ProShares UltraPro S&P500 (UPRO) Performance
UPRO total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +25.2% since Dec 31, 2025
- 1 year
- +28.5% total return
- 5 years
- +17.6% a year
- 10 years
- +29.1% a year
- Since first price
- +32.3% a year since 2009
UPRO trailing returns vs SPY, QQQ, AGG
| Period | UPRO total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.2% | −4.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +6.0% | +5.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +16.5% | +16.0% | +7.8% | +8.4% | −1.5% |
| YTD | +25.2% | +24.4% | +12.3% | +15.1% | −1.0% |
| 1 year | +28.5% | +27.4% | +14.4% | +15.9% | −1.1% |
| 3 years | +282.4%+56.4%/yr | +271.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +125.0%+17.6%/yr | +116.2% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +1,184.7%+29.1%/yr | +1,117.4% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +6,117.5%+31.7%/yr | +5,741.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJun 25, 2009 | +12,670.6%+32.3%/yr | +11,848.0% | — | — | — |
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: UPRO vs SPY
From Jun 25, 2009: UPRO grew to $1.3M, SPY to $111,994.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UPRO returns by calendar year
12 of 16 full years positive. Best 2013 (+118.5%), worst 2022 (−56.8%). 2026 is year to date.
UPRO annual returns table
| Year | UPRO | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +25.2% | −26.8% | +12.3% | +15.1% | −1.0% |
| 2025 | +31.9% | −48.9% | +17.7% | +20.8% | +7.2% |
| 2024 | +63.6% | −24.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +68.5% | −30.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −56.8% | −63.9% | −18.2% | −32.6% | −13.0% |
| 2021 | +98.6% | −15.2% | +28.7% | +27.4% | −1.8% |
| 2020 | +10.1% | −76.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +102.3% | −19.5% | +31.2% | +39.0% | +8.5% |
| 2018 | −25.1% | −50.3% | −4.6% | −0.1% | +0.1% |
| 2017 | +71.4% | −7.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +30.8% | −26.3% | +12.0% | +7.1% | +2.4% |
| 2015 | −5.2% | −33.4% | +1.2% | +9.4% | +0.5% |
| 2014 | +38.0% | −21.0% | +13.5% | +19.2% | +6.0% |
| 2013 | +118.5% | −16.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +46.8% | −27.3% | +16.0% | +18.1% | +3.8% |
| 2011 | −11.9% | −51.7% | +1.9% | +3.4% | +7.7% |
| 2010 | +36.3% | −42.9% | +15.1% | +19.9% | +6.4% |
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.
UPRO largest drawdowns
Now 8.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2020 | −76.8% | Mar 23, 2020 | Jan 8, 2021 | 33 days | 11 months |
| Jan 3, 2022 | −63.9% | Oct 12, 2022 | Jun 17, 2024 | 9 months | 2.5 years |
| Apr 29, 2011 | −51.7% | Oct 3, 2011 | Apr 2, 2012 | 5 months | 11 months |
| Sep 20, 2018 | −50.3% | Dec 24, 2018 | Jul 12, 2019 | 3 months | 10 months |
| Feb 19, 2025 | −48.9% | Apr 8, 2025 | Jul 25, 2025 | 48 days | 5 months |
| Apr 23, 2010 | −42.9% | Jul 2, 2010 | Dec 10, 2010 | 2 months | 8 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UPRO risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +54.3% | +21.9% | +28.9% | +32.6% |
| Volatility (annualized) | 39.2% | 47.5% | 47.6% | 44.4% |
| Sharpe ratio | 1.20 | 0.58 | 0.74 | 0.84 |
| Sortino ratio | 2.47 | 0.93 | 1.14 | 1.36 |
| Best month | +33.2% | +33.2% | +37.2% | +37.2% |
| Worst month | −17.6% | −26.9% | −48.1% | −48.1% |
| Best 12 months | +120.1% | +120.1% | +227.2% | +227.2% |
| Worst 12 months | +5.9% | −56.8% | −56.8% | −56.8% |
| Positive months | 61% | 55% | 64% | 64% |
| Beta vs S&P 500 | 3.14 | 3.02 | 3.09 | — |
| Correlation with S&P 500 | 1.00 | 1.00 | 1.00 | — |
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.
UPRO rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 197 | −56.8% | +36.3% | +227.2% | 79% |
| 3-year (a year) | 173 | −4.4% | +28.8% | +72.5% | 99% |
| 5-year (a year) | 149 | +4.8% | +27.3% | +51.6% | 100% |
| 10-year (a year) | 89 | +19.0% | +27.8% | +41.0% | 100% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
UPRO performance overview
ProShares UltraPro S&P500 (UPRO) returned +28.5% over the past year and +29.1% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned +32.3% a year, turning $10,000 into about $1.3M. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −76.8%, from Feb 19, 2020 to Mar 23, 2020, and it took 10 months to get back to the old high. UPRO finished 12 of its 16 full calendar years with a gain; the best year was 2013 (+118.5%) and the worst 2022 (−56.8%). Volatility has been 44.4% a year.
Related: UPRO chart, UPRO holdings, UPRO dividends, UPRO valuation. See the UPRO overview for the latest quote and fund facts.
UPRO performance FAQ
What is the UPRO return over the past year?
UPRO returned +28.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 27.4%.
What is the average annual return of UPRO?
UPRO has returned +17.6% a year over 5 years, +29.1% a year over 10 years, +32.3% a year since June 25, 2009 (total return, distributions reinvested).
How much would $10,000 invested in UPRO be worth?
$10,000 invested in UPRO at its first recorded close on June 25, 2009 would be worth about $1.3M on October 23, 2026 with distributions reinvested.
What was the worst year for UPRO?
The worst calendar year was 2022, with a total return of −56.8%. The best was 2013 at +118.5%.
What is the biggest drawdown of UPRO?
The largest peak-to-trough decline was −76.8% between February 19, 2020 and March 23, 2020. It recovered to the old high on January 8, 2021, 10 months after the bottom.
How volatile is UPRO?
Over the past 3 years UPRO had an annualized volatility of 39.2% and a Sharpe ratio of 1.20 (excess return over 1–3 month T-bills per unit of risk).