ProShares Ultra Utilities (UPW) Performance
UPW total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −3.3% since Dec 31, 2025
- 1 year
- −13.5% total return
- 5 years
- +6.9% a year
- 10 years
- +10.0% a year
- Since first price
- +8.9% a year since 2007
UPW trailing returns vs SPY, QQQ, AGG
| Period | UPW total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +13.5% | +13.5% | −1.0% | −5.0% | +0.9% |
| 3 months | −15.5% | −16.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −16.1% | −17.0% | +7.8% | +8.4% | −1.5% |
| YTD | −3.3% | −4.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −13.5% | −15.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +98.9%+25.8%/yr | +87.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +39.4%+6.9%/yr | +26.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +158.6%+10.0%/yr | +119.3% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +529.0%+13.0%/yr | +383.1% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionFeb 1, 2007 | +440.4%+8.9%/yr | +251.5% | — | — | — |
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: UPW vs SPY
From Feb 1, 2007: UPW grew to $54,042, SPY to $75,332.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UPW returns by calendar year
12 of 18 full years positive. Best 2014 (+59.9%), worst 2008 (−58.9%). 2026 is year to date.
UPW annual returns table
| Year | UPW | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −3.3% | −33.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +23.6% | −17.4% | +17.7% | +20.8% | +7.2% |
| 2024 | +37.7% | −18.7% | +24.9% | +25.6% | +1.3% |
| 2023 | −22.4% | −40.7% | +26.2% | +54.9% | +5.7% |
| 2022 | −4.6% | −37.2% | −18.2% | −32.6% | −13.0% |
| 2021 | +32.6% | −16.3% | +28.7% | +27.4% | −1.8% |
| 2020 | −17.1% | −62.7% | +18.3% | +48.6% | +7.5% |
| 2019 | +48.6% | −11.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +2.4% | −17.6% | −4.6% | −0.1% | +0.1% |
| 2017 | +22.5% | −13.9% | +21.7% | +32.7% | +3.6% |
| 2016 | +29.2% | −24.6% | +12.0% | +7.1% | +2.4% |
| 2015 | −12.5% | −31.1% | +1.2% | +9.4% | +0.5% |
| 2014 | +59.9% | −18.1% | +13.5% | +19.2% | +6.0% |
| 2013 | +30.0% | −20.5% | +32.3% | +36.6% | −2.0% |
| 2012 | −1.1% | −19.3% | +16.0% | +18.1% | +3.8% |
| 2011 | +35.2% | −23.2% | +1.9% | +3.4% | +7.7% |
| 2010 | +11.4% | −18.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +19.2% | −45.3% | +26.4% | +54.7% | +3.0% |
| 2008 | −58.9% | −68.0% | −36.8% | −41.7% | +7.9% |
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.
UPW largest drawdowns
Now 21.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Dec 10, 2007 | −77.8% | Mar 9, 2009 | Feb 18, 2014 | 1.2 years | 6.2 years |
| Feb 18, 2020 | −62.7% | Mar 23, 2020 | Apr 1, 2022 | 34 days | 2.1 years |
| Sep 12, 2022 | −49.4% | Oct 2, 2023 | Sep 30, 2024 | 1.1 years | 2.1 years |
| Feb 27, 2026 | −33.0% | Sep 28, 2026 | not yet | 7 months | 8 months so far |
| Jan 29, 2015 | −31.1% | Sep 4, 2015 | Mar 16, 2016 | 7 months | 1.1 years |
| Apr 8, 2022 | −29.3% | Jun 17, 2022 | Aug 15, 2022 | 2 months | 4 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UPW risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | +17.5% | +5.9% | +7.8% | +7.7% |
| Volatility (annualized) | 30.2% | 33.3% | 31.0% | 29.9% |
| Sharpe ratio | 0.54 | 0.23 | 0.33 | 0.36 |
| Sortino ratio | 0.86 | 0.34 | 0.48 | 0.50 |
| Best month | +21.1% | +21.1% | +21.4% | +21.4% |
| Worst month | −16.1% | −22.0% | −25.9% | −26.8% |
| Best 12 months | +80.7% | +80.7% | +80.7% | +80.7% |
| Worst 12 months | −20.2% | −30.5% | −30.5% | −64.4% |
| Positive months | 67% | 60% | 61% | 62% |
| Beta vs S&P 500 | 0.63 | 1.11 | 1.00 | — |
| Correlation with S&P 500 | 0.26 | 0.52 | 0.49 | — |
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.
UPW rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 225 | −64.4% | +18.6% | +80.7% | 71% |
| 3-year (a year) | 201 | −24.4% | +14.9% | +32.3% | 85% |
| 5-year (a year) | 177 | −6.2% | +13.3% | +30.9% | 92% |
| 10-year (a year) | 117 | +6.9% | +13.3% | +23.7% | 100% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
UPW performance overview
ProShares Ultra Utilities (UPW) returned −13.5% over the past year and +10.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned +8.9% a year, turning $10,000 into about $54,042. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −77.8%, from Dec 10, 2007 to Mar 9, 2009, and it took 4.9 years to get back to the old high. UPW finished 12 of its 18 full calendar years with a gain; the best year was 2014 (+59.9%) and the worst 2008 (−58.9%). Volatility has been 29.9% a year.
Related: UPW chart, UPW dividends. See the UPW overview for the latest quote and fund facts.
UPW performance FAQ
What is the UPW return over the past year?
UPW returned −13.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 15.0%.
What is the average annual return of UPW?
UPW has returned +6.9% a year over 5 years, +10.0% a year over 10 years, +8.9% a year since February 1, 2007 (total return, distributions reinvested).
How much would $10,000 invested in UPW be worth?
$10,000 invested in UPW at its first recorded close on February 1, 2007 would be worth about $54,042 on October 23, 2026 with distributions reinvested.
What was the worst year for UPW?
The worst calendar year was 2008, with a total return of −58.9%. The best was 2014 at +59.9%.
What is the biggest drawdown of UPW?
The largest peak-to-trough decline was −77.8% between December 10, 2007 and March 9, 2009. It recovered to the old high on February 18, 2014, 4.9 years after the bottom.
How volatile is UPW?
Over the past 3 years UPW had an annualized volatility of 30.2% and a Sharpe ratio of 0.54 (excess return over 1–3 month T-bills per unit of risk).