iShares U.S. Thematic Rotation Active ETF (THRO) Performance
THRO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +13.3% since Dec 31, 2025
- 1 year
- +15.0% total return
- 3 years
- +24.6% a year
- Since first price
- +12.8% a year since 2021
THRO trailing returns vs SPY, QQQ, AGG
| Period | THRO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.8% | −1.8% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.3% | +3.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +9.4% | +9.2% | +7.8% | +8.4% | −1.5% |
| YTD | +13.3% | +13.0% | +12.3% | +15.1% | −1.0% |
| 1 year | +15.0% | +14.6% | +14.4% | +15.9% | −1.1% |
| 3 years | +93.4%+24.6%/yr | +90.9% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionDec 16, 2021 | +79.6%+12.8%/yr | +74.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: THRO vs SPY
From Dec 16, 2021: THRO grew to $17,961, SPY to $17,420.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
THRO returns by calendar year
3 of 4 full years positive. Best 2024 (+32.0%), worst 2022 (−17.8%). 2026 is year to date.
THRO annual returns table
| Year | THRO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +13.3% | −10.9% | +12.3% | +15.1% | −1.0% |
| 2025 | +15.0% | −19.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +32.0% | −9.3% | +24.9% | +25.6% | +1.3% |
| 2023 | +24.4% | −9.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −17.8% | −26.2% | −18.2% | −32.6% | −13.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
THRO largest drawdowns
Now 3.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 27, 2021 | −26.5% | Sep 30, 2022 | Dec 13, 2023 | 9 months | 2.0 years |
| Jan 23, 2025 | −19.1% | Apr 8, 2025 | Jun 30, 2025 | 2 months | 5 months |
| Jan 27, 2026 | −10.9% | Mar 30, 2026 | Apr 15, 2026 | 2 months | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
THRO risk statistics
| Statistic | 3 years | Since 2021 |
|---|---|---|
| Annualized return | +24.1% | +12.8% |
| Volatility (annualized) | 14.0% | 17.6% |
| Sharpe ratio | 1.32 | 0.56 |
| Sortino ratio | 2.77 | 0.91 |
| Best month | +12.3% | +12.3% |
| Worst month | −6.1% | −10.2% |
| Best 12 months | +43.7% | +43.7% |
| Worst 12 months | +8.8% | −17.8% |
| Positive months | 69% | 61% |
| Beta vs S&P 500 | 1.10 | — |
| Correlation with S&P 500 | 0.98 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
THRO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 47 | −17.8% | +17.9% | +43.7% | 91% |
| 3-year (a year) | 23 | +10.5% | +21.3% | +27.2% | 100% |
Every holding period starting at a month-end since 2021. Returns for 3 years and longer are annualized.
THRO performance overview
iShares U.S. Thematic Rotation Active ETF (THRO) returned +15.0% over the past year, with distributions reinvested. Since its first recorded price in 2021 it has returned +12.8% a year, turning $10,000 into about $17,961. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −26.5%, from Dec 27, 2021 to Sep 30, 2022, and it took 1.2 years to get back to the old high. THRO finished 3 of its 4 full calendar years with a gain; the best year was 2024 (+32.0%) and the worst 2022 (−17.8%). Volatility has been 17.6% a year.
Related: THRO chart, THRO holdings, THRO dividends, THRO valuation. See the THRO overview for the latest quote and fund facts.
THRO performance FAQ
What is the THRO return over the past year?
THRO returned +15.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 14.6%.
How much would $10,000 invested in THRO be worth?
$10,000 invested in THRO at its first recorded close on December 16, 2021 would be worth about $17,961 on October 23, 2026 with distributions reinvested.
What was the worst year for THRO?
The worst calendar year was 2022, with a total return of −17.8%. The best was 2024 at +32.0%.
What is the biggest drawdown of THRO?
The largest peak-to-trough decline was −26.5% between December 27, 2021 and September 30, 2022. It recovered to the old high on December 13, 2023, 1.2 years after the bottom.
How volatile is THRO?
Over the past 3 years THRO had an annualized volatility of 14.0% and a Sharpe ratio of 1.32 (excess return over 1–3 month T-bills per unit of risk).