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UJB vs. TMF
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UJB vs. TMF

Last updated Jun 4, 2026

UJB (ProShares Ultra High Yield) and TMF (Direxion Daily 20-Year Treasury Bull 3X) are both Leveraged Bonds funds - UJB tracks the Markit iBoxx $ Liquid High Yield Index while TMF tracks the NYSE 20 Year Plus Treasury Bond Index (300%). Both are passively managed. Over the past 10 years, UJB returned 6.36%/yr vs -16.56%/yr for TMF. At a 0.07 correlation, their price movements are largely independent. UJB charges 0.95%/yr vs 1.09%/yr for TMF.

Performance

UJB vs. TMF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra High Yield (UJB) and Direxion Daily 20-Year Treasury Bull 3X (TMF). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UJB achieves a 0.81% return, which is significantly higher than TMF's -6.13% return. Over the past 10 years, UJB has outperformed TMF with an annualized return of 6.36%, while TMF has yielded a comparatively lower -16.56% annualized 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%

TMF

1D
-1.14%
1M
1.22%
YTD
-6.13%
6M
-11.63%
1Y
0.90%
3Y*
-20.78%
5Y*
-30.52%
10Y*
-16.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UJB vs. TMF - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
UJB
ProShares Ultra High Yield		0.81%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		-6.13%-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 price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.45

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 15, 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.

UJB vs. TMF - Sectors Allocation Comparison

Sectors
UJB
TMF

Energy

100.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

18.7%

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

UJB
100.0%
TMF

-

Basic Materials

UJB

-

TMF

-

Communication Services

UJB

-

TMF

-

Consumer Cyclical

UJB

-

TMF

-

Consumer Defensive

UJB

-

TMF

-

Financial Services

UJB

-

TMF
18.7%

Healthcare

UJB

-

TMF

-

Industrials

UJB

-

TMF

-

Real Estate

UJB

-

TMF

-

Technology

UJB

-

TMF

-

Utilities

UJB

-

TMF

-

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ProShares Ultra High Yield

Direxion Daily 20-Year Treasury Bull 3X

Often compared with UJB:
UJB vs. VOOUJB vs. TYDUJB vs. RISRUJB vs. SPYUJB vs. TQQQUJB vs. UPROUJB vs. SPHY
Often compared with TMF:
TMF vs. TLTTMF vs. TMVTMF vs. UPROTMF vs. TQQQTMF vs. TYDTMF vs. EDVTMF vs. ^TNX

Return for Risk

UJB vs. TMF — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UJB
UJB Risk / Return Rank: 3535
Overall Rank
UJB Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
UJB Sortino Ratio Rank: 3232
Sortino Ratio Rank
UJB Omega Ratio Rank: 3232
Omega Ratio Rank
UJB Calmar Ratio Rank: 3434
Calmar Ratio Rank
UJB Martin Ratio Rank: 4444
Martin Ratio Rank
TMF
TMF Risk / Return Rank: 99
Overall Rank
TMF Sharpe Ratio Rank: 99
Sharpe Ratio Rank
TMF Sortino Ratio Rank: 99
Sortino Ratio Rank
TMF Omega Ratio Rank: 99
Omega Ratio Rank
TMF Calmar Ratio Rank: 99
Calmar Ratio Rank
TMF Martin Ratio Rank: 99
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 (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.

UJBTMFDifference
Sharpe ratioReturn per unit of total volatility
1.16
0.03

+1.13

Sortino ratioReturn per unit of downside risk
1.74
0.25

+1.49

Omega ratioGain probability vs. loss probability

1.22

1.03

+0.19

Calmar ratioReturn relative to maximum drawdown

1.69

0.03

+1.66

Martin ratioReturn relative to average drawdown

7.20

0.08

+7.13

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJB vs. TMF - Sharpe Ratio Comparison

The current UJB Sharpe Ratio is 1.16, which is higher than the TMF Sharpe Ratio of 0.03. The chart below compares the historical Sharpe Ratios of UJB and TMF, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UJBTMFDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

0.03

+1.13

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

-0.66

+0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

-0.38

+0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

-0.14

+0.47

Drawdowns

UJB vs. TMF - Drawdown Comparison

The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum TMF drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for UJB and TMF.

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Drawdown Indicators

UJBTMFDifference

Max Drawdown

Largest peak-to-trough decline

-40.14%

-92.89%

+52.75%

Max Drawdown (1Y)

Largest decline over 1 year

-5.01%

-26.51%

+21.50%

Max Drawdown (3Y)

Largest decline over 3 years

-9.47%

-56.31%

+46.84%

Max Drawdown (5Y)

Largest decline over 5 years

-30.14%

-88.81%

+58.67%

Max Drawdown (10Y)

Largest decline over 10 years

-40.14%

-92.89%

+52.75%

Current Drawdown

Current decline from peak

-0.85%

-92.23%

+91.38%

Average Drawdown

Average peak-to-trough decline

-6.17%

-43.63%

+37.46%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

11.49%

-10.32%

Volatility

UJB vs. TMF - Volatility Comparison

The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while Direxion Daily 20-Year Treasury Bull 3X (TMF) has a volatility of 8.09%. 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.

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Volatility by Period

UJBTMFDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

8.09%

-5.80%

Volatility (6M)

Calculated over the trailing 6-month period

5.76%

19.01%

-13.25%

Volatility (1Y)

Calculated over the trailing 1-year period

7.29%

28.76%

-21.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.67%

46.75%

-32.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

43.92%

-25.64%

UJB vs. TMF - Expense Ratio Comparison

UJB has a 0.95% expense ratio, which is lower than TMF's 1.09% expense ratio.

Dividends

UJB vs. TMF - Dividend Comparison

UJB's dividend yield for the trailing twelve months is around 3.35%, less than TMF's 4.15% yield.

PositionTTM20252024202320222021202020192018201720162015
TMF
Direxion Daily 20-Year Treasury Bull 3X		4.15%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		3.35%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 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 (8.09%) compared to UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs TMF's -92.89%.

On 10-year performance, UJB leads with 6.36% vs -16.56% for TMF. On fees, UJB is cheaper at 0.95% 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 10-year period, UJB has performed better with a 6.36% return vs -16.56%. 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 1.09% for TMF.

TMF has the higher dividend yield at 4.15%, compared with 3.35% for UJB.

UJB tracks Markit iBoxx $ Liquid High Yield Index, while TMF tracks NYSE 20 Year Plus Treasury Bond Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for UJB and 1.09% for TMF.

UJB currently has the higher Sharpe Ratio (1.16 vs 0.03), 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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