OKLL vs. UJB

Last updated Aug 4, 2026

OKLL (Defiance Daily Target 2x Long OKLO ETF) and UJB (ProShares Ultra High Yield) are both exchange-traded funds - OKLL is a Leveraged Equities fund actively managed by Defiance, while UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index. OKLL is actively managed, while UJB is passively managed. Over the past year, OKLL returned -90.75% vs 5.82% for UJB. Their 0.38 correlation means their historical movements had little consistent relationship. OKLL charges 1.31%/yr vs 0.95%/yr for UJB.

Performance

OKLL vs. UJB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2x Long OKLO ETF (OKLL) and ProShares Ultra High Yield (UJB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OKLL achieves a -83.42% return, which is significantly lower than UJB's 1.03% return.

OKLL

• 1D: 12.55%
• 1M: -43.27%
• 6M: -82.46%
• YTD: -83.42%
• 1Y: -90.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -84.76%

UJB

• 1D: 0.58%
• 1M: -0.40%
• 6M: 0.07%
• YTD: 1.03%
• 1Y: 5.82%
• 3Y*: 11.10%
• 5Y*: 2.79%
• 10Y*: 5.79%
• ALL TIME*: 6.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
OKLL Defiance Daily Target 2x Long OKLO ETF	$34.25M	$36.68M	$90.48M
UJB ProShares Ultra High Yield	$319.40K	$2.11M	$1.46M

OKLL vs. UJB - Yearly Performance Comparison

	2026 (YTD)	2025
OKLL Defiance Daily Target 2x Long OKLO ETF	-83.42%	-25.10%
UJB ProShares Ultra High Yield	1.03%	6.24%

Correlation

The correlation between OKLL and UJB is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Jun 24, 2025	0.38

Return for Risk

OKLL vs. UJB — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OKLL

OKLL Risk / Return Rank: 5
OKLL Sharpe Ratio Rank: 6
OKLL Sortino Ratio Rank: 7
OKLL Omega Ratio Rank: 7
OKLL Calmar Ratio Rank: 1
OKLL Martin Ratio Rank: 3

UJB

UJB Risk / Return Rank: 34
UJB Sharpe Ratio Rank: 32
UJB Sortino Ratio Rank: 31
UJB Omega Ratio Rank: 31
UJB Calmar Ratio Rank: 34
UJB Martin Ratio Rank: 43

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

OKLL vs. UJB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2x Long OKLO ETF (OKLL) 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.

	OKLL	UJB	Difference
Sharpe ratio: Return per unit of total volatility	-0.45	0.80	-1.25
Sortino ratio: Return per unit of downside risk	-0.31	1.21	-1.51
Omega ratio: Gain probability vs. loss probability	0.97	1.15	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.92	1.17	-2.09
Martin ratio: Return relative to average drawdown	-1.16	4.79	-5.95

OKLL vs. UJB - Sharpe Ratio Comparison

The current OKLL Sharpe Ratio is -0.45, which is lower than the UJB Sharpe Ratio of 0.80. The chart below compares the historical Sharpe Ratios of OKLL and UJB, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

OKLL vs. UJB - Drawdown Comparison

The maximum OKLL drawdown since its inception was -98.36%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for OKLL and UJB.

Drawdown Indicators

	OKLL	UJB	Difference
Max Drawdown Largest peak-to-trough decline	-98.36%	-40.14%	-58.22%
Max Drawdown (1Y) Largest decline over 1 year	-98.36%	-5.01%	-93.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-9.47%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-30.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.14%	—
Current Drawdown Current decline from peak	-98.00%	-0.73%	-97.27%
Average Drawdown Average peak-to-trough decline	-65.91%	-6.11%	-59.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.10%	1.22%	+76.88%

Volatility

OKLL vs. UJB - Volatility Comparison

Defiance Daily Target 2x Long OKLO ETF (OKLL) has a higher volatility of 49.51% compared to ProShares Ultra High Yield (UJB) at 1.67%. This indicates that OKLL'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.

Volatility by Period

	OKLL	UJB	Difference
Volatility (1M) Calculated over the trailing 1-month period	49.51%	1.67%	+47.84%
Volatility (6M) Calculated over the trailing 6-month period	131.81%	6.03%	+125.78%
Volatility (1Y) Calculated over the trailing 1-year period	201.33%	7.37%	+193.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	198.77%	14.67%	+184.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	198.77%	17.58%	+181.19%

OKLL vs. UJB - Expense Ratio Comparison

OKLL has a 1.31% expense ratio, which is higher than UJB's 0.95% expense ratio.

Dividends

OKLL vs. UJB - Dividend Comparison

OKLL has not paid dividends to shareholders, while UJB's dividend yield for the trailing twelve months is around 3.20%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OKLL Defiance Daily Target 2x Long OKLO ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

Can I hold both OKLL and UJB in my portfolio?

OKLL and UJB have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OKLL or UJB?

OKLL has higher volatility (49.51%) compared to UJB (1.67%). In terms of maximum drawdown, OKLL dropped -98.36% vs UJB's -40.14%.

Which ETF is better, OKLL or UJB?

On 1-year performance, UJB leads with 5.82% vs -90.75% for OKLL. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 1.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OKLL or UJB?

Over the 1-year period, UJB has performed better with a 5.82% return vs -90.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OKLL or UJB?

UJB is cheaper with a 0.95% expense ratio, compared with 1.31% for OKLL.

Which ETF pays a higher dividend yield, OKLL or UJB?

UJB has the higher dividend yield at 3.20%, compared with 0.00% for OKLL.

What is the main difference between OKLL and UJB?

OKLL is categorized as Leveraged Equities, while UJB is Leveraged Bonds. They also come from different issuers: Defiance and ProShares. Their fees differ too: 1.31% for OKLL and 0.95% for UJB.

Which has better risk-adjusted returns?

UJB currently has the higher Sharpe Ratio (0.80 vs -0.45), 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.