UJB vs. UGA
UJB (ProShares Ultra High Yield) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, UJB returned 5.51%/yr vs 14.31%/yr for UGA. At a 0.12 correlation, their price movements are largely independent. UJB charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
UJB vs. UGA - 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 UGA's 64.09% return. Over the past 10 years, UJB has underperformed UGA with an annualized return of 5.51%, while UGA has yielded a comparatively higher 14.31% 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%
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
UJB vs. UGA - 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% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between UJB and UGA is -0.30, 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 | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | 0.12 |
The correlation between UJB and UGA shifts across timeframes, from -0.30 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UJB vs. UGA — Risk / Return Rank
UJB
UGA
UJB vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.72 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.30 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 1.48 | 3.17 | -1.69 |
| Martin ratioReturn relative to average drawdown | 6.23 | 9.39 | -3.17 |
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Drawdowns
UJB vs. UGA - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for UJB and UGA.
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Drawdown Indicators
| UJB | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -86.59% | +46.45% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -18.96% | +13.95% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -26.68% | +17.21% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -38.11% | +7.97% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -75.89% | +35.75% |
Current DrawdownCurrent decline from peak | -0.59% | -18.05% | +17.46% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -36.69% | +30.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 6.43% | -5.24% |
Volatility
UJB vs. UGA - Volatility Comparison
The current volatility for ProShares Ultra High Yield (UJB) is 1.96%, while United States Gasoline Fund LP (UGA) has a volatility of 9.24%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.96% | 9.24% | -7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 5.90% | 30.57% | -24.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.37% | 35.22% | -27.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.69% | 34.45% | -19.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.02% | 37.22% | -19.20% |
UJB vs. UGA - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
UJB vs. UGA - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.34%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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 UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.24%) compared to UJB (1.96%). In terms of maximum drawdown, UJB dropped -40.14% vs UGA's -86.59%.
On 10-year performance, UGA leads with 14.31% vs 5.51% for UJB. On fees, UGA is cheaper at 0.75% 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, UGA has performed better with a 14.31% return vs 5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for UJB.
UJB has the higher dividend yield at 3.34%, compared with 0.00% for UGA.
UJB is categorized as Leveraged Bonds, while UGA is Oil & Gas. UJB tracks Markit iBoxx $ Liquid High Yield Index, while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for UJB and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.73 vs 1.01), 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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