SJB vs. UPRO
SJB (ProShares Short High Yield) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while UPRO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, SJB returned -3.86%/yr vs 30.18%/yr for UPRO. At a correlation of -0.70, they often move in opposite directions. SJB charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
SJB vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than UPRO's 17.21% return. Over the past 10 years, SJB has underperformed UPRO with an annualized return of -3.86%, while UPRO has yielded a comparatively higher 30.18% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
UPRO
- 1D
- -4.27%
- 1M
- -5.38%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.29%
- 3Y*
- 46.23%
- 5Y*
- 20.37%
- 10Y*
- 30.18%
SJB vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
UPRO ProShares UltraPro S&P 500 | 17.21% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between SJB and UPRO is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.70 |
The correlation between SJB and UPRO has been stable across timeframes, ranging from -0.73 to -0.68 - a consistent structural relationship.
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Return for Risk
SJB vs. UPRO — Risk / Return Rank
SJB
UPRO
SJB vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
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.
| SJB | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.15 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.28 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 2.34 | -2.36 |
| Martin ratioReturn relative to average drawdown | -0.05 | 9.52 | -9.57 |
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Drawdowns
SJB vs. UPRO - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for SJB and UPRO.
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Drawdown Indicators
| SJB | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -76.82% | +18.76% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -26.78% | +24.04% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -48.87% | +38.33% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -63.94% | +50.64% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -76.82% | +42.25% |
Current DrawdownCurrent decline from peak | -57.40% | -10.27% | -47.13% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -14.39% | -28.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 6.57% | -5.27% |
Volatility
SJB vs. UPRO - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.06%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.68%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky 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
| SJB | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 14.68% | -13.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 29.49% | -26.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 37.35% | -33.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 50.62% | -43.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 53.79% | -45.29% |
SJB vs. UPRO - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
SJB vs. UPRO - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, more than UPRO's 0.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.74% | 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
SJB and UPRO have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (14.68%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.18% vs -3.86% for SJB. On fees, UPRO is cheaper at 0.89% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 30.18% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for SJB.
SJB has the higher dividend yield at 3.43%, compared with 0.74% for UPRO.
SJB is categorized as Inverse Bonds, while UPRO is Leveraged Equities. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for SJB and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.68 vs -0.02), 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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