Data as of .
TBX vs TYD: which held to its multiple?
Over three months against its own daily promise, TBX finished 1.5 points over and TYD 2.5 points short.
ETFIQ Decay Resistance Score: TYD scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| TBX | TYD | TBX | TYD | TBX | TYD | |
| 1 month | +2.1% | −6.1% | +1.7% | −5.2% | +0.4 pts | −0.8 pts |
| 3 months | +3.8% | −9.6% | +2.4% | −7.1% | +1.5 pts | −2.5 pts |
| 6 months | +5.8% | −13.1% | +2.8% | −8.5% | +3.0 pts | −4.6 pts |
| 1 year | +8.9% | −17.5% | +2.7% | −8.2% | +6.1 pts | −9.4 pts |
| 3 years | +13.0% | −10.9% | −8.8% | +26.3% | +21.8 pts | −37.2 pts |
| Since launch | −12.5% | +39.3% | −38.0% | +149.8% | +25.5 pts | −110.5 pts |
| TBX ProShares Short 7-10 Year Treasury Aims to return 1 times the opposite of the daily move of 10-year Treasuries (IEF) | TYD Direxion Daily 7-10 Year Treasury Bull 3X ETF Aims to return three times the daily move of 10-year Treasuries (IEF) | |
|---|---|---|
| Issuer | ProShares | Direxion |
| Sets out to return | -1x | +3x |
| On | IEF | IEF |
| Segment | bond | bond |
| Fund returned, 3 months | +3.8% | −9.6% |
| Underlying returned, 3 months | −2.4% | −2.4% |
| What the stated multiple implies, 3 months | +2.4% | −7.1% |
| Difference from stated, 3 months | +1.5 pts | −2.5 pts |
| Fund returned, 1 year or since launch | +8.9% | −17.5% |
| Difference from stated, over that window | +6.1 pts | −9.4 pts |
| Underlying volatility | 5% | 5% |
| Expense ratio | not published | 1.07% |
| Launched | Apr 5, 2011 | Jan 4, 2010 |
TBX in plain words
Three months to Sep 11, 2026: TBX returned +3.8% where its own daily promise gave +2.4%, 1.5 points over. Read the multiple against the whole window instead and −1 times IEF's −2.4% implies +2.4%, which makes TBX look 1.5 points over. 0.0 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. TBX aims to return -1 times IEF's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IEF moved at 5% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
TYD in plain words
Three months to Sep 11, 2026: TYD returned −9.6% where its own daily promise gave −7.1%, 2.5 points short. Read the multiple against the whole window instead and +3 times IEF's −2.4% implies −7.1%, which makes TYD look 2.5 points short. 0.0 of that is daily compounding, which happens to any +3 times fund over the same path, and the rest is the fund. TYD aims to return +3 times IEF's move each day, then resets. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, TBX or TYD?
- Over the window to Sep 11, 2026, TBX finished 1.5 points from what its multiple implies and TYD finished 2.5 points from its own, so TBX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are TBX and TYD levered on the same thing?
- Yes. Both are levered on 10-year Treasuries, TBX at -1 times and TYD at +3 times the daily move.
- Which one decays faster, TBX or TYD?
- Decay follows how much the underlying moves about. Over this window TBX’s moved at 5% annualized and TYD’s at 5%, so TBX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TBX or TYD for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, TBX against TYD, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/TBX-TYD Free to use with attribution; the underlying files are at Open data.