TBF vs TBX: Grades, Fees and Holdings Compared

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

ProShares Short 7-10 Year Treasury

TBXBNYSE Arca

Overlap

No data

Expense ratio

TBF0.95%TBX0.95%

Avg volume · 30D

TBF 8.7×the volume

TBF205KTBX23.7K

10Y return · a year

TBF +1.0pt

TBF+3.3%TBX+2.3%

TBF vs TBX Performance

Oct 29, 2021 – Oct 30, 2026

+81.8%TBF+39.2%TBX

Expense ratio: TBF 0.95%; TBX 0.95%
Fund size: TBF $122M; TBX $21M
1Y total return: TBF +11.1%, better; TBX +7.3%
Yield (12M): TBF 2.31%; TBX 2.59%, better
Holdings: TBF 3; TBX 2
Avg volume (30D): TBF 205K sh, better; TBX 23.7K sh
NAV per share: TBF $25.48; TBX $29.14
52W range

ETF.net Grade

Pillar letters and Scores for TBF, TBX, with each pillar’s weight
Pillar	TBF	TBX
Cost30% weight	B56	B56
Mission25% weight	Not scored	Not scored
Risk15% weight	B66	A75Higher
Tradability15% weight	A70Higher	B63
Holdings10% weight	B58	A74Higher
Durability5% weight	B58Higher	C50

Rank among Inverse Treasury funds

How we build Categories ›

Same Category. TBF 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 TBF 3rd of 7 funds in the Inverse Treasury Category.

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

Our read on each fund

ETF.net Research

TBFBProShares Short 20+ Year Treasury

TBXBProShares Short 7-10 Year Treasury

In short

TBF The plain one in a geared lineup: TBF aims for -1x the daily move of the S&P ICE U.S. Treasury 20+ Year Bond Index, with no 2x or 3x amplification. Trading since 2009 at 0.95% net of a waiver through September 30, 2027.

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

TBF The fund seeks daily investment results, before fees and expenses, corresponding to -1x the daily performance of the S&P ICE U.S. Treasury 20+ Year Bond Index.

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

TBF Straight -1x: one dollar of inverse long-Treasury exposure per dollar in, while the 2x and 3x siblings (TBT, TTT) stack the daily move on top of it.proshares.com
Costs 0.95% net of a waiver through September 30, 2027, versus 1.00% gross, sitting near the median fee for geared Treasury funds.
Live since August 2009, a long operating history for a daily-reset fund, and it lands in the upper half of its geared Treasury-short peer group on our review.

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

TBF The -1x target resets every day. Over longer holds the result is each day's return compounded, which usually differs from -1x the index over that same stretch.proshares.com sec.gov
The benchmark is the 20+ year end of the curve, the most rate-sensitive stretch, so daily moves in both directions tend to run large.
A smaller, moderately traded fund rather than a headline name, so the bid-ask spread and order type carry more weight at the point of trade.

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 TBF profile⁠

Full TBX profile⁠

TBF vs TBX Holdings

How TBF and TBX differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for TBF and TBX.

Country, concentration and asset class

Country by domicile

Country weights in TBF and TBX, widest gap first
Country	More in TBFMore in TBX	TBF	TBX
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

TBF100.0%
TBX100.0%

Securities held

TBF2
TBX1

Asset class

TBF: Fixed Income
TBX: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. TBF holds 2 securities, TBX 1.

All 11 TBF holdings⁠All 7 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.

TBF vs TBX Cost

Same expense ratio

$17,869

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

TBF 0.95%
$17,869
TBX 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

TBF 0.95%
TBX 0.95%

Year by year

Year	TBF	TBX
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%TBF
0.95%TBX

TBF0.95%TBX0.95%

0.93%1.00%

Middle half of Inverse Treasury funds
Median 0.95%

TBF 2nd cheapest of 7 funds

TBX 2nd cheapest of 7 funds

TBF vs TBX Dividends

Last 12 months to Oct 30, 2026

Yield (12M): TBF 2.31%; TBX 2.59%, better
Payout (12M): TBF $0.59; TBX $0.76
Last payment: TBF $0.13; TBX $0.18
Ex-dividend: TBF Sep 23, 2026; TBX Sep 23, 2026
Paid on: TBF Sep 29, 2026; TBX Sep 29, 2026
Frequency: TBF Quarterly; TBX Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

TBFQuarterly · 24 paymentsAll TBF payments⁠

TBXQuarterly · 24 paymentsAll TBX payments⁠

TBF vs TBX Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: TBF 13.4%TBX 6.6%, better
Return per unit of riskSharpe ratio, 3 years: TBF −0.11, betterTBX −0.30
Worst fallMax drawdown, 5 years: TBF −17.8%TBX −7.7%, better
Market sensitivityBeta, 5 years: TBF −2.41TBX −1.17; Market = 1

Popular comparisons

TBFBvsTBTB
ProShares Short 20+ Year Treasury · ProShares UltraShort 20+ Year Treasury
Expense ratio
0.95% · 0.93%
Category
TBXBvsTBTB
ProShares Short 7-10 Year Treasury · ProShares UltraShort 20+ Year Treasury
Expense ratio
0.95% · 0.93%
Category
TBFBvsPSTC
ProShares Short 20+ Year Treasury · ProShares UltraShort 7-10 Year Treasury
Expense ratio
0.95% · 0.95%
Category
TBXBvsPSTC
ProShares Short 7-10 Year Treasury · ProShares UltraShort 7-10 Year Treasury
Expense ratio
0.95% · 0.95%
Category
TBFBvsTTTC
ProShares Short 20+ Year Treasury · ProShares UltraPro Short 20+ Year Treasury
Expense ratio
0.95% · 0.95%
Category
TBXBvsTTTC
ProShares Short 7-10 Year Treasury · ProShares UltraPro Short 20+ Year Treasury
Expense ratio
0.95% · 0.95%
Category