TMF vs. UJB
TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) and UJB (ProShares Ultra High Yield) are both Leveraged Bonds funds - TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%) while UJB tracks the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, TMF returned -17.90%/yr vs 5.85%/yr for UJB. At a 0.07 correlation, their price movements are largely independent. TMF charges 1.01%/yr vs 0.95%/yr for UJB.
Performance
TMF vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, TMF achieves a -10.63% return, which is significantly lower than UJB's 0.83% return. Over the past 10 years, TMF has underperformed UJB with an annualized return of -17.90%, while UJB has yielded a comparatively higher 5.85% annualized return.
TMF
- 1D
- -1.85%
- 1M
- -5.74%
- 6M
- -11.74%
- YTD
- -10.63%
- 1Y
- -5.83%
- 3Y*
- -21.26%
- 5Y*
- -33.16%
- 10Y*
- -17.90%
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%
TMF vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.63% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
Correlation
The correlation between TMF and UJB is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.07 |
Over the past year, TMF and UJB have become more correlated (0.46) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
TMF vs. UJB — Risk / Return Rank
TMF
UJB
TMF vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) 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.
| TMF | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.07 | ||
| Sortino ratioReturn per unit of downside risk | -1.41 | ||
| Omega ratioGain probability vs. loss probability | 0.99 | 1.16 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 1.25 | -1.47 |
| Martin ratioReturn relative to average drawdown | -0.46 | 5.27 | -5.73 |
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Drawdowns
TMF vs. UJB - Drawdown Comparison
The maximum TMF drawdown since its inception was -92.89%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for TMF and UJB.
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Drawdown Indicators
| TMF | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.89% | -40.14% | -52.75% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -5.01% | -21.50% |
Max Drawdown (3Y)Largest decline over 3 years | -55.14% | -9.47% | -45.67% |
Max Drawdown (5Y)Largest decline over 5 years | -88.81% | -30.14% | -58.67% |
Max Drawdown (10Y)Largest decline over 10 years | -92.89% | -40.14% | -52.75% |
Current DrawdownCurrent decline from peak | -92.60% | -0.93% | -91.67% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -6.13% | -37.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.82% | 1.18% | +11.64% |
Volatility
TMF vs. UJB - Volatility Comparison
Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a higher volatility of 8.51% compared to ProShares Ultra High Yield (UJB) at 1.59%. This indicates that TMF'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
| TMF | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 1.59% | +6.92% |
Volatility (6M)Calculated over the trailing 6-month period | 19.94% | 5.91% | +14.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.62% | 7.28% | +20.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.54% | 14.68% | +31.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.72% | 17.69% | +26.03% |
TMF vs. UJB - Expense Ratio Comparison
TMF has a 1.01% expense ratio, which is higher than UJB's 0.95% expense ratio.
Dividends
TMF vs. UJB - Dividend Comparison
TMF's dividend yield for the trailing twelve months is around 4.42%, more than UJB's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.42% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 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
TMF and UJB have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (8.51%) compared to UJB (1.59%). In terms of maximum drawdown, TMF dropped -92.89% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.85% vs -17.90% for TMF. On fees, UJB is cheaper at 0.95% 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 10-year period, UJB has performed better with a 5.85% return vs -17.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UJB is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.42%, compared with 3.20% for UJB.
TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%), while UJB tracks Markit iBoxx $ Liquid High Yield Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.01% for TMF and 0.95% for UJB.
UJB currently has the higher Sharpe Ratio (0.86 vs -0.21), 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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