TBX vs TYO: which held to its multiple?
Over three months against its own daily promise, TBX finished 1.7 points over and TYO 4.7 points over. ProShares Short 7-10 Year Treasury and Direxion Daily 7-10 Year Treasury Bear 3X ETF.
TBX returned +6.2% while −1 times IEF's move would have been +4.3%
TYO returned +18.5% while −3 times IEF's move would have been +13.1%
A percentile among the 125 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | TBX | TYO | TBX | TYO | TBX | TYO |
| 1 month | +4.0% | +11.9% | +3.4% | +10.1% | +0.6 pts | +1.8 pts |
| 3 months | +6.2% | +18.5% | +4.3% | +13.1% | +1.8 pts | +5.4 pts |
| 6 months | +7.7% | +22.4% | +4.4% | +13.3% | +3.3 pts | +9.1 pts |
| 1 year | +10.1% | +28.8% | +3.7% | +11.2% | +6.3 pts | +17.6 pts |
| 3 years | +12.8% | +19.9% | −8.9% | −26.8% | +21.7 pts | +46.6 pts |
| Since launch TBX Apr 2011 · TYO Jan 2010 | −10.5% | −69.5% | −35.5% | −141.4% | +24.9 pts | +71.9 pts |
TBX and TYO over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
TBX and TYO on the same fields, as of Sep 30, 2026. Source: ETFIQ.
TBX in plain words
Three months to Sep 30, 2026: TBX returned +6.2% where its own daily promise gave +4.5%, 1.7 points over. Read the multiple against the whole window instead and −1 times IEF's −4.3% implies +4.3%, which makes TBX look 1.8 points over. 0.1 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.
TYO in plain words
Three months to Sep 30, 2026: TYO returned +18.5% where its own daily promise gave +13.8%, 4.7 points over. Read the multiple against the whole window instead and −3 times IEF's −4.3% implies +13.1%, which makes TYO look 5.4 points over. 0.8 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. TYO 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 TYO?
- Over the window to Sep 30, 2026, TBX finished 1.8 points from what its multiple implies and TYO finished 5.4 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 TYO levered on the same thing?
- Yes. Both are levered on 10-year Treasuries, TBX at -1 times and TYO at -3 times the daily move.
- Which one decays faster, TBX or TYO?
- Decay follows how much the underlying moves about. Over this window TBX’s moved at 5% annualized and TYO’s at 5%, so TBX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold TBX or TYO 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, TBX against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbx-vs-tyo
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, TBX against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbx-vs-tyo Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, TBX against TYO, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbx-vs-tyo
- APA
- ETFIQ. (Sep 30, 2026). TBX against TYO. Retrieved from https://etfiq.com/compare/leverage/tbx-vs-tyo
- Markdown
- [TBX against TYO (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/tbx-vs-tyo)