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TBX vs TYO

ProShares Short 7-10 Year Treasury

TBXBNYSE Arca

Direxion Daily 7-10 Year Treasury Bear 3X ETF

TYODNYSE Arca

Overlap

No data

Expense ratio

TBX −0.05pt a year

TBX0.95%TYO1.00%

Avg volume · 30D

TYO 1.2×the volume

TBX23.7KTYO28.6K

10Y return · a year

TYO +0.2pt

TBX+2.3%TYO+2.5%

TBX vs TYO Performance

Oct 29, 2021 – Oct 30, 2026

+39.2%TBX+101.7%TYO

Oct 29, 2021 to Oct 30, 2026. TBX +39.2%. TYO +101.7%. Use the arrow keys to read each point.0%25%75%125%Oct 2021Apr 2024Oct 2026
Expense ratio
TBX 0.95%, better
TYO 1.00%
Fund size
TBX $21M
TYO $10M
1Y total return
TBX +7.3%
TYO +19.7%, better
Yield (12M)
TBX 2.59%
TYO 7.74%, better
Holdings
TBX 2
TYO 3
Avg volume (30D)
TBX 23.7K sh
TYO 28.6K sh, better
NAV per share
TBX $29.14
TYO $14.74
52W range

ETF.net Grade

TBX: Cost 56, Risk 75, Mission not scored, Tradability 63, Holdings 74, Durability 50. TYO: Cost 12, Risk 59, Mission not scored, Tradability 22, Holdings 35, Durability 32.
Pillar letters and Scores for TBX, TYO, with each pillar’s weight
PillarTBXTYO
Cost30% weightB56HigherF12
Mission25% weightNot scoredNot scored
Risk15% weightA75HigherB59
Tradability15% weightB63HigherF22
Holdings10% weightA74HigherD35
Durability5% weightC50HigherD32

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. TBX and TYO 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 TYO 7th 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 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39
  5. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 27

Our read on each fund

ETF.net Research

TBXBProShares Short 7-10 Year Treasury

TYODDirexion Daily 7-10 Year Treasury Bear 3X ETF

In short

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.

TYO Most leveraged short on the belly of the Treasury curve: TYO targets 300% of the inverse daily move of the ICE U.S. Treasury 7-10 Year Bond Index, where same-index rivals stop at 1x and 2x.

Stated mandate

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.

TYO The fund seeks daily investment results equal to 300% of the inverse performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses. Its objective applies for a single day.

Why people hold it

  • 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.
  • TYO Three times the daily punch on the 7-10 year note, not the 30-year bond. Same ICE index as TBX (1x short) and PST (2x short), triple the multiple.direxion.com
  • Fee runs 1.00% net of a waiver through September 1, 2027 (1.15% gross), near the typical cost in the leveraged bear Treasury group.
  • Trading since April 2009, so its daily-reset machinery has run through zero-rate years and rate spikes alike. Pays quarterly.

Worth knowing

  • 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.
  • TYO The 300% target applies to one day. Over weeks, daily compounding takes over and results can look nothing like 3x the index move.sec.gov
  • A small fund and lightly traded next to the long-bond shorts, which can mean wider spreads and more care needed on entry and exit.
  • Same-index shorts TBX and PST each run 0.95% net of waivers through September 30, 2027, below TYO's 1.00%, with less leverage.

Full TBX profile⁠

Full TYO profile⁠

TBX vs TYO 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.

TBX vs TYO Cost

Overpaying TYO vs TBX

$819

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

  • TBX 0.95%

    $17,869

  • TYO 1.00%

    $18,688

$10,000
30 years

Cost over time

  • TBX 0.95%
  • TYO 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TYO $18,688TBX $17,869

Year by year

YearTBXTYOOverpaying
10$1,678$1,763$85
20$6,322$6,625$303
30$17,869$18,688$819

Expense ratio

  • 0.95%TBX, cheaper
  • 1.00%TYO
  • Middle half of Inverse Treasury funds
  • Median 0.95%

TBX 2nd cheapest of 7 funds

TYO 7th cheapest of 7 funds

TBX vs TYO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TBX 2.59%
TYO 7.74%, better
Payout (12M)
TBX $0.76
TYO $1.12
Last payment
TBX $0.18
TYO $0.86
Ex-dividend
TBX Sep 23, 2026
TYO Sep 22, 2026
Paid on
TBX Sep 29, 2026
TYO Sep 29, 2026
Frequency
TBX Quarterly
TYO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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
TYOQuarterly · 23 paymentsAll TYO payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 25, 2018 $0.02; Dec 27, 2018 $0.02; Mar 19, 2019 $0.06; Jun 25, 2019 $0.05; Sep 24, 2019 $0.05; Dec 23, 2019 $0.01; Mar 24, 2020 $0.03; Dec 20, 2022 $0.01; Mar 21, 2023 $0.14; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.08; Mar 19, 2024 $0.27; Jun 25, 2024 $0.15; Sep 24, 2024 $0.15; Dec 23, 2024 $0.05; Mar 25, 2025 $0.23; Jun 24, 2025 $0.12; Sep 23, 2025 $0.10; Dec 23, 2025 $0.05; Mar 24, 2026 $0.14; Jun 23, 2026 $0.08; Sep 22, 2026 $0.86. Use the arrow keys to read each point.$0$12017202020232026YTD

TBX vs TYO Risk

Fall from peak · 5 years

  • TBX
  • TYO
Oct 29, 2021 to Oct 30, 2026. Worst fall: TYO −24.4% · Sep 2024. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
TBX 6.6%, betterTYO 20.0%
Return per unit of riskSharpe ratio, 3 years
TBX −0.30TYO −0.06, better
Worst fallMax drawdown, 5 years
TBX −7.7%, betterTYO −24.4%
Market sensitivityBeta, 5 years
TBX −1.17TYO −3.52

Popular comparisons

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