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 -0.80%/yr vs 6.36%/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 4.73% return, which is significantly higher than UJB's 0.81% return. Over the past 10 years, TMV has underperformed UJB with an annualized return of -0.80%, while UJB has yielded a comparatively higher 6.36% annualized return.
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
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%
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 | 4.73% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
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 TMV and UJB is -0.46, 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 | -0.46 |
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, the inverse relationship between TMV and UJB has strengthened: their correlation has moved from -0.07 to -0.46, 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.
| TMV | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.31 | ||
| Sortino ratioReturn per unit of downside risk | -1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.22 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.20 | 1.69 | -1.89 |
| Martin ratioReturn relative to average drawdown | -0.40 | 7.20 | -7.60 |
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
| TMV | UJB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.15 | 1.16 | -1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.41 | 0.21 | +0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.02 | 0.35 | -0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | 0.33 | -0.66 |
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 | -95.94% | -0.85% | -95.09% |
Average DrawdownAverage peak-to-trough decline | -86.60% | -6.17% | -80.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.13% | 1.17% | +9.96% |
Volatility
TMV vs. UJB - Volatility Comparison
Direxion Daily 20-Year Treasury Bear 3X (TMV) has a higher volatility of 8.15% compared to ProShares Ultra High Yield (UJB) at 2.29%. 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 | 8.15% | 2.29% | +5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 19.18% | 5.76% | +13.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.12% | 7.29% | +21.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.21% | 14.67% | +32.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.44% | 18.28% | +26.16% |
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 2.62%, less than UJB's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 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 | 3.35% | 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
TMV 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.
TMV has higher volatility (8.15%) compared to UJB (2.29%). In terms of maximum drawdown, TMV dropped -98.96% vs UJB's -40.14%.
On 10-year performance, UJB leads with 6.36% vs -0.80% for TMV. 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 -0.80%. 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 3.35%, compared with 2.62% 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 (1.16 vs -0.15), 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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