PFFL vs. UJB
PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) and UJB (ProShares Ultra High Yield) are both exchange-traded funds - PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index, while UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 5 years, PFFL returned -6.24%/yr vs 2.92%/yr for UJB. A 0.57 correlation means they provide meaningful diversification when combined. PFFL charges 0.85%/yr vs 0.95%/yr for UJB.
Performance
PFFL vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, PFFL achieves a -0.94% return, which is significantly lower than UJB's 1.21% return.
PFFL
- 1D
- 0.03%
- 1M
- -3.05%
- YTD
- -0.94%
- 6M
- -1.49%
- 1Y
- 6.38%
- 3Y*
- 3.88%
- 5Y*
- -6.24%
- 10Y*
- —
UJB
- 1D
- 0.00%
- 1M
- 0.60%
- YTD
- 1.21%
- 6M
- 2.22%
- 1Y
- 8.36%
- 3Y*
- 11.54%
- 5Y*
- 2.92%
- 10Y*
- 5.59%
PFFL vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -0.94% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
UJB ProShares Ultra High Yield | 1.21% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -8.95% |
Correlation
The correlation between PFFL and UJB is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.59 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.57 |
The correlation between PFFL and UJB has been stable across timeframes, ranging from 0.55 to 0.62 - a consistent structural relationship.
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Return for Risk
PFFL vs. UJB — Risk / Return Rank
PFFL
UJB
PFFL vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) 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.
| PFFL | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.06 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.21 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 0.54 | 1.67 | -1.14 |
| Martin ratioReturn relative to average drawdown | 1.27 | 7.06 | -5.79 |
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Drawdowns
PFFL vs. UJB - Drawdown Comparison
The maximum PFFL drawdown since its inception was -80.68%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for PFFL and UJB.
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Drawdown Indicators
| PFFL | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.68% | -40.14% | -40.54% |
Max Drawdown (1Y)Largest decline over 1 year | -11.92% | -5.01% | -6.91% |
Max Drawdown (3Y)Largest decline over 3 years | -23.75% | -9.47% | -14.28% |
Max Drawdown (5Y)Largest decline over 5 years | -48.51% | -30.14% | -18.37% |
Max Drawdown (10Y)Largest decline over 10 years | — | -40.14% | — |
Current DrawdownCurrent decline from peak | -38.98% | -0.45% | -38.53% |
Average DrawdownAverage peak-to-trough decline | -28.56% | -6.16% | -22.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 1.19% | +3.82% |
Volatility
PFFL vs. UJB - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.00% compared to ProShares Ultra High Yield (UJB) at 2.39%. This indicates that PFFL'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
| PFFL | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.00% | 2.39% | +1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 10.39% | 5.87% | +4.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.98% | 7.39% | +9.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.62% | 14.67% | +8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.24% | 18.00% | +37.24% |
PFFL vs. UJB - Expense Ratio Comparison
PFFL has a 0.85% expense ratio, which is lower than UJB's 0.95% expense ratio.
Dividends
PFFL vs. UJB - Dividend Comparison
PFFL's dividend yield for the trailing twelve months is around 13.01%, more than UJB's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.01% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.34% | 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
PFFL and UJB have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.00%) compared to UJB (2.39%). In terms of maximum drawdown, PFFL dropped -80.68% vs UJB's -40.14%.
On 5-year performance, UJB leads with 2.92% vs -6.24% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, UJB has been the lower-risk option at 2.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UJB has performed better with a 2.92% return vs -6.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for UJB.
PFFL has the higher dividend yield at 13.01%, compared with 3.34% for UJB.
PFFL is categorized as Preferred Stock/Convertible Bonds, while UJB is Leveraged Bonds. PFFL tracks Solactive Preferred Stock ETF Index, while UJB tracks Markit iBoxx $ Liquid High Yield Index. They also come from different issuers: UBS and ProShares. Their fees differ too: 0.85% for PFFL and 0.95% for UJB.
UJB currently has the higher Sharpe Ratio (1.14 vs 0.38), 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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