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 -7.00%/yr vs 2.64%/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 -3.57% return, which is significantly lower than UJB's 0.83% return.
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
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%
PFFL vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.57% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -8.95% |
Correlation
The correlation between PFFL and UJB is 0.57, 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 | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
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 0.56 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 | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 1.25 | -1.42 |
| Martin ratioReturn relative to average drawdown | -0.37 | 5.27 | -5.64 |
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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 | -40.60% | -0.93% | -39.67% |
Average DrawdownAverage peak-to-trough decline | -28.67% | -6.13% | -22.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.55% | 1.18% | +4.37% |
Volatility
PFFL vs. UJB - Volatility Comparison
ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a higher volatility of 4.25% compared to ProShares Ultra High Yield (UJB) at 1.59%. 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 | 4.25% | 1.59% | +2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 10.91% | 5.91% | +5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 7.28% | +9.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.69% | 14.68% | +9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.99% | 17.69% | +37.30% |
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 13.37%, more than UJB's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.37% | 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 | 3.20% | 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
PFFL and UJB have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.25%) compared to UJB (1.59%). In terms of maximum drawdown, PFFL dropped -80.68% vs UJB's -40.14%.
On 5-year performance, UJB leads with 2.64% vs -7.00% for PFFL. On fees, PFFL is cheaper at 0.85% per year. 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 5-year period, UJB has performed better with a 2.64% return vs -7.00%. 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 13.37%, compared with 3.20% 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 (0.86 vs -0.12), 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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