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JBH.AX vs. UPRO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

JBH.AX vs. UPRO

Last updated Jun 4, 2026

JBH.AX (JB Hi-Fi Limited) is a stock, while UPRO (ProShares UltraPro S&P 500) is Leveraged Equities fund tracking the S&P 500. Over the past 10 years, JBH.AX returned 17.83%/yr vs 30.52%/yr for UPRO. At a 0.05 correlation, their price movements are largely independent.

Performance

JBH.AX vs. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a A$10,000 investment in JB Hi-Fi Limited (JBH.AX) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

JBH.AX is traded in AUD, while UPRO is traded in USD. To make them comparable, the UPRO values have been converted to AUD using the latest available exchange rates.

Returns By Period

In the year-to-date period, JBH.AX achieves a -26.57% return, which is significantly lower than UPRO's 19.72% return. Over the past 10 years, JBH.AX has underperformed UPRO with an annualized return of 17.83%, while UPRO has yielded a comparatively higher 30.52% annualized return.

JBH.AX

1D
-3.04%
1M
-12.35%
YTD
-26.57%
6M
-27.98%
1Y
-34.65%
3Y*
22.94%
5Y*
13.21%
10Y*
17.83%

UPRO

1D
-1.63%
1M
15.26%
YTD
19.72%
6M
17.30%
1Y
64.01%
3Y*
48.76%
5Y*
25.18%
10Y*
30.52%
*Multi-year figures are annualized to reflect compound growth (CAGR)

JBH.AX vs. UPRO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
JBH.AX
JB Hi-Fi Limited		-26.57%7.51%83.49%35.49%-7.18%5.66%34.53%79.82%-6.73%-6.96%
UPRO
ProShares UltraPro S&P 500		19.72%22.30%80.03%68.66%-53.99%110.28%0.42%103.24%-17.09%58.32%

Correlation

The correlation between JBH.AX and UPRO is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.09

Correlation (3Y)
Calculated over the trailing 3-year period

0.07

Correlation (5Y)
Calculated over the trailing 5-year period

0.06

Correlation (10Y)
Calculated over the trailing 10-year period

0.07

Correlation (All Time)
Calculated using the full available price history since Jun 26, 2009

0.05

Compare stocks, funds, or ETFs

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JB Hi-Fi Limited

ProShares UltraPro S&P 500

Often compared with JBH.AX:
JBH.AX vs. TQQQJBH.AX vs. TLX.AXJBH.AX vs. REA.AXJBH.AX vs. RIOJBH.AX vs. MSFTJBH.AX vs. ITOCYJBH.AX vs. NVDX
Often compared with UPRO:
UPRO vs. SPYUPRO vs. TQQQUPRO vs. SPXLUPRO vs. SSOUPRO vs. VOOUPRO vs. QLDUPRO vs. TMF

Return for Risk

JBH.AX vs. UPRO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
JBH.AX
JBH.AX Risk / Return Rank: 55
Overall Rank
JBH.AX Sharpe Ratio Rank: 22
Sharpe Ratio Rank
JBH.AX Sortino Ratio Rank: 44
Sortino Ratio Rank
JBH.AX Omega Ratio Rank: 55
Omega Ratio Rank
JBH.AX Calmar Ratio Rank: 99
Calmar Ratio Rank
JBH.AX Martin Ratio Rank: 66
Martin Ratio Rank
UPRO
UPRO Risk / Return Rank: 6262
Overall Rank
UPRO Sharpe Ratio Rank: 6868
Sharpe Ratio Rank
UPRO Sortino Ratio Rank: 5757
Sortino Ratio Rank
UPRO Omega Ratio Rank: 5858
Omega Ratio Rank
UPRO Calmar Ratio Rank: 6060
Calmar Ratio Rank
UPRO Martin Ratio Rank: 6868
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

JBH.AX vs. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JB Hi-Fi Limited (JBH.AX) and ProShares UltraPro S&P 500 (UPRO). 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.

JBH.AXUPRODifference
Sharpe ratioReturn per unit of total volatility
-1.19
2.03

-3.23

Sortino ratioReturn per unit of downside risk
-1.78
2.53

-4.31

Omega ratioGain probability vs. loss probability

0.79

1.34

-0.55

Calmar ratioReturn relative to maximum drawdown

-0.84

2.24

-3.07

Martin ratioReturn relative to average drawdown

-1.48

8.08

-9.56

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JBH.AX vs. UPRO - Sharpe Ratio Comparison

The current JBH.AX Sharpe Ratio is -1.19, which is lower than the UPRO Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of JBH.AX and UPRO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

JBH.AXUPRODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.19

2.03

-3.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.50

0.55

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.61

0.61

0.00

Sharpe Ratio (All Time)

Calculated using the full available price history

0.66

0.73

-0.08

Drawdowns

JBH.AX vs. UPRO - Drawdown Comparison

The maximum JBH.AX drawdown since its inception was -62.19%, smaller than the maximum UPRO drawdown of -73.43%. Use the drawdown chart below to compare losses from any high point for JBH.AX and UPRO.

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Drawdown Indicators

JBH.AXUPRODifference

Max Drawdown

Largest peak-to-trough decline

-62.19%

-73.43%

+11.24%

Max Drawdown (1Y)

Largest decline over 1 year

-41.12%

-28.76%

-12.36%

Max Drawdown (3Y)

Largest decline over 3 years

-41.12%

-46.16%

+5.04%

Max Drawdown (5Y)

Largest decline over 5 years

-41.12%

-58.86%

+17.74%

Max Drawdown (10Y)

Largest decline over 10 years

-46.16%

-73.43%

+27.27%

Current Drawdown

Current decline from peak

-41.12%

-1.63%

-39.49%

Average Drawdown

Average peak-to-trough decline

-14.79%

-13.74%

-1.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

23.29%

7.95%

+15.34%

Volatility

JBH.AX vs. UPRO - Volatility Comparison

JB Hi-Fi Limited (JBH.AX) has a higher volatility of 11.09% compared to ProShares UltraPro S&P 500 (UPRO) at 6.94%. This indicates that JBH.AX's price experiences larger fluctuations and is considered to be riskier than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

JBH.AXUPRODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.09%

6.94%

+4.15%

Volatility (6M)

Calculated over the trailing 6-month period

22.88%

23.62%

-0.74%

Volatility (1Y)

Calculated over the trailing 1-year period

28.98%

31.68%

-2.70%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.48%

45.78%

-19.30%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.07%

50.25%

-21.18%

Dividends

JBH.AX vs. UPRO - Dividend Comparison

JBH.AX's dividend yield for the trailing twelve months is around 6.02%, more than UPRO's 0.68% yield.

PositionTTM20252024202320222021202020192018201720162015
JBH.AX
JB Hi-Fi Limited		6.02%3.90%3.68%5.88%7.53%5.94%3.89%3.77%5.96%4.73%3.52%4.61%
UPRO
ProShares UltraPro S&P 500		0.68%0.84%0.93%0.74%0.52%0.06%0.11%0.41%0.63%0.00%0.12%0.34%

Frequently Asked Questions

JBH.AX and UPRO have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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