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UJB vs. FALN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UJB vs. FALN

Last updated Jun 4, 2026

UJB (ProShares Ultra High Yield) and FALN (iShares Fallen Angels USD Bond ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while FALN is a High Yield Bonds fund tracking the Bloomberg US High Yield Fallen Angel 3% Capped Index. Both are passively managed. Over the past 5 years, UJB returned 3.01%/yr vs 3.78%/yr for FALN. A 0.70 correlation means they provide meaningful diversification when combined. UJB charges 0.95%/yr vs 0.25%/yr for FALN.

Performance

UJB vs. FALN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra High Yield (UJB) and iShares Fallen Angels USD Bond ETF (FALN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UJB achieves a 0.81% return, which is significantly lower than FALN's 1.56% return.

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%

FALN

1D
-0.22%
1M
0.68%
YTD
1.56%
6M
1.36%
1Y
8.66%
3Y*
9.18%
5Y*
3.78%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

UJB vs. FALN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
FALN
iShares Fallen Angels USD Bond ETF		1.56%8.92%7.68%13.47%-13.79%5.40%14.85%17.42%-4.97%8.70%

Correlation

The correlation between UJB and FALN is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

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

0.92

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

0.93

Correlation (5Y)
Calculated over the trailing 5-year period

0.93

Correlation (All Time)
Calculated using the full available price history since Jun 20, 2016

0.70

Over the past year, UJB and FALN have become more correlated (0.92) than their long-term average of 0.70, meaning their price movements have been converging.

UJB vs. FALN - Sectors Allocation Comparison

Sectors
UJB
FALN

Energy

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

100.0%

Technology

-

-

Utilities

-

-

Energy

UJB
100.0%
FALN

-

Basic Materials

UJB

-

FALN

-

Communication Services

UJB

-

FALN

-

Consumer Cyclical

UJB

-

FALN

-

Consumer Defensive

UJB

-

FALN

-

Financial Services

UJB

-

FALN

-

Healthcare

UJB

-

FALN

-

Industrials

UJB

-

FALN

-

Real Estate

UJB

-

FALN
100.0%

Technology

UJB

-

FALN

-

Utilities

UJB

-

FALN

-

Compare stocks, funds, or ETFs

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ProShares Ultra High Yield

iShares Fallen Angels USD Bond ETF

Often compared with UJB:
UJB vs. VOOUJB vs. TYDUJB vs. RISRUJB vs. SPYUJB vs. TQQQUJB vs. UPROUJB vs. SPHY
Often compared with FALN:
FALN vs. ANGLFALN vs. HYGFALN vs. SCYBFALN vs. IMTBFALN vs. BKLNFALN vs. FLOTFALN vs. DBA

Return for Risk

UJB vs. FALN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
FALN
FALN Risk / Return Rank: 5454
Overall Rank
FALN Sharpe Ratio Rank: 5555
Sharpe Ratio Rank
FALN Sortino Ratio Rank: 5757
Sortino Ratio Rank
FALN Omega Ratio Rank: 6060
Omega Ratio Rank
FALN Calmar Ratio Rank: 4444
Calmar Ratio Rank
FALN Martin Ratio Rank: 5353
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.

UJB vs. FALN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and iShares Fallen Angels USD Bond ETF (FALN). 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.

UJBFALNDifference
Sharpe ratioReturn per unit of total volatility
1.16
1.91

-0.75

Sortino ratioReturn per unit of downside risk
1.74
2.78

-1.04

Omega ratioGain probability vs. loss probability

1.22

1.37

-0.15

Calmar ratioReturn relative to maximum drawdown

1.69

2.20

-0.50

Martin ratioReturn relative to average drawdown

7.20

9.17

-1.97

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

UJB vs. FALN - Sharpe Ratio Comparison

The current UJB Sharpe Ratio is 1.16, which is lower than the FALN Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of UJB and FALN, 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

UJBFALNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

1.91

-0.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

0.52

-0.31

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

0.74

-0.41

Drawdowns

UJB vs. FALN - Drawdown Comparison

The maximum UJB drawdown since its inception was -40.14%, which is greater than FALN's maximum drawdown of -29.22%. Use the drawdown chart below to compare losses from any high point for UJB and FALN.

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Drawdown Indicators

UJBFALNDifference

Max Drawdown

Largest peak-to-trough decline

-40.14%

-29.22%

-10.92%

Max Drawdown (1Y)

Largest decline over 1 year

-5.01%

-3.96%

-1.05%

Max Drawdown (3Y)

Largest decline over 3 years

-9.47%

-5.92%

-3.55%

Max Drawdown (5Y)

Largest decline over 5 years

-30.14%

-18.78%

-11.36%

Max Drawdown (10Y)

Largest decline over 10 years

-40.14%

—

—

Current Drawdown

Current decline from peak

-0.85%

-0.26%

-0.59%

Average Drawdown

Average peak-to-trough decline

-6.17%

-3.32%

-2.85%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

0.95%

+0.22%

Volatility

UJB vs. FALN - Volatility Comparison

ProShares Ultra High Yield (UJB) has a higher volatility of 2.29% compared to iShares Fallen Angels USD Bond ETF (FALN) at 1.38%. This indicates that UJB's price experiences larger fluctuations and is considered to be riskier than FALN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UJBFALNDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

1.38%

+0.91%

Volatility (6M)

Calculated over the trailing 6-month period

5.76%

3.64%

+2.12%

Volatility (1Y)

Calculated over the trailing 1-year period

7.29%

4.54%

+2.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.67%

7.31%

+7.36%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

8.95%

+9.33%

UJB vs. FALN - Expense Ratio Comparison

UJB has a 0.95% expense ratio, which is higher than FALN's 0.25% expense ratio.

Dividends

UJB vs. FALN - Dividend Comparison

UJB's dividend yield for the trailing twelve months is around 3.35%, less than FALN's 6.46% yield.

PositionTTM20252024202320222021202020192018201720162015
FALN
iShares Fallen Angels USD Bond ETF		6.46%6.31%6.24%5.37%5.08%3.40%5.14%5.35%5.97%6.98%3.55%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

With a correlation of 0.92, UJB and FALN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

UJB has higher volatility (2.29%) compared to FALN (1.38%). In terms of maximum drawdown, UJB dropped -40.14% vs FALN's -29.22%.

On 5-year performance, FALN leads with 3.78% vs 3.01% for UJB. On fees, FALN is cheaper at 0.25% per year. On volatility, FALN has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, FALN has performed better with a 3.78% return vs 3.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FALN is cheaper with a 0.25% expense ratio, compared with 0.95% for UJB.

FALN has the higher dividend yield at 6.46%, compared with 3.35% for UJB.

UJB is categorized as Leveraged Bonds, while FALN is High Yield Bonds. UJB tracks Markit iBoxx $ Liquid High Yield Index, while FALN tracks Bloomberg US High Yield Fallen Angel 3% Capped Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UJB and 0.25% for FALN.

FALN currently has the higher Sharpe Ratio (1.91 vs 1.16), 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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