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UJB vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UJB vs. UVXY

Last updated Jun 4, 2026

UJB (ProShares Ultra High Yield) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - UJB is a Leveraged Bonds fund tracking the Markit iBoxx $ Liquid High Yield Index, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, UJB returned 6.36%/yr vs -72.67%/yr for UVXY. At a correlation of -0.37, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

UJB vs. UVXY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra High Yield (UJB) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, UJB achieves a 0.81% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, UJB has outperformed UVXY with an annualized return of 6.36%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UJB vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-65.32%-50.90%-87.70%-44.81%-88.33%-17.38%-84.23%60.10%-94.17%

Correlation

The correlation between UJB and UVXY is -0.60, 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

-0.60

Correlation (3Y)
Calculated over the trailing 3-year period

-0.57

Correlation (5Y)
Calculated over the trailing 5-year period

-0.58

Correlation (10Y)
Calculated over the trailing 10-year period

-0.46

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

-0.37

Over the past year, the inverse relationship between UJB and UVXY has strengthened: their correlation has moved from -0.37 to -0.60, meaning they now move in opposite directions more often than their long-term average.

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ProShares Ultra High Yield

ProShares Ultra VIX Short-Term Futures ETF

Often compared with UJB:
UJB vs. VOOUJB vs. TYDUJB vs. RISRUJB vs. SPYUJB vs. TQQQUJB vs. UPROUJB vs. SPHY
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

UJB vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
UJB
UJB Risk / Return Rank: 3535
Overall Rank
UJB Sharpe Ratio Rank: 3232
Sharpe Ratio Rank
UJB Sortino Ratio Rank: 3232
Sortino Ratio Rank
UJB Omega Ratio Rank: 3232
Omega Ratio Rank
UJB Calmar Ratio Rank: 3434
Calmar Ratio Rank
UJB Martin Ratio Rank: 4444
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

UJB vs. UVXY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra High Yield (UJB) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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.

UJBUVXYDifference

Sharpe ratio

Return per unit of total volatility

1.16

-0.87

+2.03

Sortino ratio

Return per unit of downside risk

1.74

-1.60

+3.34

Omega ratio

Gain probability vs. loss probability

1.22

0.82

+0.40

Calmar ratio

Return relative to maximum drawdown

1.69

-0.97

+2.66

Martin ratio

Return relative to average drawdown

7.20

-1.31

+8.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UJB vs. UVXY - Sharpe Ratio Comparison

The current UJB Sharpe Ratio is 1.16, which is higher than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of UJB and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UJBUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.16

-0.87

+2.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.21

-0.66

+0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.35

-0.64

+0.99

Sharpe Ratio (All Time)

Calculated using the full available price history

0.33

-0.68

+1.01

Drawdowns

UJB vs. UVXY - Drawdown Comparison

The maximum UJB drawdown since its inception was -40.14%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for UJB and UVXY.

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Drawdown Indicators

UJBUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-40.14%

-100.00%

+59.86%

Max Drawdown (1Y)

Largest decline over 1 year

-5.01%

-75.22%

+70.21%

Max Drawdown (3Y)

Largest decline over 3 years

-9.47%

-95.45%

+85.98%

Max Drawdown (5Y)

Largest decline over 5 years

-30.14%

-99.68%

+69.54%

Max Drawdown (10Y)

Largest decline over 10 years

-40.14%

-100.00%

+59.86%

Current Drawdown

Current decline from peak

-0.85%

-100.00%

+99.15%

Average Drawdown

Average peak-to-trough decline

-6.17%

-98.55%

+92.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.17%

55.63%

-54.46%

Volatility

UJB vs. UVXY - Volatility Comparison

The current volatility for ProShares Ultra High Yield (UJB) is 2.29%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. This indicates that UJB experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UJBUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.29%

11.77%

-9.48%

Volatility (6M)

Calculated over the trailing 6-month period

5.76%

62.64%

-56.88%

Volatility (1Y)

Calculated over the trailing 1-year period

7.29%

84.42%

-77.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.67%

103.85%

-89.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.28%

113.82%

-95.54%

UJB vs. UVXY - Expense Ratio Comparison

Both UJB and UVXY have an expense ratio of 0.95%.

Dividends

UJB vs. UVXY - Dividend Comparison

UJB's dividend yield for the trailing twelve months is around 3.35%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

UJB and UVXY have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

UVXY has higher volatility (11.77%) compared to UJB (2.29%). In terms of maximum drawdown, UJB dropped -40.14% vs UVXY's -100.00%.

On 10-year performance, UJB leads with 6.36% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. 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 -72.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UJB and UVXY have the same expense ratio: 0.95% per year.

UJB has the higher dividend yield at 3.35%, compared with 0.00% for UVXY.

UJB is categorized as Leveraged Bonds, while UVXY is Volatility. UJB tracks Markit iBoxx $ Liquid High Yield Index, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).

UJB currently has the higher Sharpe Ratio (1.16 vs -0.87), 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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