SJB vs. UVXY
SJB (ProShares Short High Yield) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SJB returned -3.84%/yr vs -72.73%/yr for UVXY. A 0.57 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SJB vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.48% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, SJB has outperformed UVXY with an annualized return of -3.84%, while UVXY has yielded a comparatively lower -72.73% 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%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
SJB vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SJB and UVXY is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.57 |
The correlation between SJB and UVXY has been stable across timeframes, ranging from 0.57 to 0.59 - a consistent structural relationship.
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Return for Risk
SJB vs. UVXY — Risk / Return Rank
SJB
UVXY
SJB vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.
| SJB | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.81 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | -0.97 | +0.81 |
| Martin ratioReturn relative to average drawdown | -0.31 | -1.33 | +1.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SJB | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.12 | -0.88 | +0.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.66 | +0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.45 | -0.64 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.60 | -0.68 | +0.07 |
Drawdowns
SJB vs. UVXY - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SJB and UVXY.
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Drawdown Indicators
| SJB | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -100.00% | +41.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -76.19% | +73.45% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -95.25% | +84.71% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -99.69% | +86.39% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -100.00% | +65.43% |
Current DrawdownCurrent decline from peak | -57.51% | -100.00% | +42.49% |
Average DrawdownAverage peak-to-trough decline | -42.48% | -98.55% | +56.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.45% | 55.83% | -54.38% |
Volatility
SJB vs. UVXY - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.22%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SJB | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.22% | 12.26% | -11.04% |
Volatility (6M)Calculated over the trailing 6-month period | 2.95% | 62.79% | -59.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.83% | 84.51% | -80.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.51% | 103.82% | -96.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.52% | 113.81% | -105.29% |
SJB vs. UVXY - Expense Ratio Comparison
Both SJB and UVXY have an expense ratio of 0.95%.
Dividends
SJB vs. UVXY - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.44%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 3.44% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SJB and UVXY have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to SJB (1.22%). In terms of maximum drawdown, SJB dropped -58.06% vs UVXY's -100.00%.
On 10-year performance, SJB leads with -3.84% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SJB has been the lower-risk option at 1.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SJB has performed better with a -3.84% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJB and UVXY have the same expense ratio: 0.95% per year.
SJB has the higher dividend yield at 3.44%, compared with 0.00% for UVXY.
SJB is categorized as Inverse Bonds, while UVXY is Volatility. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SJB currently has the higher Sharpe Ratio (-0.12 vs -0.88), 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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