{"url":"https://etfiq.com/compare/leverage/tbx-vs-tyo","section":"compare","title":"TBX vs TYO: which held to its multiple? | ETFIQ","description":"TBX sets out to return -1 times IEF each day and TYO -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +5.4 pts away.","as_of":"Sep 30, 2026","structured_data":[{"@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Which came closer to its stated multiple, TBX or TYO?","acceptedAnswer":{"@type":"Answer","text":"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."}},{"@type":"Question","name":"Are TBX and TYO levered on the same thing?","acceptedAnswer":{"@type":"Answer","text":"Yes. Both are levered on 10-year Treasuries, TBX at -1 times and TYO at -3 times the daily move."}},{"@type":"Question","name":"Which one decays faster, TBX or TYO?","acceptedAnswer":{"@type":"Answer","text":"Decay follows how much the underlying moves about. Over this window TBX\u2019s moved at 5% annualized and TYO\u2019s at 5%, so TBX has the rougher ride and, at the same multiple, loses more to compounding."}},{"@type":"Question","name":"Can I hold TBX or TYO for a year?","acceptedAnswer":{"@type":"Answer","text":"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\u2019s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way."}},{"@type":"Question","name":"Which is cheaper, TBX or TYO?","acceptedAnswer":{"@type":"Answer","text":"TBX charges 0.95% a year and TYO charges 1.00%, so TBX is cheaper. Fees come from each fund's prospectus."}}]},{"@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"ETFIQ","item":"https://etfiq.com/"},{"@type":"ListItem","position":2,"name":"Leveraged ETFs","item":"https://etfiq.com/leverage/"},{"@type":"ListItem","position":3,"name":"TBX vs TYO","item":"https://etfiq.com/compare/leverage/tbx-vs-tyo"}]},{"@type":"WebPage","name":"TBX vs TYO: which held to its multiple?","description":"TBX sets out to return -1 times IEF each day and TYO -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +5.4 pts away.","url":"https://etfiq.com/compare/leverage/tbx-vs-tyo","dateModified":"2026-09-30","abstract":"Over three months against its own daily promise, TBX finished 1.7 points over and TYO 4.7 points over.","publisher":{"@id":"https://etfiq.com/#org"},"isPartOf":{"@id":"https://etfiq.com/#website"},"speakable":{"@type":"SpeakableSpecification","cssSelector":[".verdict",".faq"]}},{"@type":"Dataset","name":"ETFIQ comparison of TBX and TYO","description":"TBX sets out to return -1 times IEF each day and TYO -3 times. Over the three months to Sep 30, 2026 they finished +1.8 pts and +5.4 pts away.","dateModified":"2026-09-30","creator":{"@id":"https://etfiq.com/#org"},"isAccessibleForFree":true,"url":"https://etfiq.com/compare/leverage/tbx-vs-tyo","license":"https://etfiq.com/standards/","publisher":{"@id":"https://etfiq.com/#org"},"inLanguage":"en","creativeWorkStatus":"Published","distribution":[{"@type":"DataDownload","encodingFormat":"application/json","contentUrl":"https://etfiq.com/data/leverage.json"}],"variableMeasured":["Stated multiple","Underlying return","What the stated multiple implies","Fund total return","Difference against the label","Volatility of the underlying","Expense ratio"],"keywords":["exchange-traded funds","ETF","Leveraged ETFs","fund data","SEC filings"]}],"characters":6766,"truncated":true,"content":"ETFIQ / Leveraged ETFs / Head to head / TBX vs TYO \n ETFIQ etfiq.com \u00b7 independent ETF data \n\n Data as of Sep 30, 2026 .\n\n TBX vs TYO: which held to its multiple?\n\n Over three months against its own daily promise, TBX finished 1.7 points over and TYO 4.7 points over.\n Copy this for sharing \n \n ProShares Short 7-10 Year Treasury and Direxion Daily 7-10 Year Treasury Bear 3X ETF.\n\n Download as PDF \n\n +6.2% TBX returned, 3 months \n +18.5% TYO returned, 3 months \n +1.8 pts TBX from its stated multiple \n +5.4 pts TYO from its stated multiple \n\n ETFIQ Decay Resistance Score: TYO scores higher\n Did i","source":"ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.","publisher":{"@id":"https://etfiq.com/#org","name":"ETFIQ","url":"https://etfiq.com"},"license":"https://etfiq.com/license/","citation":"ETFIQ, as of Sep 30, 2026. https://etfiq.com/compare/leverage/tbx-vs-tyo","a":{"ticker":"TBX","name":"ProShares Short 7-10 Year Treasury","issuer":"ProShares","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TBX returned +6.2% where its own daily promise gave +4.5%, 1.7 points over.","url":"https://etfiq.com/funds/tbx","key_facts":[{"label":"What IEF did","value":"\u22124.3%","as_of":"2026-09-30","source":null},{"label":"What \u22121 times a day gives","value":"+4.5%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+6.2%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+1.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$19m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"0.95%","as_of":"2026-09-30","source":"485BPOS XBRL, Sep 25, 2026"}]},"b":{"ticker":"TYO","name":"Direxion Daily 7-10 Year Treasury Bear 3X ETF","issuer":"Direxion","desk":"leverage","as_of":"2026-09-30","verdict":"Three months to Sep 30, 2026: TYO returned +18.5% where its own daily promise gave +13.8%, 4.7 points over.","url":"https://etfiq.com/funds/tyo","key_facts":[{"label":"What IEF did","value":"\u22124.3%","as_of":"2026-09-30","source":null},{"label":"What \u22123 times a day gives","value":"+13.8%","as_of":"2026-09-30","source":null},{"label":"What the fund returned","value":"+18.5%","as_of":"2026-09-30","source":null},{"label":"The fund itself added","value":"+4.7 pts","as_of":"2026-09-30","source":null},{"label":"Net assets","value":"$11m","as_of":"2026-09-30","source":"issuer page, as of Sep 30, 2026"},{"label":"Expense ratio","value":"1.00%","as_of":"2026-09-30","source":"485BPOS XBRL, Feb 26, 2026"}]},"overlap_pct":null,"overlap_note":"ETFIQ does not publish a holdings overlap for this pair. Either the funds are not compared on holdings, or one book is incomplete.","full_text_at":"https://etfiq.com/compare/leverage/tbx-vs-tyo"}