vs +29.99% for TYO, so TYO leads on 1-year performance. Over the longest common window we track (16 years), TBX annualized -1.12% vs -5.64% for TYO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, TBX or TYO?
TYO has been the more volatile fund at 18.9% annualized versus 6.5% for TBX. Worst drawdown: TBX -42.4% vs TYO -83.7%.
Should I hold both TBX and TYO?
TBX and TYO have a monthly-return correlation of 0.98, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, TBX or TYO?
TBX yields 2.53% while TYO yields 7.17%, so TYO currently pays the higher dividend yield.
Is TYO better than TBX?
TBX has a lower expense ratio. TBX led over the full window, TYO over 1Y, 3Y and 5Y. The two have moved almost in lockstep, correlation 0.98. Which one suits a particular account depends on what it is for. This is information, not a recommendation.