UVXY vs. UJB
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 -71.00%/yr vs 5.85%/yr for UJB. Their -0.37 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.
Performance
UVXY vs. UJB - Performance Comparison
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Returns By Period
In the year-to-date period, UVXY achieves a -35.49% return, which is significantly lower than UJB's 1.58% return. Over the past 10 years, UVXY has underperformed UJB with an annualized return of -71.00%, while UJB has yielded a comparatively higher 5.85% annualized return.
UVXY
- 1D
- 1.09%
- 1M
- -6.53%
- 6M
- -36.87%
- YTD
- -35.49%
- 1Y
- -70.28%
- 3Y*
- -63.63%
- 5Y*
- -67.81%
- 10Y*
- -71.00%
- ALL TIME*
- -80.16%
UJB
- 1D
- 0.54%
- 1M
- 0.14%
- 6M
- 0.82%
- YTD
- 1.58%
- 1Y
- 5.68%
- 3Y*
- 11.30%
- 5Y*
- 2.84%
- 10Y*
- 5.85%
- ALL TIME*
- 6.70%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $691.91K | $2.18M | $1.51M | |
| $189.58M | $189.56M | $234.35M |
UVXY vs. UJB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.49% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
UJB ProShares Ultra High Yield | 1.58% | 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 -0.63, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.63 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.47 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.37 |
Over the past year, the inverse relationship between UVXY and UJB has strengthened: their correlation has moved from -0.37 to -0.63, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UVXY vs. UJB — Risk / Return Rank
UVXY
UJB
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.
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.
| UVXY | UJB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.15 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 1.14 | -2.12 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.67 | -6.14 |
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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.
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Drawdown Indicators
| UVXY | UJB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -40.14% | -59.86% |
Max Drawdown (1Y)Largest decline over 1 year | -71.36% | -5.01% | -66.35% |
Max Drawdown (3Y)Largest decline over 3 years | -95.42% | -9.47% | -85.95% |
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 DrawdownCurrent decline from peak | -100.00% | -0.19% | -99.81% |
Average DrawdownAverage peak-to-trough decline | -98.76% | -6.11% | -92.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.86% | 1.22% | +46.64% |
Volatility
UVXY vs. UJB - Volatility Comparison
ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a higher volatility of 21.98% compared to ProShares Ultra High Yield (UJB) at 1.73%. 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.
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Volatility by Period
| UVXY | UJB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.98% | 1.73% | +20.25% |
Volatility (6M)Calculated over the trailing 6-month period | 65.18% | 6.06% | +59.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 86.32% | 7.37% | +78.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 103.35% | 14.67% | +88.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 112.07% | 17.58% | +94.49% |
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 3.18%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UJB ProShares Ultra High Yield | 3.18% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (21.98%) compared to UJB (1.73%). In terms of maximum drawdown, UVXY dropped -100.00% vs UJB's -40.14%.
On 10-year performance, UJB leads with 5.85% vs -71.00% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UJB has been the lower-risk option at 1.73%. 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 -71.00%. 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 3.18%, 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 (0.78 vs -0.82), 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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