UJB vs. HYG

Last updated Jun 4, 2026

UJB (ProShares Ultra High Yield) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. Both are passively managed. Over the past 10 years, UJB returned 6.36%/yr vs 4.94%/yr for HYG. A 0.64 correlation means they provide meaningful diversification when combined. UJB charges 0.95%/yr vs 0.49%/yr for HYG.

Performance

UJB vs. HYG - Performance Comparison

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

Returns By Period

In the year-to-date period, UJB achieves a 0.81% return, which is significantly lower than HYG's 1.32% return. Over the past 10 years, UJB has outperformed HYG with an annualized return of 6.36%, while HYG has yielded a comparatively lower 4.94% annualized 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%

HYG

• 1D: -0.28%
• 1M: 0.36%
• YTD: 1.32%
• 6M: 1.73%
• 1Y: 6.51%
• 3Y*: 8.48%
• 5Y*: 3.77%
• 10Y*: 4.94%

*Multi-year figures are annualized to reflect compound growth (CAGR)

UJB vs. HYG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
HYG iShares iBoxx $ High Yield Corporate Bond ETF	1.32%	8.59%	7.97%	11.54%	-10.98%	3.76%	4.47%	14.09%	-2.02%	6.07%

Correlation

The correlation between UJB and HYG is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (3Y) Calculated over the trailing 3-year period	0.99
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.78
Correlation (All Time) Calculated using the full available price history since Apr 15, 2011	0.64

Over the past year, UJB and HYG have become more correlated (0.99) than their long-term average of 0.64, meaning their price movements have been converging.

UJB vs. HYG - Sectors Allocation Comparison

Sectors	UJB	HYG
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	0.4%
Technology	-	-
Utilities	-	99.6%

Return for Risk

UJB vs. HYG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UJB

UJB Risk / Return Rank: 35
UJB Sharpe Ratio Rank: 32
UJB Sortino Ratio Rank: 32
UJB Omega Ratio Rank: 32
UJB Calmar Ratio Rank: 34
UJB Martin Ratio Rank: 44

HYG

HYG Risk / Return Rank: 55
HYG Sharpe Ratio Rank: 49
HYG Sortino Ratio Rank: 52
HYG Omega Ratio Rank: 52
HYG Calmar Ratio Rank: 55
HYG Martin Ratio Rank: 66

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. HYG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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.

	UJB	HYG	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.72	-0.55
Sortino ratio: Return per unit of downside risk	1.74	2.59	-0.85
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.11
Calmar ratio: Return relative to maximum drawdown	1.69	2.79	-1.10
Martin ratio: Return relative to average drawdown	7.20	12.34	-5.13
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJB vs. HYG - Sharpe Ratio Comparison

The current UJB Sharpe Ratio is 1.16, which is lower than the HYG Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of UJB and HYG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UJB	HYG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.72	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.21	0.50	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	0.60	-0.25
Sharpe Ratio (All Time) Calculated using the full available price history	0.33	0.46	-0.13

Drawdowns

UJB vs. HYG - Drawdown Comparison

The maximum UJB drawdown since its inception was -40.14%, which is greater than HYG's maximum drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for UJB and HYG.

Drawdown Indicators

	UJB	HYG	Difference
Max Drawdown Largest peak-to-trough decline	-40.14%	-34.25%	-5.89%
Max Drawdown (1Y) Largest decline over 1 year	-5.01%	-2.34%	-2.67%
Max Drawdown (3Y) Largest decline over 3 years	-9.47%	-4.56%	-4.91%
Max Drawdown (5Y) Largest decline over 5 years	-30.14%	-15.79%	-14.35%
Max Drawdown (10Y) Largest decline over 10 years	-40.14%	-22.03%	-18.11%
Current Drawdown Current decline from peak	-0.85%	-0.28%	-0.57%
Average Drawdown Average peak-to-trough decline	-6.17%	-3.24%	-2.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	0.53%	+0.64%

Volatility

UJB vs. HYG - Volatility Comparison

ProShares Ultra High Yield (UJB) has a higher volatility of 2.29% compared to iShares iBoxx $ High Yield Corporate Bond ETF (HYG) at 1.21%. This indicates that UJB's price experiences larger fluctuations and is considered to be riskier than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UJB	HYG	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.29%	1.21%	+1.08%
Volatility (6M) Calculated over the trailing 6-month period	5.76%	3.01%	+2.75%
Volatility (1Y) Calculated over the trailing 1-year period	7.29%	3.81%	+3.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.67%	7.53%	+7.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.28%	8.29%	+9.99%

UJB vs. HYG - Expense Ratio Comparison

UJB has a 0.95% expense ratio, which is higher than HYG's 0.49% expense ratio.

Dividends

UJB vs. HYG - Dividend Comparison

UJB's dividend yield for the trailing twelve months is around 3.35%, less than HYG's 5.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYG iShares iBoxx $ High Yield Corporate Bond ETF	5.92%	5.71%	6.01%	5.74%	5.30%	4.02%	4.88%	4.99%	5.54%	5.12%	5.27%	5.90%
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

Can I hold both UJB and HYG in my portfolio?

With a correlation of 0.99, UJB and HYG 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.

Which is riskier, UJB or HYG?

UJB has higher volatility (2.29%) compared to HYG (1.21%). In terms of maximum drawdown, UJB dropped -40.14% vs HYG's -34.25%.

Which ETF is better, UJB or HYG?

On 10-year performance, UJB leads with 6.36% vs 4.94% for HYG. On fees, HYG is cheaper at 0.49% per year. On volatility, HYG has been the lower-risk option at 1.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UJB or HYG?

Over the 10-year period, UJB has performed better with a 6.36% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UJB or HYG?

HYG is cheaper with a 0.49% expense ratio, compared with 0.95% for UJB.

Which ETF pays a higher dividend yield, UJB or HYG?

HYG has the higher dividend yield at 5.92%, compared with 3.35% for UJB.

What is the main difference between UJB and HYG?

UJB is categorized as Leveraged Bonds, while HYG is High Yield Bonds. UJB tracks Markit iBoxx $ Liquid High Yield Index, while HYG tracks Markit iBoxx USD Liquid High Yield Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for UJB and 0.49% for HYG.

Which has better risk-adjusted returns?

HYG currently has the higher Sharpe Ratio (1.72 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.