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 3.01%/yr vs -5.89%/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 0.81% return, which is significantly higher than PFFL's 0.10% 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%
PFFL
- 1D
- -0.99%
- 1M
- -1.06%
- YTD
- 0.10%
- 6M
- 0.21%
- 1Y
- 8.48%
- 3Y*
- 3.14%
- 5Y*
- -5.89%
- 10Y*
- —
UJB vs. PFFL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.81% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -9.60% |
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 0.10% | 2.18% | 4.77% | 8.65% | -39.15% | 7.52% | -15.47% | 30.21% | -11.05% |
Correlation
The correlation between UJB and PFFL is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 27, 2018 | 0.57 |
The correlation between UJB and PFFL has been stable across timeframes, ranging from 0.55 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.
| UJB | PFFL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.16 | 0.50 | +0.66 |
Sortino ratioReturn per unit of downside risk | 1.74 | 0.81 | +0.93 |
Omega ratioGain probability vs. loss probability | 1.22 | 1.11 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.69 | 0.71 | +0.98 |
Martin ratioReturn relative to average drawdown | 7.20 | 1.76 | +5.45 |
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
| UJB | PFFL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | 0.50 | +0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | -0.25 | +0.46 |
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 | -0.07 | +0.40 |
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 | -0.85% | -38.34% | +37.49% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -28.54% | +22.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 4.84% | -3.67% |
Volatility
UJB vs. PFFL - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN (PFFL) has a volatility of 3.83%. 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 | 2.29% | 3.83% | -1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 10.33% | -4.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 16.91% | -9.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.67% | 23.62% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 55.35% | -37.07% |
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 3.35%, less than PFFL's 12.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFFL ETRACS Monthly Pay 2xLeveraged Preferred Stock ETN | 12.44% | 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 | 3.35% | 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
UJB and PFFL have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PFFL has higher volatility (3.83%) compared to UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs PFFL's -80.68%.
On 5-year performance, UJB leads with 3.01% vs -5.89% for PFFL. On fees, PFFL is cheaper at 0.85% 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 5-year period, UJB has performed better with a 3.01% return vs -5.89%. 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 12.44%, compared with 3.35% 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 (1.16 vs 0.50), 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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