UJB vs. TMV
UJB (ProShares Ultra High Yield) and TMV (Direxion Daily 20-Year Treasury Bear 3X) are both Leveraged Bonds funds - UJB tracks the Markit iBoxx $ Liquid High Yield Index while TMV tracks the NYSE 20 Year Plus Treasury Bond Index (-300%). Both are passively managed. Over the past 10 years, UJB returned 5.93%/yr vs 0.98%/yr for TMV. At a correlation of -0.07, they often move in opposite directions. UJB charges 0.95%/yr vs 1.04%/yr for TMV.
Performance
UJB vs. TMV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, UJB achieves a 1.71% return, which is significantly lower than TMV's 9.04% return. Over the past 10 years, UJB has outperformed TMV with an annualized return of 5.93%, while TMV has yielded a comparatively lower 0.98% annualized return.
UJB
- 1D
- 0.22%
- 1M
- 0.20%
- 6M
- 0.86%
- YTD
- 1.71%
- 1Y
- 7.12%
- 3Y*
- 10.99%
- 5Y*
- 2.88%
- 10Y*
- 5.93%
TMV
- 1D
- 0.03%
- 1M
- 6.98%
- 6M
- 12.87%
- YTD
- 9.04%
- 1Y
- 0.12%
- 3Y*
- 13.53%
- 5Y*
- 24.86%
- 10Y*
- 0.98%
UJB vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 1.71% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 9.04% | -3.75% | 39.76% | -9.69% | 150.18% | 0.83% | -54.13% | -34.22% | 3.99% | -26.48% |
Correlation
The correlation between UJB and TMV is -0.45, 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 | -0.45 |
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 14, 2011 | -0.07 |
Over the past year, the inverse relationship between UJB and TMV has strengthened: their correlation has moved from -0.07 to -0.45, meaning they now move in opposite directions more often than their long-term average.
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. TMV — Risk / Return Rank
UJB
TMV
UJB vs. TMV - 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 Bear 3X (TMV). 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 | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.28 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.02 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | 0.01 | +1.42 |
| Martin ratioReturn relative to average drawdown | 6.02 | 0.01 | +6.01 |
Loading charts...
Drawdowns
UJB vs. TMV - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum TMV drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for UJB and TMV.
Loading charts...
Drawdown Indicators
| UJB | TMV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -98.96% | +58.82% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -21.35% | +16.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -48.49% | +39.02% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -48.49% | +18.35% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -82.31% | +42.17% |
Current DrawdownCurrent decline from peak | -0.07% | -95.77% | +95.70% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -86.64% | +80.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 11.10% | -9.92% |
Volatility
UJB vs. TMV - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.28%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 7.70%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than TMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| UJB | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 7.70% | -6.42% |
Volatility (6M)Calculated over the trailing 6-month period | 5.93% | 20.05% | -14.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.26% | 27.83% | -20.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 46.95% | -32.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.68% | 44.23% | -26.55% |
UJB vs. TMV - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is lower than TMV's 1.04% expense ratio.
Dividends
UJB vs. TMV - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.17%, more than TMV's 2.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.42% | 2.85% | 3.41% | 3.87% | 0.00% | 0.00% | 0.37% | 1.60% | 0.62% | 0.00% | 0.00% | 0.00% |
UJB ProShares Ultra High Yield | 3.17% | 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 TMV 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.
TMV has higher volatility (7.70%) compared to UJB (1.28%). In terms of maximum drawdown, UJB dropped -40.14% vs TMV's -98.96%.
On 10-year performance, UJB leads with 5.93% vs 0.98% for TMV. On fees, UJB is cheaper at 0.95% per year. On volatility, UJB has been the lower-risk option at 1.28%. 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 5.93% return vs 0.98%. 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 1.04% for TMV.
UJB has the higher dividend yield at 3.17%, compared with 2.42% for TMV.
UJB tracks Markit iBoxx $ Liquid High Yield Index, while TMV 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 1.04% for TMV.
UJB currently has the higher Sharpe Ratio (0.99 vs 0.00), 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 TMV
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