UJB vs. TBT
UJB (ProShares Ultra High Yield) and TBT (ProShares UltraShort 20+ Year Treasury) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while TBT is a Inverse Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, UJB returned 5.51%/yr vs 2.32%/yr for TBT. At a correlation of -0.07, they often move in opposite directions. UJB charges 0.95%/yr vs 0.93%/yr for TBT.
Performance
UJB vs. TBT - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with UJB having a 1.07% return and TBT slightly lower at 1.05%. Over the past 10 years, UJB has outperformed TBT with an annualized return of 5.51%, while TBT has yielded a comparatively lower 2.32% annualized return.
UJB
- 1D
- -0.12%
- 1M
- 0.61%
- YTD
- 1.07%
- 6M
- 1.41%
- 1Y
- 7.39%
- 3Y*
- 12.18%
- 5Y*
- 2.81%
- 10Y*
- 5.51%
TBT
- 1D
- -0.51%
- 1M
- -4.25%
- YTD
- 1.05%
- 6M
- 2.51%
- 1Y
- -0.72%
- 3Y*
- 10.52%
- 5Y*
- 16.22%
- 10Y*
- 2.32%
UJB vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 1.07% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Correlation
The correlation between UJB and TBT is -0.47, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | -0.07 |
Over the past year, the inverse relationship between UJB and TBT has strengthened: their correlation has moved from -0.07 to -0.47, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UJB vs. TBT — Risk / Return Rank
UJB
TBT
UJB vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and ProShares UltraShort 20+ Year Treasury (TBT). 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 | TBT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.43 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.01 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | -0.05 | +1.53 |
| Martin ratioReturn relative to average drawdown | 6.23 | -0.10 | +6.32 |
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Drawdowns
UJB vs. TBT - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum TBT drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for UJB and TBT.
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Drawdown Indicators
| UJB | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -94.99% | +54.85% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -14.89% | +9.88% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -33.83% | +24.36% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -33.83% | +3.69% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -65.09% | +24.95% |
Current DrawdownCurrent decline from peak | -0.59% | -85.92% | +85.33% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -77.34% | +71.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 7.55% | -6.36% |
Volatility
UJB vs. TBT - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.96%, while ProShares UltraShort 20+ Year Treasury (TBT) has a volatility of 4.53%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 4.53% | -2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 5.90% | 13.49% | -7.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.37% | 19.19% | -11.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 31.32% | -16.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.02% | 28.75% | -10.73% |
UJB vs. TBT - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is higher than TBT's 0.93% expense ratio.
Dividends
UJB vs. TBT - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.34%, more than TBT's 2.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% | 0.00% | 0.00% |
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
UJB and TBT have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TBT has higher volatility (4.53%) compared to UJB (1.96%). In terms of maximum drawdown, UJB dropped -40.14% vs TBT's -94.99%.
On 10-year performance, UJB leads with 5.51% vs 2.32% for TBT. On fees, TBT is cheaper at 0.93% per year. On volatility, UJB has been the lower-risk option at 1.96%. 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 5.51% return vs 2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TBT is cheaper with a 0.93% expense ratio, compared with 0.95% for UJB.
UJB has the higher dividend yield at 3.34%, compared with 2.95% for TBT.
UJB is categorized as Leveraged Bonds, while TBT is Inverse Bonds. UJB tracks Markit iBoxx $ Liquid High Yield Index, while TBT tracks ICE U.S. Treasury 20+ Year Bond Index. Their fees differ too: 0.95% for UJB and 0.93% for TBT.
UJB currently has the higher Sharpe Ratio (1.01 vs -0.04), 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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