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PST vs TBX

ProShares UltraShort 7-10 Year Treasury

PSTCNYSE Arca

ProShares Short 7-10 Year Treasury

TBXBNYSE Arca

Overlap

No data

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

PST0.95%TBX0.95%

Avg volume · 30D

TBX 3.7×the volume

PST6.43KTBX23.7K

10Y return · a year

PST +0.8pt

PST+3.1%TBX+2.3%

PST vs TBX Performance

Oct 29, 2021 – Oct 30, 2026

+66.9%PST+39.2%TBX

Oct 29, 2021 to Oct 30, 2026. PST +66.9%. TBX +39.2%. Use the arrow keys to read each point.0%20%80%Oct 2021Apr 2024Oct 2026
Expense ratio
PST 0.95%
TBX 0.95%
Fund size
PST $11M
TBX $21M
1Y total return
PST +12.3%, better
TBX +7.3%
Yield (12M)
PST 2.48%
TBX 2.59%, better
Holdings
PST 2
TBX 2
Avg volume (30D)
PST 6.43K sh
TBX 23.7K sh, better
NAV per share
PST $24.06
TBX $29.14
52W range

ETF.net Grade

PST: Cost 56, Risk 63, Mission not scored, Tradability 33, Holdings 46, Durability 41. TBX: Cost 56, Risk 75, Mission not scored, Tradability 63, Holdings 74, Durability 50.
Pillar letters and Scores for PST, TBX, with each pillar’s weight
PillarPSTTBX
Cost30% weightB56B56
Mission25% weightNot scoredNot scored
Risk15% weightB63A75Higher
Tradability15% weightD33B63Higher
Holdings10% weightC46A74Higher
Durability5% weightC41C50Higher

Rank among Inverse Treasury funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PST and TBX are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds
See all 7 ›

TBX ranks 2nd and PST 4th of 7 funds in the Inverse Treasury Category.

  1. Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 69
  2. Rank 2BTBXProShares Short 7-10 Year TreasuryScore 63
  3. Rank 3BTBFProShares Short 20+ Year TreasuryScore 61
  4. Rank 4CPSTProShares UltraShort 7-10 Year TreasuryScore 50
  5. Rank 4CTTTProShares UltraPro Short 20+ Year TreasuryScore 50

Our read on each fund

ETF.net Research

PSTCProShares UltraShort 7-10 Year Treasury

TBXBProShares Short 7-10 Year Treasury

In short

PST Most inverse Treasury ETFs aim at the 20+ year long bond. PST aims at the belly: two times the inverse of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index, reset each day, trading since 2008.

TBX Most inverse Treasury funds swing at the 20-year-plus long end, often with 2x or 3x. TBX takes the quieter route: a single inverse (-1x) target on the daily move of the 7-10 year part of the curve, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

PST The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It does not seek this -2x target for periods other than a day.

TBX TBX seeks daily pre-fee, pre-expense returns equal to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It uses financial instruments to pursue that daily target.

Why people hold it

  • PST ProShares calls it the only -2x ETF designed to gain when the daily price of the ICE U.S. Treasury 7-10 Year Bond Index falls. The view lands on the 10-year note, not the long end.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.53% gross), near the category median, and the same net fee as -1x TBX, also waived through September 30, 2027.
  • Same index, three dials: TBX at -1x, PST at -2x, TYO at -3x (1.00% net of a waiver through September 1, 2027). You size the rate view without switching benchmarks.
  • Listed in 2008, so it has run through a full rate cycle, from the zero-bound years to the hiking cycle and back.
  • TBX Skips leverage: the stated target is -1x the daily move of the ICE U.S. Treasury 7-10 Year Bond Index, not 2x or 3x of it.
  • Points at the belly of the curve, 7-10 year notes, while much of the short-Treasury shelf (TBT, TBF, TTT) aims at 20+ year bonds.
  • Fee is 0.95% net of a waiver through September 30, 2027, near the category median and level with PST (0.95% net of a waiver through the same date), the 2x take on the same index.
  • Trading since 2011, and built as a 1940 Act registered fund rather than a commodity partnership.

Worth knowing

  • PST The -2x target is a one-day target. Over weeks, compounding takes the wheel and results can drift from twice the inverse of the index move, especially when rates chop.
  • A small fund that trades thinly, so spreads and limit orders carry real weight on entry and exit.
  • That 0.95% rests on a waiver running to September 30, 2027. The gross ratio is 1.53%, and waivers can be renewed or allowed to lapse.
  • TBX The -1x target resets every day. Over longer holds, compounding can push results away from -1x the index for that stretch, especially through choppy rate moves.
  • A small fund that trades lightly next to the long-end inverse names, so spreads and order type carry more weight when getting in or out.
  • The stated gross fee is 1.44%, so the cost picture hinges on whether ProShares extends the waiver past September 30, 2027.

Full PST profile⁠

Full TBX profile⁠

PST vs TBX Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PST vs TBX Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PST 0.95%

    $17,869

  • TBX 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PST 0.95%
  • TBX 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PST $17,869TBX $17,869

Year by year

YearPSTTBX
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%PST
  • 0.95%TBX
  • Middle half of Inverse Treasury funds
  • Median 0.95%

PST 2nd cheapest of 7 funds

TBX 2nd cheapest of 7 funds

PST vs TBX Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PST 2.48%
TBX 2.59%, better
Payout (12M)
PST $0.60
TBX $0.76
Last payment
PST $0.15
TBX $0.18
Ex-dividend
PST Sep 23, 2026
TBX Sep 23, 2026
Paid on
PST Sep 29, 2026
TBX Sep 29, 2026
Frequency
PST Quarterly
TBX Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSTQuarterly · 24 paymentsAll PST payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.0088; Sep 26, 2018 $0.06; Dec 26, 2018 $0.08; Mar 20, 2019 $0.06; Jun 25, 2019 $0.10; Sep 25, 2019 $0.10; Dec 24, 2019 $0.09; Mar 25, 2020 $0.02; Dec 22, 2022 $0.0037; Mar 22, 2023 $0.12; Jun 21, 2023 $0.19; Sep 20, 2023 $0.21; Dec 20, 2023 $0.29; Mar 20, 2024 $0.16; Jun 26, 2024 $0.24; Sep 25, 2024 $0.22; Dec 23, 2024 $0.24; Mar 26, 2025 $0.17; Jun 25, 2025 $0.19; Sep 24, 2025 $0.21; Dec 24, 2025 $0.20; Mar 25, 2026 $0.11; Jun 24, 2026 $0.14; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$12017202020232026YTD
TBXQuarterly · 24 paymentsAll TBX payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.01; Sep 26, 2018 $0.11; Dec 26, 2018 $0.08; Mar 20, 2019 $0.09; Jun 25, 2019 $0.14; Sep 25, 2019 $0.11; Dec 24, 2019 $0.07; Mar 25, 2020 $0.02; Dec 22, 2022 $0.12; Mar 22, 2023 $0.10; Jun 21, 2023 $0.22; Sep 20, 2023 $0.12; Dec 20, 2023 $0.73; Mar 20, 2024 $0.21; Jun 26, 2024 $0.36; Sep 25, 2024 $0.32; Dec 23, 2024 $1.02; Mar 26, 2025 $0.22; Jun 25, 2025 $0.19; Sep 24, 2025 $0.24; Dec 24, 2025 $0.30; Mar 25, 2026 $0.13; Jun 24, 2026 $0.14; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$12017202020232026YTD

PST vs TBX Risk

Fall from peak · 5 years

  • PST
  • TBX
Oct 29, 2021 to Oct 30, 2026. Worst fall: PST −16.2% · Sep 2024. Use the arrow keys to read each point.−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PST 13.3%TBX 6.6%, better
Return per unit of riskSharpe ratio, 3 years
PST −0.20, betterTBX −0.30
Worst fallMax drawdown, 5 years
PST −16.2%TBX −7.7%, better
Market sensitivityBeta, 5 years
PST −2.34TBX −1.17

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