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 5.51%/yr vs -0.46%/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 1.07% return, which is significantly lower than TMV's 1.44% return. Over the past 10 years, UJB has outperformed TMV with an annualized return of 5.51%, while TMV has yielded a comparatively lower -0.46% 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%
TMV
- 1D
- -1.17%
- 1M
- -6.25%
- YTD
- 1.44%
- 6M
- 2.97%
- 1Y
- -1.80%
- 3Y*
- 12.91%
- 5Y*
- 20.39%
- 10Y*
- -0.46%
UJB vs. TMV - 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% |
TMV Direxion Daily 20-Year Treasury Bear 3X | 1.44% | -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 -0.48, 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 | -0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
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 -0.48, 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.
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 | +1.07 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.01 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | -0.08 | +1.56 |
| Martin ratioReturn relative to average drawdown | 6.23 | -0.16 | +6.39 |
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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 | -0.59% | -96.06% | +95.47% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -86.61% | +80.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 11.09% | -9.90% |
Volatility
UJB vs. TMV - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.96%, while Direxion Daily 20-Year Treasury Bear 3X (TMV) has a volatility of 6.55%. 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 | 1.96% | 6.55% | -4.59% |
Volatility (6M)Calculated over the trailing 6-month period | 5.90% | 19.56% | -13.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.37% | 28.25% | -20.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 47.05% | -32.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.02% | 44.38% | -26.36% |
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 3.34%, more than TMV's 2.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TMV Direxion Daily 20-Year Treasury Bear 3X | 2.70% | 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 | 3.34% | 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 TMV have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TMV has higher volatility (6.55%) compared to UJB (1.96%). In terms of maximum drawdown, UJB dropped -40.14% vs TMV's -98.96%.
On 10-year performance, UJB leads with 5.51% vs -0.46% for TMV. On fees, UJB is cheaper at 0.95% 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 -0.46%. 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 3.34%, compared with 2.70% 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 (1.01 vs -0.06), 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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