TMV vs. UJB
TMV (Direxion Daily 20-Year Treasury Bear 3X) and UJB (ProShares Ultra High Yield) are both Leveraged Bonds funds - TMV 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, TMV returned -0.46%/yr vs 5.51%/yr for UJB. At a correlation of -0.07, they often move in opposite directions. TMV charges 1.04%/yr vs 0.95%/yr for UJB.
Performance
TMV vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, TMV achieves a 1.44% return, which is significantly higher than UJB's 1.07% return. Over the past 10 years, TMV has underperformed UJB with an annualized return of -0.46%, while UJB has yielded a comparatively higher 5.51% annualized return.
TMV
- 1D
- -1.17%
- 1M
- -6.25%
- YTD
- 1.44%
- 6M
- 2.97%
- 1Y
- -1.80%
- 3Y*
- 12.91%
- 5Y*
- 20.39%
- 10Y*
- -0.46%
UJB
- 1D
- -0.12%
- 1M
- 0.61%
- YTD
- 1.07%
- 6M
- 1.41%
- 1Y
- 7.39%
- 3Y*
- 12.18%
- 5Y*
- 2.81%
- 10Y*
- 5.51%
TMV vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 1.44% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
UJB ProShares Ultra High Yield | 1.07% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
Correlation
The correlation between TMV and UJB is -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
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, the inverse relationship between TMV and UJB has strengthened: their correlation has moved from -0.07 to -0.48, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TMV vs. UJB — Risk / Return Rank
TMV
UJB
TMV vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily 20-Year Treasury Bear 3X (TMV) 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.
| TMV | 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 | 1.01 | 1.19 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.08 | 1.48 | -1.56 |
| Martin ratioReturn relative to average drawdown | -0.16 | 6.23 | -6.39 |
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Drawdowns
TMV vs. UJB - Drawdown Comparison
The maximum TMV drawdown since its inception was -98.96%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for TMV and UJB.
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Drawdown Indicators
| TMV | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.96% | -40.14% | -58.82% |
Max Drawdown (1Y)Largest decline over 1 year | -21.62% | -5.01% | -16.61% |
Max Drawdown (3Y)Largest decline over 3 years | -48.49% | -9.47% | -39.02% |
Max Drawdown (5Y)Largest decline over 5 years | -48.49% | -30.14% | -18.35% |
Max Drawdown (10Y)Largest decline over 10 years | -82.31% | -40.14% | -42.17% |
Current DrawdownCurrent decline from peak | -96.06% | -0.59% | -95.47% |
Average DrawdownAverage peak-to-trough decline | -86.61% | -6.15% | -80.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.09% | 1.19% | +9.90% |
Volatility
TMV vs. UJB - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 6.55% compared to ProShares Ultra High Yield (UJB) at 1.96%. This indicates that TMV'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
| TMV | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.55% | 1.96% | +4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 19.56% | 5.90% | +13.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.25% | 7.37% | +20.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.05% | 14.69% | +32.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.38% | 18.02% | +26.36% |
TMV vs. UJB - Expense Ratio Comparison
TMV has a 1.04% expense ratio, which is higher than UJB's 0.95% expense ratio.
Dividends
TMV vs. UJB - Dividend Comparison
TMV's dividend yield for the trailing twelve months is around 2.70%, less than UJB's 3.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.70% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.34% | 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
TMV and UJB have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.55%) compared to UJB (1.96%). In terms of maximum drawdown, TMV dropped -98.96% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.51% vs -0.46% for TMV. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 1.96%. 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 5.51% return vs -0.46%. 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 1.04% for TMV.
UJB has the higher dividend yield at 3.34%, compared with 2.70% for TMV.
TMV 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: 1.04% for TMV and 0.95% for UJB.
UJB currently has the higher Sharpe Ratio (1.01 vs -0.06), 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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