ProShares Ultra FTSE Europe (UPV) Performance
UPV total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +3.1% since Dec 31, 2025
- 1 year
- +10.1% total return
- 5 years
- +6.8% a year
- 10 years
- +10.9% a year
- Since first price
- +7.7% a year since 2010
UPV trailing returns vs SPY, QQQ, AGG
| Period | UPV total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.6% | −4.6% | −1.0% | −5.0% | +0.9% |
| 3 months | −4.8% | −5.4% | +3.2% | +1.9% | −0.4% |
| 6 months | −1.5% | −2.6% | +7.8% | +8.4% | −1.5% |
| YTD | +3.1% | +1.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +10.1% | +7.3% | +14.4% | +15.9% | −1.1% |
| 3 years | +118.6%+29.8%/yr | +104.4% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +38.9%+6.8%/yr | +28.5% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +180.6%+10.9%/yr | +147.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +286.1%+9.4%/yr | +240.8% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionApr 30, 2010 | +239.8%+7.7%/yr | +200.0% | — | — | — |
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: UPV vs SPY
From Apr 30, 2010: UPV grew to $33,983, SPY to $85,569.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UPV returns by calendar year
7 of 15 full years positive. Best 2025 (+68.6%), worst 2022 (−36.6%). 2026 is year to date.
UPV annual returns table
| Year | UPV | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +3.1% | −23.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +68.6% | −27.5% | +17.7% | +20.8% | +7.2% |
| 2024 | −4.5% | −21.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +32.2% | −25.8% | +26.2% | +54.9% | +5.7% |
| 2022 | −36.6% | −57.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +32.4% | −14.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −3.1% | −63.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +47.0% | −16.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −32.6% | −44.0% | −4.6% | −0.1% | +0.1% |
| 2017 | +57.4% | −6.1% | +21.7% | +32.7% | +3.6% |
| 2016 | −6.8% | −27.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −7.2% | −30.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −15.7% | −30.3% | +13.5% | +19.2% | +6.0% |
| 2013 | +52.8% | −17.1% | +32.3% | +36.6% | −2.0% |
| 2012 | +40.1% | −33.8% | +16.0% | +18.1% | +3.8% |
| 2011 | −31.4% | −55.0% | +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.
UPV largest drawdowns
Now 15.0% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −67.2% | Mar 18, 2020 | Apr 15, 2021 | 2.1 years | 3.2 years |
| Sep 2, 2021 | −58.3% | Sep 27, 2022 | Mar 7, 2025 | 1.1 years | 3.5 years |
| Apr 29, 2011 | −55.0% | Nov 25, 2011 | Sep 18, 2013 | 7 months | 2.4 years |
| Jul 3, 2014 | −47.8% | Jun 27, 2016 | Dec 21, 2017 | 2.0 years | 3.5 years |
| Apr 30, 2010 | −30.3% | Jun 7, 2010 | Aug 2, 2010 | 38 days | 3 months |
| Mar 18, 2025 | −27.5% | Apr 8, 2025 | May 2, 2025 | 21 days | 45 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UPV risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | +27.5% | +9.2% | +10.6% | +7.9% |
| Volatility (annualized) | 26.5% | 34.2% | 34.4% | 35.8% |
| Sharpe ratio | 0.89 | 0.32 | 0.40 | 0.35 |
| Sortino ratio | 1.45 | 0.49 | 0.60 | 0.53 |
| Best month | +19.4% | +27.3% | +36.0% | +36.0% |
| Worst month | −16.8% | −19.9% | −35.3% | −35.3% |
| Best 12 months | +68.6% | +68.6% | +110.6% | +110.6% |
| Worst 12 months | −4.5% | −51.0% | −51.0% | −51.0% |
| Positive months | 72% | 62% | 60% | 56% |
| Beta vs S&P 500 | 1.25 | 1.67 | 1.80 | — |
| Correlation with S&P 500 | 0.59 | 0.76 | 0.80 | — |
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.
UPV rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 187 | −51.0% | +12.8% | +110.6% | 59% |
| 3-year (a year) | 163 | −13.0% | +7.5% | +40.0% | 75% |
| 5-year (a year) | 139 | −10.0% | +6.8% | +19.7% | 75% |
| 10-year (a year) | 79 | −0.0% | +4.9% | +13.5% | 99% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
UPV performance overview
ProShares Ultra FTSE Europe (UPV) returned +10.1% over the past year and +10.9% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +7.7% a year, turning $10,000 into about $33,983. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −67.2%, from Jan 26, 2018 to Mar 18, 2020, and it took 1.1 years to get back to the old high. UPV finished 7 of its 15 full calendar years with a gain; the best year was 2025 (+68.6%) and the worst 2022 (−36.6%). Volatility has been 35.8% a year.
Related: UPV chart, UPV dividends. See the UPV overview for the latest quote and fund facts.
UPV performance FAQ
What is the UPV return over the past year?
UPV returned +10.1% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 7.3%.
What is the average annual return of UPV?
UPV has returned +6.8% a year over 5 years, +10.9% a year over 10 years, +7.7% a year since April 30, 2010 (total return, distributions reinvested).
How much would $10,000 invested in UPV be worth?
$10,000 invested in UPV at its first recorded close on April 30, 2010 would be worth about $33,983 on October 23, 2026 with distributions reinvested.
What was the worst year for UPV?
The worst calendar year was 2022, with a total return of −36.6%. The best was 2025 at +68.6%.
What is the biggest drawdown of UPV?
The largest peak-to-trough decline was −67.2% between January 26, 2018 and March 18, 2020. It recovered to the old high on April 15, 2021, 1.1 years after the bottom.
How volatile is UPV?
Over the past 3 years UPV had an annualized volatility of 26.5% and a Sharpe ratio of 0.89 (excess return over 1–3 month T-bills per unit of risk).