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 6.36%/yr vs -0.80%/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
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Returns By Period
In the year-to-date period, UJB achieves a 0.81% return, which is significantly lower than TMV's 4.73% return. Over the past 10 years, UJB has outperformed TMV with an annualized return of 6.36%, while TMV has yielded a comparatively lower -0.80% 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%
TMV
- 1D
- 1.13%
- 1M
- -1.68%
- YTD
- 4.73%
- 6M
- 11.42%
- 1Y
- -4.33%
- 3Y*
- 12.83%
- 5Y*
- 19.12%
- 10Y*
- -0.80%
UJB vs. TMV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 4.73% | -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 -0.46, 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 | -0.46 |
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, the inverse relationship between UJB and TMV has strengthened: their correlation has moved from -0.07 to -0.46, meaning they now move in opposite directions more often than their long-term average.
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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.
| UJB | TMV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.31 | ||
| Sortino ratioReturn per unit of downside risk | +1.75 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.00 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 1.69 | -0.20 | +1.89 |
| Martin ratioReturn relative to average drawdown | 7.20 | -0.40 | +7.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UJB | TMV | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.16 | -0.15 | +1.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.21 | 0.41 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.35 | -0.02 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.33 | -0.33 | +0.66 |
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.
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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% | -21.62% | +16.61% |
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 | -0.85% | -95.94% | +95.09% |
Average DrawdownAverage peak-to-trough decline | -6.17% | -86.60% | +80.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 11.13% | -9.96% |
Volatility
UJB vs. TMV - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 8.15%. 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.
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Volatility by Period
| UJB | TMV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.29% | 8.15% | -5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 5.76% | 19.18% | -13.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.29% | 29.12% | -21.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.67% | 47.21% | -32.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.28% | 44.44% | -26.16% |
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 3.35%, more than TMV's 2.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.62% | 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 | 3.35% | 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 TMV have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (8.15%) compared to UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs TMV's -98.96%.
On 10-year performance, UJB leads with 6.36% vs -0.80% for TMV. 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 -0.80%. 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 3.35%, compared with 2.62% 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 (1.16 vs -0.15), 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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