UJB vs. UUP
UJB (ProShares Ultra High Yield) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. Both are passively managed. Over the past 10 years, UJB returned 5.85%/yr vs 3.17%/yr for UUP. At a correlation of -0.22, they often move in opposite directions. UJB charges 0.95%/yr vs 0.75%/yr for UUP.
Performance
UJB vs. UUP - Performance Comparison
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Returns By Period
In the year-to-date period, UJB achieves a 0.83% return, which is significantly lower than UUP's 5.44% return. Over the past 10 years, UJB has outperformed UUP with an annualized return of 5.85%, while UUP has yielded a comparatively lower 3.17% annualized return.
UJB
- 1D
- -0.46%
- 1M
- -0.38%
- 6M
- 0.04%
- YTD
- 0.83%
- 1Y
- 6.23%
- 3Y*
- 10.82%
- 5Y*
- 2.64%
- 10Y*
- 5.85%
UUP
- 1D
- 0.39%
- 1M
- 1.97%
- 6M
- 4.47%
- YTD
- 5.44%
- 1Y
- 8.28%
- 3Y*
- 5.86%
- 5Y*
- 5.89%
- 10Y*
- 3.17%
UJB vs. UUP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 0.83% | 12.22% | 9.41% | 17.70% | -23.27% | 6.96% | 5.19% | 26.68% | -6.08% | 11.77% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.44% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between UJB and UUP is -0.47, 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 | -0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.43 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.29 |
Correlation (All Time) Calculated using the full available price history since Apr 14, 2011 | -0.22 |
Over the past year, the inverse relationship between UJB and UUP has strengthened: their correlation has moved from -0.22 to -0.47, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UJB vs. UUP — Risk / Return Rank
UJB
UUP
UJB vs. UUP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.25 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | 2.28 | -1.03 |
| Martin ratioReturn relative to average drawdown | 5.27 | 6.26 | -0.99 |
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Drawdowns
UJB vs. UUP - Drawdown Comparison
The maximum UJB drawdown since its inception was -40.14%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for UJB and UUP.
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Drawdown Indicators
| UJB | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.14% | -22.19% | -17.95% |
Max Drawdown (1Y)Largest decline over 1 year | -5.01% | -3.65% | -1.36% |
Max Drawdown (3Y)Largest decline over 3 years | -9.47% | -10.05% | +0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -30.14% | -10.37% | -19.77% |
Max Drawdown (10Y)Largest decline over 10 years | -40.14% | -14.24% | -25.90% |
Current DrawdownCurrent decline from peak | -0.93% | -1.26% | +0.33% |
Average DrawdownAverage peak-to-trough decline | -6.13% | -8.88% | +2.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.18% | 1.33% | -0.15% |
Volatility
UJB vs. UUP - Volatility Comparison
ProShares Ultra High Yield (UJB) has a higher volatility of 1.59% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.45%. This indicates that UJB's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| UJB | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.59% | 1.45% | +0.14% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 4.34% | +1.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.28% | 6.03% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.68% | 7.22% | +7.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.69% | 6.90% | +10.79% |
UJB vs. UUP - Expense Ratio Comparison
UJB has a 0.95% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
UJB vs. UUP - Dividend Comparison
UJB's dividend yield for the trailing twelve months is around 3.20%, less than UUP's 3.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 3.20% | 2.61% | 3.02% | 3.92% | 0.05% | 0.63% | 2.88% | 3.95% | 3.22% | 2.67% | 2.35% | 3.62% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.25% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% | 0.00% | 0.00% |
Frequently Asked Questions
UJB and UUP have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UJB has higher volatility (1.59%) compared to UUP (1.45%). In terms of maximum drawdown, UJB dropped -40.14% vs UUP's -22.19%.
On 10-year performance, UJB leads with 5.85% vs 3.17% for UUP. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.45%. 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 5.85% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 0.95% for UJB.
UUP has the higher dividend yield at 3.25%, compared with 3.20% for UJB.
UJB is categorized as Leveraged Bonds, while UUP is Currency. UJB tracks Markit iBoxx $ Liquid High Yield Index, while UUP tracks Deutsche Bank Long US Dollar Index (USDX) Futures Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for UJB and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.38 vs 0.86), 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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