ProShares Ultra 20+ Year Treasury (UBT) Performance
UBT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −10.5% since Dec 31, 2025
- 1 year
- −17.6% total return
- 5 years
- −20.3% a year
- 10 years
- −9.1% a year
- Since first price
- +0.1% a year since 2010
UBT trailing returns vs SPY, QQQ, AGG
| Period | UBT total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.5% | −4.2% | +3.2% | +1.9% | −0.4% |
| 6 months | −10.1% | −11.4% | +7.8% | +8.4% | −1.5% |
| YTD | −10.5% | −12.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −17.6% | −20.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −1.7%−0.6%/yr | −11.8% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −67.8%−20.3%/yr | −71.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −61.5%−9.1%/yr | −68.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −38.5%−3.2%/yr | −50.5% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 21, 2010 | +1.4%+0.1%/yr | −19.6% | — | — | — |
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: UBT vs SPY
From Jan 21, 2010: UBT grew to $10,143, SPY to $91,392.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UBT returns by calendar year
8 of 15 full years positive. Best 2011 (+72.7%), worst 2022 (−55.5%). 2026 is year to date.
UBT annual returns table
| Year | UBT | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −10.5% | −25.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.0% | −18.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −21.8% | −25.3% | +24.9% | +25.6% | +1.3% |
| 2023 | −3.7% | −42.9% | +26.2% | +54.9% | +5.7% |
| 2022 | −55.5% | −59.7% | −18.2% | −32.6% | −13.0% |
| 2021 | −12.1% | −27.8% | +28.7% | +27.4% | −1.8% |
| 2020 | +31.9% | −28.0% | +18.3% | +48.6% | +7.5% |
| 2019 | +24.5% | −16.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −6.5% | −20.1% | −4.6% | −0.1% | +0.1% |
| 2017 | +16.1% | −10.1% | +21.7% | +32.7% | +3.6% |
| 2016 | +0.3% | −33.2% | +12.0% | +7.1% | +2.4% |
| 2015 | −7.9% | −30.3% | +1.2% | +9.4% | +0.5% |
| 2014 | +60.4% | −9.8% | +13.5% | +19.2% | +6.0% |
| 2013 | −26.8% | −31.9% | +32.3% | +36.6% | −2.0% |
| 2012 | +2.7% | −19.4% | +16.0% | +18.1% | +3.8% |
| 2011 | +72.7% | −20.7% | +1.9% | +3.4% | +7.7% |
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.
UBT largest drawdowns
Now 78.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Mar 9, 2020 | −80.7% | Oct 7, 2026 | not yet | 6.6 years | 6.6 years so far |
| Jul 25, 2012 | −38.3% | Aug 21, 2013 | Dec 12, 2014 | 1.1 years | 2.4 years |
| Jul 8, 2016 | −36.4% | Nov 2, 2018 | Aug 6, 2019 | 2.3 years | 3.1 years |
| Aug 26, 2010 | −32.2% | Feb 10, 2011 | Aug 8, 2011 | 6 months | 11 months |
| Jan 30, 2015 | −30.3% | Jun 26, 2015 | Jun 27, 2016 | 5 months | 1.4 years |
| Oct 3, 2011 | −20.7% | Oct 27, 2011 | Dec 19, 2011 | 24 days | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UBT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | −6.8% | −21.8% | −10.5% | −0.5% |
| Volatility (annualized) | 26.9% | 28.9% | 27.2% | 27.3% |
| Sharpe ratio | -0.29 | -0.83 | -0.36 | 0.07 |
| Sortino ratio | -0.41 | -1.01 | -0.49 | 0.10 |
| Best month | +19.4% | +19.4% | +22.7% | +26.8% |
| Worst month | −13.1% | −17.9% | −17.9% | −17.9% |
| Best 12 months | +21.7% | +21.7% | +77.9% | +82.3% |
| Worst 12 months | −21.8% | −58.7% | −58.7% | −58.7% |
| Positive months | 53% | 43% | 48% | 48% |
| Beta vs S&P 500 | 1.03 | 1.00 | 0.30 | — |
| Correlation with S&P 500 | 0.48 | 0.54 | 0.17 | — |
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.
UBT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 190 | −58.7% | −2.0% | +82.3% | 48% |
| 3-year (a year) | 166 | −35.4% | +2.9% | +25.9% | 58% |
| 5-year (a year) | 142 | −24.3% | +3.2% | +22.5% | 61% |
| 10-year (a year) | 82 | −10.5% | −2.0% | +15.9% | 34% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
UBT performance overview
ProShares Ultra 20+ Year Treasury (UBT) returned −17.6% over the past year and −9.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +0.1% a year, turning $10,000 into about $10,143. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −80.7%, from Mar 9, 2020 to Oct 7, 2026; the fund has not yet regained that high. UBT finished 8 of its 15 full calendar years with a gain; the best year was 2011 (+72.7%) and the worst 2022 (−55.5%). Volatility has been 27.3% a year.
Related: UBT chart, UBT dividends. See the UBT overview for the latest quote and fund facts.
UBT performance FAQ
What is the UBT return over the past year?
UBT returned −17.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 20.0%.
What is the average annual return of UBT?
UBT has returned −20.3% a year over 5 years, −9.1% a year over 10 years, +0.1% a year since January 21, 2010 (total return, distributions reinvested).
How much would $10,000 invested in UBT be worth?
$10,000 invested in UBT at its first recorded close on January 21, 2010 would be worth about $10,143 on October 23, 2026 with distributions reinvested.
What was the worst year for UBT?
The worst calendar year was 2022, with a total return of −55.5%. The best was 2011 at +72.7%.
What is the biggest drawdown of UBT?
The largest peak-to-trough decline was −80.7% between March 9, 2020 and October 7, 2026. It has not yet recovered to that high; it is 78.5% below its peak.
How volatile is UBT?
Over the past 3 years UBT had an annualized volatility of 26.9% and a Sharpe ratio of -0.29 (excess return over 1–3 month T-bills per unit of risk).