ProShares Ultra Euro (ULE) Performance
ULE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −10.0% since Dec 31, 2025
- 1 year
- −8.1% total return
- 5 years
- −3.3% a year
- 10 years
- −2.4% a year
- Since first price
- −4.2% a year since 2008
ULE trailing returns vs SPY, QQQ, AGG
| Period | ULE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −3.3% | −3.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −3.4% | −3.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −8.7% | −8.7% | +7.8% | +8.4% | −1.5% |
| YTD | −10.0% | −10.0% | +12.3% | +15.1% | −1.0% |
| 1 year | −8.1% | −8.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +7.1%+2.3%/yr | +7.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −15.6%−3.3%/yr | −15.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −21.4%−2.4%/yr | −21.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −57.0%−5.5%/yr | −57.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionNov 25, 2008 | −53.3%−4.2%/yr | −53.3% | — | — | — |
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: ULE vs SPY
From Nov 25, 2008: ULE grew to $4,671, SPY to $122,925.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
ULE returns by calendar year
7 of 17 full years positive. Best 2025 (+26.0%), worst 2014 (−23.8%). 2026 is year to date.
ULE annual returns table
| Year | ULE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −10.0% | −15.1% | +12.3% | +15.1% | −1.0% |
| 2025 | +26.0% | −8.2% | +17.7% | +20.8% | +7.2% |
| 2024 | −11.8% | −14.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +5.2% | −13.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −15.5% | −31.9% | −18.2% | −32.6% | −13.0% |
| 2021 | −15.7% | −19.3% | +28.7% | +27.4% | −1.8% |
| 2020 | +14.8% | −13.5% | +18.3% | +48.6% | +7.5% |
| 2019 | −8.9% | −14.0% | +31.2% | +39.0% | +8.5% |
| 2018 | −13.4% | −22.2% | −4.6% | −0.1% | +0.1% |
| 2017 | +23.9% | −7.8% | +21.7% | +32.7% | +3.6% |
| 2016 | −9.2% | −20.9% | +12.0% | +7.1% | +2.4% |
| 2015 | −21.7% | −24.7% | +1.2% | +9.4% | +0.5% |
| 2014 | −23.8% | −25.6% | +13.5% | +19.2% | +6.0% |
| 2013 | +6.8% | −13.2% | +32.3% | +36.6% | −2.0% |
| 2012 | +1.9% | −20.0% | +16.0% | +18.1% | +3.8% |
| 2011 | −7.7% | −25.0% | +1.9% | +3.4% | +7.7% |
| 2010 | −14.3% | −33.3% | +15.1% | +19.9% | +6.4% |
| 2009 | +2.3% | −19.4% | +26.4% | +54.7% | +3.0% |
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.
ULE largest drawdowns
Now 64.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 25, 2009 | −72.7% | Sep 27, 2022 | not yet | 12.8 years | 16.9 years so far |
| Dec 17, 2008 | −24.7% | Mar 5, 2009 | Sep 9, 2009 | 3 months | 9 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
ULE risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +3.8% | −2.7% | −2.8% | −3.8% |
| Volatility (annualized) | 14.0% | 15.0% | 13.9% | 18.1% |
| Sharpe ratio | 0.02 | -0.35 | -0.30 | -0.19 |
| Sortino ratio | 0.03 | -0.48 | -0.42 | -0.27 |
| Best month | +9.9% | +10.7% | +10.7% | +21.8% |
| Worst month | −6.5% | −9.1% | −9.1% | −17.0% |
| Best 12 months | +27.9% | +27.9% | +27.9% | +38.6% |
| Worst 12 months | −11.8% | −31.2% | −31.2% | −40.2% |
| Positive months | 56% | 50% | 44% | 47% |
| Beta vs S&P 500 | 0.14 | 0.33 | 0.28 | — |
| Correlation with S&P 500 | 0.12 | 0.34 | 0.31 | — |
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.
ULE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 204 | −40.2% | −4.1% | +38.6% | 42% |
| 3-year (a year) | 180 | −18.6% | −5.3% | +11.3% | 18% |
| 5-year (a year) | 156 | −12.1% | −5.5% | +1.7% | 4% |
| 10-year (a year) | 96 | −8.7% | −6.5% | −1.4% | 0% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
ULE performance overview
ProShares Ultra Euro (ULE) returned −8.1% over the past year and −2.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −4.2% a year, turning $10,000 into about $4,671. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −72.7%, from Nov 25, 2009 to Sep 27, 2022; the fund has not yet regained that high. ULE finished 7 of its 17 full calendar years with a gain; the best year was 2025 (+26.0%) and the worst 2014 (−23.8%). Volatility has been 18.1% a year.
Related: ULE chart. See the ULE overview for the latest quote and fund facts.
ULE performance FAQ
What is the ULE return over the past year?
ULE returned −8.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 8.1%.
What is the average annual return of ULE?
ULE has returned −3.3% a year over 5 years, −2.4% a year over 10 years, −4.2% a year since November 25, 2008 (total return, distributions reinvested).
How much would $10,000 invested in ULE be worth?
$10,000 invested in ULE at its first recorded close on November 25, 2008 would be worth about $4,671 on October 23, 2026 with distributions reinvested.
What was the worst year for ULE?
The worst calendar year was 2014, with a total return of −23.8%. The best was 2025 at +26.0%.
What is the biggest drawdown of ULE?
The largest peak-to-trough decline was −72.7% between November 25, 2009 and September 27, 2022. It has not yet recovered to that high; it is 64.9% below its peak.
How volatile is ULE?
Over the past 3 years ULE had an annualized volatility of 14.0% and a Sharpe ratio of 0.02 (excess return over 1–3 month T-bills per unit of risk).