UJB vs. SPHY
UJB (ProShares Ultra High Yield) and SPHY (SPDR Portfolio High Yield Bond ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while SPHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, UJB returned 5.52%/yr vs 5.17%/yr for SPHY. A 0.53 correlation means they provide meaningful diversification when combined. UJB charges 0.95%/yr vs 0.05%/yr for SPHY.
Performance
UJB vs. SPHY - Performance Comparison
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Returns By Period
In the year-to-date period, UJB achieves a 1.19% return, which is significantly lower than SPHY's 1.89% return. Over the past 10 years, UJB has outperformed SPHY with an annualized return of 5.52%, while SPHY has yielded a comparatively lower 5.17% annualized return.
UJB
- 1D
- -0.11%
- 1M
- 0.73%
- YTD
- 1.19%
- 6M
- 1.66%
- 1Y
- 7.89%
- 3Y*
- 12.22%
- 5Y*
- 2.91%
- 10Y*
- 5.52%
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
UJB vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 1.19% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between UJB and SPHY is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.95 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.53 |
Over the past year, UJB and SPHY have become more correlated (0.97) than their long-term average of 0.53, meaning their price movements have been converging.
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Return for Risk
UJB vs. SPHY — Risk / Return Rank
UJB
SPHY
UJB vs. SPHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and SPDR Portfolio High Yield Bond ETF (SPHY). 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 | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.18 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.58 | 2.83 | -1.25 |
| Martin ratioReturn relative to average drawdown | 6.65 | 12.76 | -6.11 |
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Drawdowns
UJB vs. SPHY - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for UJB and SPHY.
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Drawdown Indicators
| UJB | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -21.97% | -18.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -2.41% | -2.60% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -4.85% | -4.62% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -15.29% | -14.85% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -21.97% | -18.17% |
Current DrawdownCurrent decline from peak | -0.47% | -0.13% | -0.34% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -2.28% | -3.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 0.53% | +0.66% |
Volatility
UJB vs. SPHY - Volatility Comparison
ProShares Ultra High Yield (UJB) has a higher volatility of 1.95% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.95%. This indicates that UJB's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.95% | 0.95% | +1.00% |
Volatility (6M)Calculated over the trailing 6-month period | 5.92% | 2.98% | +2.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.38% | 3.72% | +3.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 7.18% | +7.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.02% | 7.86% | +10.16% |
UJB vs. SPHY - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
UJB vs. SPHY - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.34%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
UJB ProShares Ultra High Yield | 3.34% | 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 0.97, UJB and SPHY 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 (1.95%) compared to SPHY (0.95%). In terms of maximum drawdown, UJB dropped -40.14% vs SPHY's -21.97%.
On 10-year performance, UJB leads with 5.52% vs 5.17% for SPHY. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.95%. 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 5.52% return vs 5.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.95% for UJB.
SPHY has the higher dividend yield at 7.24%, compared with 3.34% for UJB.
UJB is categorized as Leveraged Bonds, while SPHY is High Yield Bonds. UJB tracks Markit iBoxx $ Liquid High Yield Index, while SPHY tracks ICE BofA US High Yield Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for UJB and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.84 vs 1.08), 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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