EEV vs. UJB
EEV (ProShares UltraShort MSCI Emerging Markets) and UJB (ProShares Ultra High Yield) are both exchange-traded funds - EEV is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-200%), while UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, EEV returned -22.12%/yr vs 5.85%/yr for UJB. At a correlation of -0.37, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
EEV vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, EEV achieves a -35.24% return, which is significantly lower than UJB's 0.83% return. Over the past 10 years, EEV has underperformed UJB with an annualized return of -22.12%, while UJB has yielded a comparatively higher 5.85% annualized return.
EEV
- 1D
- 7.43%
- 1M
- 7.34%
- 6M
- -27.37%
- YTD
- -35.24%
- 1Y
- -49.99%
- 3Y*
- -29.87%
- 5Y*
- -14.73%
- 10Y*
- -22.12%
UJB
- 1D
- -0.46%
- 1M
- -0.38%
- 6M
- 0.04%
- YTD
- 0.83%
- 1Y
- 6.23%
- 3Y*
- 10.82%
- 5Y*
- 2.64%
- 10Y*
- 5.85%
EEV vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | -35.24% | -43.35% | -8.08% | -13.08% | 37.05% | -4.99% | -48.93% | -30.87% | 24.06% | -49.03% |
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
Correlation
The correlation between EEV and UJB is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.60 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.55 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.45 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | -0.37 |
Over the past year, the inverse relationship between EEV and UJB has strengthened: their correlation has moved from -0.37 to -0.60, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
EEV vs. UJB — Risk / Return Rank
EEV
UJB
EEV vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort MSCI Emerging Markets (EEV) and ProShares Ultra High Yield (UJB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| EEV | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.91 | ||
| Sortino ratioReturn per unit of downside risk | -3.02 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.16 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 1.25 | -2.10 |
| Martin ratioReturn relative to average drawdown | -1.52 | 5.27 | -6.79 |
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Drawdowns
EEV vs. UJB - Drawdown Comparison
The maximum EEV drawdown since its inception was -99.88%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for EEV and UJB.
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Drawdown Indicators
| EEV | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.88% | -40.14% | -59.74% |
Max Drawdown (1Y)Largest decline over 1 year | -58.51% | -5.01% | -53.50% |
Max Drawdown (3Y)Largest decline over 3 years | -77.51% | -9.47% | -68.04% |
Max Drawdown (5Y)Largest decline over 5 years | -81.14% | -30.14% | -51.00% |
Max Drawdown (10Y)Largest decline over 10 years | -93.39% | -40.14% | -53.25% |
Current DrawdownCurrent decline from peak | -99.86% | -0.93% | -98.93% |
Average DrawdownAverage peak-to-trough decline | -93.02% | -6.13% | -86.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.00% | 1.18% | +31.82% |
Volatility
EEV vs. UJB - Volatility Comparison
ProShares UltraShort MSCI Emerging Markets (EEV) has a higher volatility of 22.55% compared to ProShares Ultra High Yield (UJB) at 1.59%. This indicates that EEV's price experiences larger fluctuations and is considered to be riskier than UJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EEV | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.55% | 1.59% | +20.96% |
Volatility (6M)Calculated over the trailing 6-month period | 43.38% | 5.91% | +37.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.68% | 7.28% | +40.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 39.86% | 14.68% | +25.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.55% | 17.69% | +23.86% |
EEV vs. UJB - Expense Ratio Comparison
Both EEV and UJB have an expense ratio of 0.95%.
Dividends
EEV vs. UJB - Dividend Comparison
EEV's dividend yield for the trailing twelve months is around 7.23%, more than UJB's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EEV ProShares UltraShort MSCI Emerging Markets | 7.23% | 5.40% | 4.45% | 3.45% | 0.27% | 0.00% | 0.14% | 1.34% | 0.38% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.20% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
Frequently Asked Questions
EEV and UJB have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EEV has higher volatility (22.55%) compared to UJB (1.59%). In terms of maximum drawdown, EEV dropped -99.88% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.85% vs -22.12% for EEV. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UJB has performed better with a 5.85% return vs -22.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EEV and UJB have the same expense ratio: 0.95% per year.
EEV has the higher dividend yield at 7.23%, compared with 3.20% for UJB.
EEV is categorized as Leveraged Equities, while UJB is Leveraged Bonds. EEV tracks MSCI Emerging Markets Index (-200%), while UJB tracks Markit iBoxx $ Liquid High Yield Index.
UJB currently has the higher Sharpe Ratio (0.86 vs -1.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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