SJB vs. USHY
SJB (ProShares Short High Yield) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, SJB returned -0.52%/yr vs 4.26%/yr for USHY. At a correlation of -0.92, they often move in opposite directions. SJB charges 0.95%/yr vs 0.15%/yr for USHY.
Performance
SJB vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.54% return, which is significantly lower than USHY's 1.84% return.
SJB
- 1D
- -0.20%
- 1M
- -0.36%
- YTD
- 0.54%
- 6M
- 0.39%
- 1Y
- -0.42%
- 3Y*
- -1.92%
- 5Y*
- -0.52%
- 10Y*
- -3.86%
USHY
- 1D
- 0.22%
- 1M
- 0.62%
- YTD
- 1.84%
- 6M
- 2.20%
- 1Y
- 6.73%
- 3Y*
- 8.87%
- 5Y*
- 4.26%
- 10Y*
- —
SJB vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.54% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -0.04% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.84% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SJB and USHY is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | -0.92 |
The correlation between SJB and USHY has been stable across timeframes, ranging from -0.96 to -0.92 - a consistent structural relationship.
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Return for Risk
SJB vs. USHY — Risk / Return Rank
SJB
USHY
SJB vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.06 | ||
| Sortino ratioReturn per unit of downside risk | -3.06 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.23 | 2.88 | -3.11 |
| Martin ratioReturn relative to average drawdown | -0.49 | 12.87 | -13.36 |
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Drawdowns
SJB vs. USHY - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SJB and USHY.
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Drawdown Indicators
| SJB | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -22.44% | -35.62% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -2.43% | -0.31% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -4.66% | -5.88% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -15.56% | +2.26% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | — | — |
Current DrawdownCurrent decline from peak | -57.48% | -0.05% | -57.43% |
Average DrawdownAverage peak-to-trough decline | -42.51% | -2.65% | -39.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 0.54% | +0.87% |
Volatility
SJB vs. USHY - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.19% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 1.12%. This indicates that SJB's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.19% | 1.12% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.97% | +0.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.69% | +0.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 7.35% | +0.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.51% | 8.23% | +0.28% |
SJB vs. USHY - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
SJB vs. USHY - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.44%, less than USHY's 6.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.44% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.89% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% |
Frequently Asked Questions
SJB and USHY have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.19%) compared to USHY (1.12%). In terms of maximum drawdown, SJB dropped -58.06% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.26% vs -0.52% for SJB. On fees, USHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.26% return vs -0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.95% for SJB.
USHY has the higher dividend yield at 6.89%, compared with 3.44% for SJB.
SJB is categorized as Inverse Bonds, while USHY is High Yield Bonds. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SJB and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.90 vs -0.16), 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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