UJB vs. TMF
UJB (ProShares Ultra High Yield) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both Leveraged Bonds funds - UJB tracks the Markit iBoxx $ Liquid High Yield Index while TMF tracks the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 10 years, UJB returned 5.73%/yr vs -18.47%/yr for TMF. Their 0.07 correlation means their historical movements had little consistent relationship. UJB charges 0.95%/yr vs 1.01%/yr for TMF.
Performance
UJB vs. TMF - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UJB achieves a 0.45% return, which is significantly higher than TMF's -16.67% return. Over the past 10 years, UJB has outperformed TMF with an annualized return of 5.73%, while TMF has yielded a comparatively lower -18.47% annualized return.
UJB
- 1D
- -0.01%
- 1M
- -0.97%
- 6M
- -0.35%
- YTD
- 0.45%
- 1Y
- 5.21%
- 3Y*
- 10.75%
- 5Y*
- 2.55%
- 10Y*
- 5.73%
- ALL TIME*
- 6.63%
TMF
- 1D
- -2.08%
- 1M
- -12.05%
- 6M
- -15.79%
- YTD
- -16.67%
- 1Y
- -18.44%
- 3Y*
- -20.63%
- 5Y*
- -34.74%
- 10Y*
- -18.47%
- ALL TIME*
- -6.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $161.82M | $130.43M | $127.82M | |
| $1.43M | $2.11M | $1.51M |
UJB vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.45% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -16.67% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | 34.75% | -11.01% | 22.72% |
Correlation
The correlation between UJB and TMF is 0.45, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.45 |
Correlation (3Y) Balances recent behavior with more history. | 0.52 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.41 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.17 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.07 |
Over the past year, UJB and TMF have become more correlated (0.45) than their long-term average of 0.07, meaning their price movements have been converging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
UJB vs. TMF — Risk / Return Rank
UJB
TMF
UJB vs. TMF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.26 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.93 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 1.04 | -0.53 | +1.57 |
| Martin ratioReturn relative to average drawdown | 4.28 | -1.07 | +5.34 |
Loading charts...
Drawdowns
UJB vs. TMF - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum TMF drawdown of -93.10%. Use the drawdown chart below to compare losses from any high point for UJB and TMF.
Loading charts...
Drawdown Indicators
| UJB | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -93.10% | +52.96% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -28.69% | +23.68% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -50.64% | +41.17% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -89.14% | +59.00% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -93.10% | +52.96% |
Current DrawdownCurrent decline from peak | -1.30% | -93.10% | +91.80% |
Average DrawdownAverage peak-to-trough decline | -6.11% | -44.07% | +37.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 14.10% | -12.88% |
Volatility
UJB vs. TMF - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.57%, while Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) has a volatility of 7.21%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UJB | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.57% | 7.21% | -5.64% |
Volatility (6M)Calculated over the trailing 6-month period | 6.01% | 19.98% | -13.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.33% | 27.35% | -20.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.67% | 46.36% | -31.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.58% | 43.70% | -26.12% |
UJB vs. TMF - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is lower than TMF's 1.01% expense ratio.
Dividends
UJB vs. TMF - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.21%, less than TMF's 4.74% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.74% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.21% | 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 TMF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMF has higher volatility (7.21%) compared to UJB (1.57%). In terms of maximum drawdown, UJB dropped -40.14% vs TMF's -93.10%.
On 10-year performance, UJB leads with 5.73% vs -18.47% for TMF. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 1.57%. 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 5.73% return vs -18.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UJB is cheaper with a 0.95% expense ratio, compared with 1.01% for TMF.
TMF has the higher dividend yield at 4.74%, compared with 3.21% for UJB.
UJB tracks Markit iBoxx $ Liquid High Yield Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UJB and 1.01% for TMF.
UJB currently has the higher Sharpe Ratio (0.71 vs -0.55), 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.
Find the right allocation for UJB and TMF
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer