UPAR Ultra Risk Parity ETF (UPAR) Performance
UPAR total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.1% since Dec 31, 2025
- 1 year
- +1.3% total return
- 3 years
- +14.1% a year
- Since first price
- −1.9% a year since 2022
UPAR trailing returns vs SPY, QQQ, AGG
| Period | UPAR total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.7% | −2.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −1.6% | −2.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −6.2% | −8.8% | +7.8% | +8.4% | −1.5% |
| YTD | +2.1% | −0.9% | +12.3% | +15.1% | −1.0% |
| 1 year | +1.3% | −1.9% | +14.4% | +15.9% | −1.1% |
| 3 years | +48.4%+14.1%/yr | +34.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionJan 4, 2022 | −8.9%−1.9%/yr | −23.3% | — | — | — |
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: UPAR vs SPY
From Jan 4, 2022: UPAR grew to $9,105, SPY to $16,955.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UPAR returns by calendar year
2 of 3 full years positive. Best 2025 (+23.9%), worst 2024 (−2.3%). 2026 is year to date.
UPAR annual returns table
| Year | UPAR | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +2.1% | −13.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +23.9% | −11.3% | +17.7% | +20.8% | +7.2% |
| 2024 | −2.3% | −13.1% | +24.9% | +25.6% | +1.3% |
| 2023 | +5.7% | −21.5% | +26.2% | +54.9% | +5.7% |
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.
UPAR largest drawdowns
Now 10.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 12, 2022 | −39.0% | Oct 25, 2023 | Feb 23, 2026 | 1.8 years | 4.1 years |
| Mar 2, 2026 | −13.5% | Oct 1, 2026 | not yet | 7 months | 8 months so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UPAR risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +11.0% | −1.9% |
| Volatility (annualized) | 16.3% | 19.8% |
| Sharpe ratio | 0.46 | -0.19 |
| Sortino ratio | 0.69 | -0.25 |
| Best month | +10.8% | +11.6% |
| Worst month | −8.2% | −15.6% |
| Best 12 months | +31.3% | +31.3% |
| Worst 12 months | −2.3% | −25.3% |
| Positive months | 61% | 54% |
| Beta vs S&P 500 | 0.77 | — |
| Correlation with S&P 500 | 0.59 | — |
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.
UPAR rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 46 | −25.3% | +3.7% | +31.3% | 70% |
| 3-year (a year) | 22 | −8.6% | +7.8% | +14.2% | 77% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
UPAR performance overview
UPAR Ultra Risk Parity ETF (UPAR) returned +1.3% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned −1.9% a year, turning $10,000 into about $9,105. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −39.0%, from Jan 12, 2022 to Oct 25, 2023, and it took 2.3 years to get back to the old high. UPAR finished 2 of its 3 full calendar years with a gain; the best year was 2025 (+23.9%) and the worst 2024 (−2.3%). Volatility has been 19.8% a year.
Related: UPAR chart, UPAR dividends. See the UPAR overview for the latest quote and fund facts.
UPAR performance FAQ
What is the UPAR return over the past year?
UPAR returned +1.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 1.9%.
How much would $10,000 invested in UPAR be worth?
$10,000 invested in UPAR at its first recorded close on January 4, 2022 would be worth about $9,105 on October 23, 2026 with distributions reinvested.
What was the worst year for UPAR?
The worst calendar year was 2024, with a total return of −2.3%. The best was 2025 at +23.9%.
What is the biggest drawdown of UPAR?
The largest peak-to-trough decline was −39.0% between January 12, 2022 and October 25, 2023. It recovered to the old high on February 23, 2026, 2.3 years after the bottom.
How volatile is UPAR?
Over the past 3 years UPAR had an annualized volatility of 16.3% and a Sharpe ratio of 0.46 (excess return over 1–3 month T-bills per unit of risk).