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TMF vs. UJB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TMF vs. UJB

Last updated Jun 4, 2026

TMF (Direxion Daily 20-Year Treasury Bull 3X) and UJB (ProShares Ultra High Yield) are both Leveraged Bonds funds - TMF tracks the NYSE 20 Year Plus Treasury Bond Index (300%) while UJB tracks the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, TMF returned -16.56%/yr vs 6.36%/yr for UJB. At a 0.07 correlation, their price movements are largely independent. TMF charges 1.09%/yr vs 0.95%/yr for UJB.

Performance

TMF vs. UJB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily 20-Year Treasury Bull 3X (TMF) and ProShares Ultra High Yield (UJB). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TMF achieves a -6.13% return, which is significantly lower than UJB's 0.81% return. Over the past 10 years, TMF has underperformed UJB with an annualized return of -16.56%, while UJB has yielded a comparatively higher 6.36% annualized return.

TMF

1D
-1.14%
1M
1.22%
YTD
-6.13%
6M
-11.63%
1Y
0.90%
3Y*
-20.78%
5Y*
-30.52%
10Y*
-16.56%

UJB

1D
-0.45%
1M
0.33%
YTD
0.81%
6M
1.28%
1Y
8.44%
3Y*
11.49%
5Y*
3.01%
10Y*
6.36%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TMF vs. UJB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TMF
Direxion Daily 20-Year Treasury Bull 3X		-6.13%-2.94%-35.95%-13.01%-72.60%-19.80%39.02%34.75%-11.01%22.72%
UJB
ProShares Ultra High Yield		0.81%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 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.45

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

0.53

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 15, 2011

0.07

Over the past year, TMF and UJB have become more correlated (0.45) than their long-term average of 0.07, meaning their price movements have been converging.

TMF vs. UJB - Sectors Allocation Comparison

Sectors
TMF
UJB

Financial Services

18.7%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

100.0%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

TMF
18.7%
UJB

-

Basic Materials

TMF

-

UJB

-

Communication Services

TMF

-

UJB

-

Consumer Cyclical

TMF

-

UJB

-

Consumer Defensive

TMF

-

UJB

-

Energy

TMF

-

UJB
100.0%

Healthcare

TMF

-

UJB

-

Industrials

TMF

-

UJB

-

Real Estate

TMF

-

UJB

-

Technology

TMF

-

UJB

-

Utilities

TMF

-

UJB

-

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Direxion Daily 20-Year Treasury Bull 3X

ProShares Ultra High Yield

Often compared with TMF:
TMF vs. TLTTMF vs. TMVTMF vs. UPROTMF vs. TQQQTMF vs. TYDTMF vs. EDVTMF vs. ^TNX
Often compared with UJB:
UJB vs. VOOUJB vs. TYDUJB vs. RISRUJB vs. SPYUJB vs. TQQQUJB vs. UPROUJB vs. SPHY

Return for Risk

TMF vs. UJB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TMF
TMF Risk / Return Rank: 99
Overall Rank
TMF Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TMF Sortino Ratio Rank: 99
Sortino Ratio Rank
TMF Omega Ratio Rank: 99
Omega Ratio Rank
TMF Calmar Ratio Rank: 99
Calmar Ratio Rank
TMF Martin Ratio Rank: 99
Martin Ratio Rank
UJB
UJB Risk / Return Rank: 3535
Overall Rank
UJB Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
UJB Sortino Ratio Rank: 3232
Sortino Ratio Rank
UJB Omega Ratio Rank: 3232
Omega Ratio Rank
UJB Calmar Ratio Rank: 3434
Calmar Ratio Rank
UJB Martin Ratio Rank: 4444
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.

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 (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.

TMFUJBDifference
Sharpe ratioReturn per unit of total volatility
0.03
1.16

-1.13

Sortino ratioReturn per unit of downside risk
0.25
1.74

-1.49

Omega ratioGain probability vs. loss probability

1.03

1.22

-0.19

Calmar ratioReturn relative to maximum drawdown

0.03

1.69

-1.66

Martin ratioReturn relative to average drawdown

0.08

7.20

-7.13

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

TMF vs. UJB - Sharpe Ratio Comparison

The current TMF Sharpe Ratio is 0.03, which is lower than the UJB Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of TMF and UJB, 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

TMFUJBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.03

1.16

-1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.66

0.21

-0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.38

0.35

-0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.14

0.33

-0.47

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

TMFUJBDifference

Max Drawdown

Largest 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

-56.31%

-9.47%

-46.84%

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 Drawdown

Current decline from peak

-92.23%

-0.85%

-91.38%

Average Drawdown

Average peak-to-trough decline

-43.63%

-6.17%

-37.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.49%

1.17%

+10.32%

Volatility

TMF vs. UJB - Volatility Comparison

Direxion Daily 20-Year Treasury Bull 3X (TMF) has a higher volatility of 8.09% compared to ProShares Ultra High Yield (UJB) at 2.29%. 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

TMFUJBDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.09%

2.29%

+5.80%

Volatility (6M)

Calculated over the trailing 6-month period

19.01%

5.76%

+13.25%

Volatility (1Y)

Calculated over the trailing 1-year period

28.76%

7.29%

+21.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

46.75%

14.67%

+32.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

43.92%

18.28%

+25.64%

TMF vs. UJB - Expense Ratio Comparison

TMF has a 1.09% 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 4.15%, more than UJB's 3.35% yield.

PositionTTM20252024202320222021202020192018201720162015
TMF
Direxion Daily 20-Year Treasury Bull 3X		4.15%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		3.35%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 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TMF has higher volatility (8.09%) compared to UJB (2.29%). In terms of maximum drawdown, TMF dropped -92.89% vs UJB's -40.14%.

On 10-year performance, UJB leads with 6.36% vs -16.56% for TMF. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 2.29%. 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 6.36% return vs -16.56%. 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 1.09% for TMF.

TMF has the higher dividend yield at 4.15%, compared with 3.35% for UJB.

TMF tracks NYSE 20 Year Plus Treasury 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: 1.09% for TMF and 0.95% for UJB.

UJB currently has the higher Sharpe Ratio (1.16 vs 0.03), 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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