PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
UVXY vs. UJB
Performance
Return for Risk
Drawdowns
Volatility
Dividends

UVXY vs. UJB

Last updated Jun 4, 2026

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

Performance

UVXY vs. UJB - Performance Comparison

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

Loading charts...

Returns By Period

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

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%

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%
*Multi-year figures are annualized to reflect compound growth (CAGR)

UVXY vs. UJB - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

The correlation between UVXY and UJB 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 UVXY and UJB 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra VIX Short-Term Futures ETF

ProShares Ultra High Yield

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

Return for Risk

UVXY vs. UJB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
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
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
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.

UVXY vs. UJB - Risk-Adjusted Trends Comparison

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

UVXYUJBDifference
Sharpe ratioReturn per unit of total volatility
-0.87
1.16

-2.03

Sortino ratioReturn per unit of downside risk
-1.60
1.74

-3.34

Omega ratioGain probability vs. loss probability

0.82

1.22

-0.40

Calmar ratioReturn relative to maximum drawdown

-0.97

1.69

-2.66

Martin ratioReturn relative to average drawdown

-1.31

7.20

-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.

UVXY vs. UJB - Sharpe Ratio Comparison

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

Loading charts...

Sharpe Ratios by Period

UVXYUJBDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.87

1.16

-2.03

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.66

0.21

-0.86

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

0.35

-0.99

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.68

0.33

-1.01

Drawdowns

UVXY vs. UJB - Drawdown Comparison

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

Loading charts...

Drawdown Indicators

UVXYUJBDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-40.14%

-59.86%

Max Drawdown (1Y)

Largest decline over 1 year

-75.22%

-5.01%

-70.21%

Max Drawdown (3Y)

Largest decline over 3 years

-95.45%

-9.47%

-85.98%

Max Drawdown (5Y)

Largest decline over 5 years

-99.68%

-30.14%

-69.54%

Max Drawdown (10Y)

Largest decline over 10 years

-100.00%

-40.14%

-59.86%

Current Drawdown

Current decline from peak

-100.00%

-0.85%

-99.15%

Average Drawdown

Average peak-to-trough decline

-98.55%

-6.17%

-92.38%

Ulcer Index

Depth and duration of drawdowns from previous peaks

55.63%

1.17%

+54.46%

Volatility

UVXY vs. UJB - Volatility Comparison

ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 11.77% compared to ProShares Ultra High Yield (UJB) at 2.29%. This indicates that UVXY's price experiences larger fluctuations and is considered to be riskier than UJB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

UVXYUJBDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.77%

2.29%

+9.48%

Volatility (6M)

Calculated over the trailing 6-month period

62.64%

5.76%

+56.88%

Volatility (1Y)

Calculated over the trailing 1-year period

84.42%

7.29%

+77.13%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

103.85%

14.67%

+89.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

113.82%

18.28%

+95.54%

UVXY vs. UJB - Expense Ratio Comparison

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

Dividends

UVXY vs. UJB - Dividend Comparison

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

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

UVXY and UJB 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, UVXY dropped -100.00% vs UJB's -40.14%.

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.

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

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

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

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.

Portfolio Optimizer

Find the right allocation for UVXY and UJB

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer