SJB P&L Curve
ProShares - Short High Yield (SJB) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $47.8M, listed on AMEX, carrying a beta of -0.68 to the broader market. The ProShares Short High Yield fund (SJB) is designed to deliver daily investment returns that are the exact opposite of the Markit iBoxx $ Liquid High Yield Index's daily performance, before any deductions for management fees and other operational expenses. public since 2011-03-22.
A profit/loss curve charts the theoretical gain or loss of an options position across a range of underlying prices. It helps traders visualize risk, identify breakeven points, and compare strategies before committing capital.
- Exchange
- AMEX
- Sector
- Financial Services
- Industry
- Asset Management - Leveraged
- Market Cap
- $47.8M
- IPO Date
- 2011-03-22
- Beta
- -0.68
As of Aug 14, 2026, with a $15.14 spot price, 7.0% ATM implied volatility, and 35 days to the front expiration, an at-the-money long straddle carries an approximate combined premium near $0.26, producing breakevens at roughly $14.88 and $15.40. Market-implied 1-standard-deviation range extends from $14.84 to $15.44, which sets the relevant P&L evaluation window for most near-term strategies. Payoff diagrams should be rebuilt from the live options chain; the preceding values are illustrative and assume a single at-the-money straddle for reference.
Frequently asked SJB pl curve questions
- What does a SJB ATM straddle cost?
- As of Aug 14, 2026, using SJB end-of-day pricing (7.0% ATM IV, 35-day front expiration, $15.14 spot), an at-the-money long straddle (long call + long put at the same strike) carries an approximate combined premium near $0.26 per spread. Breakevens land at roughly $15.40 on the upside and $14.88 on the downside. The estimate uses the Brenner-Subrahmanyam approximation for at-the-money options under Black-Scholes.
- How do I read an options P&L curve?
- An options P&L curve plots theoretical position value at expiration (or at any chosen evaluation date) against the underlying price. The X-axis is the underlying price scenario, the Y-axis is position dollar P&L. The shape of the curve tells you the strategy's directional sensitivity, breakeven points, maximum profit and loss levels, and where time decay or volatility shifts will be most impactful. Multi-leg structures combine the curves of the individual legs to produce composite payoff diagrams.
- What's the difference between a P&L curve and a payoff diagram?
- Strictly: a payoff diagram shows option value at expiration (no time premium left), while a P&L curve typically shows position value at any evaluation date (with remaining time premium). The expiration payoff diagram has kinks at the strikes; the early P&L curve is smooth. For directional-vega trades, the early P&L curve also responds to IV shifts that the expiration payoff diagram does not capture - which is why options traders often look at both views.
- Why are illustrative SJB P&L numbers approximate?
- The numbers above use Black-Scholes assumptions (lognormal returns, constant volatility, no early exercise, no dividends). Real-world option prices reflect skew, term structure, jump risk, and (for US-style options) early exercise premium. Use the live options chain for actual quoted bid/ask prices when sizing trades; the values here illustrate magnitude only.