UBT vs. UJB
UBT (ProShares Ultra 20+ Year Treasury) and UJB (ProShares Ultra High Yield) are both Leveraged Bonds funds from ProShares - UBT tracks the ICE U.S. Treasury 20+ Year Bond Index (200% Daily) while UJB tracks the Markit iBoxx $ Liquid High Yield Index. Both are passively managed. Over the past 10 years, UBT returned -9.58%/yr vs 5.79%/yr for UJB. Their 0.07 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
UBT vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, UBT achieves a -9.14% return, which is significantly lower than UJB's 1.03% return. Over the past 10 years, UBT has underperformed UJB with an annualized return of -9.58%, while UJB has yielded a comparatively higher 5.79% annualized return.
UBT
- 1D
- 0.81%
- 1M
- -7.64%
- 6M
- -8.31%
- YTD
- -9.14%
- 1Y
- -9.25%
- 3Y*
- -9.00%
- 5Y*
- -21.58%
- 10Y*
- -9.58%
- ALL TIME*
- 0.30%
UJB
- 1D
- 0.58%
- 1M
- -0.40%
- 6M
- 0.07%
- YTD
- 1.03%
- 1Y
- 5.82%
- 3Y*
- 11.10%
- 5Y*
- 2.79%
- 10Y*
- 5.79%
- ALL TIME*
- 6.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $607.37K | $624.24K | $851.60K | |
| $319.40K | $2.11M | $1.46M |
UBT vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | -9.14% | 2.03% | -21.81% | -3.68% | -55.54% | -12.14% | 31.87% | 24.46% | -6.54% | 16.12% |
UJB ProShares Ultra High Yield | 1.03% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
Correlation
The correlation between UBT and UJB is 0.44, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.44 |
Correlation (3Y) Balances recent behavior with more history. | 0.50 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.07 |
Over the past year, UBT and UJB have become more correlated (0.44) than their long-term average of 0.07, meaning their price movements have been converging.
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Return for Risk
UBT vs. UJB — Risk / Return Rank
UBT
UJB
UBT vs. UJB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) 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.
| UBT | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.30 | ||
| Sortino ratioReturn per unit of downside risk | -1.82 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.15 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.51 | 1.17 | -1.67 |
| Martin ratioReturn relative to average drawdown | -1.08 | 4.79 | -5.87 |
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Drawdowns
UBT vs. UJB - Drawdown Comparison
The maximum UBT drawdown since its inception was -78.90%, which is greater than UJB's maximum drawdown of -40.14%. Use the drawdown chart below to compare losses from any high point for UBT and UJB.
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Drawdown Indicators
| UBT | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.90% | -40.14% | -38.76% |
Max Drawdown (1Y)Largest decline over 1 year | -18.25% | -5.01% | -13.24% |
Max Drawdown (3Y)Largest decline over 3 years | -31.18% | -9.47% | -21.71% |
Max Drawdown (5Y)Largest decline over 5 years | -72.49% | -30.14% | -42.35% |
Max Drawdown (10Y)Largest decline over 10 years | -78.90% | -40.14% | -38.76% |
Current DrawdownCurrent decline from peak | -78.21% | -0.73% | -77.48% |
Average DrawdownAverage peak-to-trough decline | -32.73% | -6.11% | -26.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.58% | 1.22% | +7.36% |
Volatility
UBT vs. UJB - Volatility Comparison
ProShares Ultra 20+ Year Treasury (UBT) has a higher volatility of 5.23% compared to ProShares Ultra High Yield (UJB) at 1.67%. This indicates that UBT'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
| UBT | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.23% | 1.67% | +3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 13.51% | 6.03% | +7.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.34% | 7.37% | +10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.09% | 14.67% | +16.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.18% | 17.58% | +11.60% |
UBT vs. UJB - Expense Ratio Comparison
Both UBT and UJB have an expense ratio of 0.95%.
Dividends
UBT vs. UJB - Dividend Comparison
UBT's dividend yield for the trailing twelve months is around 3.77%, more than UJB's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UBT ProShares Ultra 20+ Year Treasury | 3.77% | 4.26% | 4.50% | 3.54% | 0.30% | 0.00% | 0.26% | 1.50% | 1.55% | 1.37% | 0.75% | 1.56% |
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
UBT and UJB have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBT has higher volatility (5.23%) compared to UJB (1.67%). In terms of maximum drawdown, UBT dropped -78.90% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.79% vs -9.58% for UBT. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 1.67%. 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 5.79% return vs -9.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UBT and UJB have the same expense ratio: 0.95% per year.
UBT has the higher dividend yield at 3.77%, compared with 3.20% for UJB.
UBT tracks ICE U.S. Treasury 20+ Year Bond Index (200% Daily), while UJB tracks Markit iBoxx $ Liquid High Yield Index.
UJB currently has the higher Sharpe Ratio (0.80 vs -0.51), 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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