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SJB vs. UUP
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SJB vs. UUP

Last updated Jun 5, 2026

SJB (ProShares Short High Yield) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, SJB returned -3.84%/yr vs 3.19%/yr for UUP. At a 0.26 correlation, their price movements are largely independent. SJB charges 0.95%/yr vs 0.75%/yr for UUP.

Performance

SJB vs. UUP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short High Yield (SJB) and Invesco DB US Dollar Index Bullish Fund (UUP). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SJB achieves a 0.48% return, which is significantly lower than UUP's 3.00% return. Over the past 10 years, SJB has underperformed UUP with an annualized return of -3.84%, while UUP has yielded a comparatively higher 3.19% annualized return.

SJB

1D
-0.20%
1M
-0.13%
YTD
0.48%
6M
0.59%
1Y
-0.45%
3Y*
-2.01%
5Y*
-0.58%
10Y*
-3.84%

UUP

1D
-0.07%
1M
1.24%
YTD
3.00%
6M
2.42%
1Y
5.38%
3Y*
3.92%
5Y*
5.90%
10Y*
3.19%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SJB vs. UUP - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SJB
ProShares Short High Yield		0.48%-1.87%-0.84%-5.63%9.57%-6.69%-9.23%-11.42%2.47%-6.17%
UUP
Invesco DB US Dollar Index Bullish Fund		3.00%-4.99%13.50%3.63%9.46%5.73%-6.66%4.09%7.05%-9.10%

Correlation

The correlation between SJB and UUP is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.44

Correlation (3Y)
Calculated over the trailing 3-year period

0.40

Correlation (5Y)
Calculated over the trailing 5-year period

0.42

Correlation (10Y)
Calculated over the trailing 10-year period

0.28

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2011

0.26

The correlation between SJB and UUP shifts across timeframes, from 0.26 (all time) to 0.44 (1 year), reflecting how their relationship changes across market environments.

SJB vs. UUP - Sectors Allocation Comparison

Sectors
SJB
UUP

Financial Services

97.9%
97.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

SJB
97.9%
UUP
97.7%

Basic Materials

SJB

-

UUP

-

Communication Services

SJB

-

UUP

-

Consumer Cyclical

SJB

-

UUP

-

Consumer Defensive

SJB

-

UUP

-

Energy

SJB

-

UUP

-

Healthcare

SJB

-

UUP

-

Industrials

SJB

-

UUP

-

Real Estate

SJB

-

UUP

-

Technology

SJB

-

UUP

-

Utilities

SJB

-

UUP

-

Compare stocks, funds, or ETFs

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ProShares Short High Yield

Invesco DB US Dollar Index Bullish Fund

Often compared with SJB:
SJB vs. TAILSJB vs. SJNKSJB vs. CAOSSJB vs. SPYSJB vs. CLIPSJB vs. SIXHSJB vs. EEM
Often compared with UUP:
UUP vs. USDUUUP vs. ^DXYUUP vs. UDNUUP vs. GLDUUP vs. SPYUUP vs. USD=XUUP vs. GC=F

Return for Risk

SJB vs. UUP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SJB
SJB Risk / Return Rank: 77
Overall Rank
SJB Sharpe Ratio Rank: 88
Sharpe Ratio Rank
SJB Sortino Ratio Rank: 77
Sortino Ratio Rank
SJB Omega Ratio Rank: 77
Omega Ratio Rank
SJB Calmar Ratio Rank: 77
Calmar Ratio Rank
SJB Martin Ratio Rank: 88
Martin Ratio Rank
UUP
UUP Risk / Return Rank: 2727
Overall Rank
UUP Sharpe Ratio Rank: 2626
Sharpe Ratio Rank
UUP Sortino Ratio Rank: 2525
Sortino Ratio Rank
UUP Omega Ratio Rank: 2424
Omega Ratio Rank
UUP Calmar Ratio Rank: 3131
Calmar Ratio Rank
UUP Martin Ratio Rank: 2828
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SJB vs. UUP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and Invesco DB US Dollar Index Bullish Fund (UUP). 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.

SJBUUPDifference
Sharpe ratioReturn per unit of total volatility
-0.12
0.89

-1.01

Sortino ratioReturn per unit of downside risk
-0.14
1.29

-1.42

Omega ratioGain probability vs. loss probability

0.98

1.16

-0.17

Calmar ratioReturn relative to maximum drawdown

-0.17

1.48

-1.65

Martin ratioReturn relative to average drawdown

-0.31

3.93

-4.24

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SJB vs. UUP - Sharpe Ratio Comparison

The current SJB Sharpe Ratio is -0.12, which is lower than the UUP Sharpe Ratio of 0.89. The chart below compares the historical Sharpe Ratios of SJB and UUP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SJBUUPDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.12

0.89

-1.01

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.08

0.82

-0.90

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.45

0.46

-0.91

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.60

0.20

-0.80

Drawdowns

SJB vs. UUP - Drawdown Comparison

The maximum SJB drawdown since its inception was -58.06%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for SJB and UUP.

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Drawdown Indicators

SJBUUPDifference

Max Drawdown

Largest peak-to-trough decline

-58.06%

-22.19%

-35.87%

Max Drawdown (1Y)

Largest decline over 1 year

-2.74%

-3.65%

+0.91%

Max Drawdown (3Y)

Largest decline over 3 years

-10.54%

-10.05%

-0.49%

Max Drawdown (5Y)

Largest decline over 5 years

-13.30%

-10.37%

-2.93%

Max Drawdown (10Y)

Largest decline over 10 years

-34.57%

-14.24%

-20.33%

Current Drawdown

Current decline from peak

-57.51%

-3.55%

-53.96%

Average Drawdown

Average peak-to-trough decline

-42.48%

-8.92%

-33.56%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.45%

1.37%

+0.08%

Volatility

SJB vs. UUP - Volatility Comparison

ProShares Short High Yield (SJB) and Invesco DB US Dollar Index Bullish Fund (UUP) have volatilities of 1.22% and 1.27%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SJBUUPDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.22%

1.27%

-0.05%

Volatility (6M)

Calculated over the trailing 6-month period

2.95%

4.24%

-1.29%

Volatility (1Y)

Calculated over the trailing 1-year period

3.83%

6.08%

-2.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.51%

7.22%

+0.29%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.52%

6.96%

+1.56%

SJB vs. UUP - Expense Ratio Comparison

SJB has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.

Dividends

SJB vs. UUP - Dividend Comparison

SJB's dividend yield for the trailing twelve months is around 3.44%, more than UUP's 3.33% yield.

PositionTTM202520242023202220212020201920182017
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%
UUP
Invesco DB US Dollar Index Bullish Fund		3.33%3.43%4.48%6.44%0.89%0.00%0.00%2.03%1.08%0.10%

Frequently Asked Questions

SJB and UUP have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UUP has higher volatility (1.27%) compared to SJB (1.22%). In terms of maximum drawdown, SJB dropped -58.06% vs UUP's -22.19%.

On 10-year performance, UUP leads with 3.19% vs -3.84% for SJB. On fees, UUP is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, UUP has performed better with a 3.19% return vs -3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for SJB.

SJB has the higher dividend yield at 3.44%, compared with 3.33% for UUP.

SJB is categorized as Inverse Bonds, while UUP is Currency. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SJB and 0.75% for UUP.

UUP currently has the higher Sharpe Ratio (0.89 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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