UJB vs. PFFL
UJB (ProShares Ultra High Yield) and PFFL (ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while PFFL is a Preferred Stock/Convertible Bonds fund tracking the Solactive Preferred Stock ETF Index. Both are passively managed. Over the past 5 years, UJB returned 2.64%/yr vs -7.00%/yr for PFFL. A 0.57 correlation means they provide meaningful diversification when combined. UJB charges 0.95%/yr vs 0.85%/yr for PFFL.
Performance
UJB vs. PFFL - Performance Comparison
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Returns By Period
In the year-to-date period, UJB achieves a 0.83% return, which is significantly higher than PFFL's -3.57% return.
UJB
- 1D
- -0.46%
- 1M
- -0.38%
- 6M
- 0.04%
- YTD
- 0.83%
- 1Y
- 6.23%
- 3Y*
- 10.82%
- 5Y*
- 2.64%
- 10Y*
- 5.85%
PFFL
- 1D
- -0.48%
- 1M
- -2.65%
- 6M
- -6.30%
- YTD
- -3.57%
- 1Y
- -2.06%
- 3Y*
- 2.84%
- 5Y*
- -7.00%
- 10Y*
- —
UJB vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -8.95% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | -3.57% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -10.77% |
Correlation
The correlation between UJB and PFFL is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.57 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 26, 2018 | 0.57 |
The correlation between UJB and PFFL has been stable across timeframes, ranging from 0.56 to 0.62 - a consistent structural relationship.
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Return for Risk
UJB vs. PFFL — Risk / Return Rank
UJB
PFFL
UJB vs. PFFL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL). 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.
| UJB | PFFL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 0.99 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | -0.17 | +1.42 |
| Martin ratioReturn relative to average drawdown | 5.27 | -0.37 | +5.64 |
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Drawdowns
UJB vs. PFFL - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum PFFL drawdown of -80.68%. Use the drawdown chart below to compare losses from any high point for UJB and PFFL.
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Drawdown Indicators
| UJB | PFFL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -80.68% | +40.54% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -11.92% | +6.91% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -23.75% | +14.28% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -48.51% | +18.37% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | — | — |
Current DrawdownCurrent decline from peak | -0.93% | -40.60% | +39.67% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -28.67% | +22.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 5.55% | -4.37% |
Volatility
UJB vs. PFFL - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.59%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 4.25%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than PFFL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | PFFL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 4.25% | -2.66% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 10.91% | -5.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.28% | 16.91% | -9.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 23.69% | -9.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 54.99% | -37.30% |
UJB vs. PFFL - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is higher than PFFL's 0.85% expense ratio.
Dividends
UJB vs. PFFL - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.20%, less than PFFL's 13.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 13.37% | 13.27% | 13.76% | 13.71% | 13.90% | 8.82% | 9.75% | 11.21% | 2.02% | 0.00% | 0.00% | 0.00% |
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
UJB and PFFL have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (4.25%) compared to UJB (1.59%). In terms of maximum drawdown, UJB dropped -40.14% vs PFFL's -80.68%.
On 5-year performance, UJB leads with 2.64% vs -7.00% for PFFL. On fees, PFFL is cheaper at 0.85% per year. On volatility, UJB has been the lower-risk option at 1.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UJB has performed better with a 2.64% return vs -7.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PFFL is cheaper with a 0.85% expense ratio, compared with 0.95% for UJB.
PFFL has the higher dividend yield at 13.37%, compared with 3.20% for UJB.
UJB is categorized as Leveraged Bonds, while PFFL is Preferred Stock/Convertible Bonds. UJB tracks Markit iBoxx $ Liquid High Yield Index, while PFFL tracks Solactive Preferred Stock ETF Index. They also come from different issuers: ProShares and UBS. Their fees differ too: 0.95% for UJB and 0.85% for PFFL.
UJB currently has the higher Sharpe Ratio (0.86 vs -0.12), 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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