ProShares Ultra 7-10 Year Treasury (UST) Performance
UST total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −7.8% since Dec 31, 2025
- 1 year
- −9.3% total return
- 5 years
- −7.5% a year
- 10 years
- −2.7% a year
- Since first price
- +2.1% a year since 2010
UST trailing returns vs SPY, QQQ, AGG
| Period | UST total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.3% | +2.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −2.8% | −3.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −7.0% | −8.5% | +7.8% | +8.4% | −1.5% |
| YTD | −7.8% | −9.6% | +12.3% | +15.1% | −1.0% |
| 1 year | −9.3% | −12.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +10.4%+3.4%/yr | −0.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −32.3%−7.5%/yr | −40.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −23.7%−2.7%/yr | −36.7% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +0.8%+0.1%/yr | −21.4% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 22, 2010 | +41.8%+2.1%/yr | +10.6% | — | — | — |
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: UST vs SPY
From Jan 22, 2010: UST grew to $14,178, SPY to $93,476.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
UST returns by calendar year
10 of 15 full years positive. Best 2011 (+30.8%), worst 2022 (−30.2%). 2026 is year to date.
UST annual returns table
| Year | UST | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −7.8% | −15.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +10.3% | −8.4% | +17.7% | +20.8% | +7.2% |
| 2024 | −6.2% | −12.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +0.2% | −22.3% | +26.2% | +54.9% | +5.7% |
| 2022 | −30.2% | −33.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −7.8% | −11.5% | +28.7% | +27.4% | −1.8% |
| 2020 | +18.8% | −9.1% | +18.3% | +48.6% | +7.5% |
| 2019 | +13.3% | −6.9% | +31.2% | +39.0% | +8.5% |
| 2018 | −1.1% | −9.3% | −4.6% | −0.1% | +0.1% |
| 2017 | +3.2% | −6.3% | +21.7% | +32.7% | +3.6% |
| 2016 | +0.5% | −16.7% | +12.0% | +7.1% | +2.4% |
| 2015 | +1.9% | −10.7% | +1.2% | +9.4% | +0.5% |
| 2014 | +17.7% | −4.2% | +13.5% | +19.2% | +6.0% |
| 2013 | −12.5% | −17.6% | +32.3% | +36.6% | −2.0% |
| 2012 | +6.7% | −7.6% | +16.0% | +18.1% | +3.8% |
| 2011 | +30.8% | −8.6% | +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.
UST largest drawdowns
Now 41.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 4, 2020 | −48.0% | Oct 19, 2023 | not yet | 3.2 years | 6.2 years so far |
| Jul 8, 2016 | −20.1% | Oct 5, 2018 | Aug 1, 2019 | 2.2 years | 3.1 years |
| May 2, 2013 | −17.6% | Sep 5, 2013 | Dec 12, 2014 | 4 months | 1.6 years |
| Nov 4, 2010 | −15.5% | Feb 8, 2011 | Jul 29, 2011 | 3 months | 9 months |
| Jan 30, 2015 | −10.7% | Jun 10, 2015 | Feb 2, 2016 | 4 months | 1.0 years |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
UST risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2010 |
|---|---|---|---|---|
| Annualized return | +0.5% | −8.7% | −3.3% | +1.9% |
| Volatility (annualized) | 13.3% | 15.1% | 13.2% | 12.6% |
| Sharpe ratio | -0.22 | -0.76 | -0.36 | 0.10 |
| Sortino ratio | -0.29 | -0.91 | -0.47 | 0.15 |
| Best month | +8.2% | +8.2% | +8.2% | +9.8% |
| Worst month | −6.9% | −9.7% | −9.7% | −9.7% |
| Best 12 months | +15.1% | +15.1% | +33.2% | +33.2% |
| Worst 12 months | −11.1% | −32.0% | −32.0% | −32.0% |
| Positive months | 58% | 47% | 50% | 52% |
| Beta vs S&P 500 | 0.39 | 0.49 | 0.14 | — |
| Correlation with S&P 500 | 0.36 | 0.51 | 0.17 | — |
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.
UST rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 190 | −32.0% | +3.1% | +33.2% | 56% |
| 3-year (a year) | 166 | −17.9% | +2.2% | +17.4% | 63% |
| 5-year (a year) | 142 | −9.4% | +2.1% | +12.2% | 61% |
| 10-year (a year) | 82 | −3.3% | −0.2% | +9.1% | 46% |
Every holding period starting at a month-end since 2010. Returns for 3 years and longer are annualized.
UST performance overview
ProShares Ultra 7-10 Year Treasury (UST) returned −9.3% over the past year and −2.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2010 it has returned +2.1% a year, turning $10,000 into about $14,178. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −48.0%, from Aug 4, 2020 to Oct 19, 2023; the fund has not yet regained that high. UST finished 10 of its 15 full calendar years with a gain; the best year was 2011 (+30.8%) and the worst 2022 (−30.2%). Volatility has been 12.6% a year.
Related: UST chart, UST dividends. See the UST overview for the latest quote and fund facts.
UST performance FAQ
What is the UST return over the past year?
UST returned −9.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 12.2%.
What is the average annual return of UST?
UST has returned −7.5% a year over 5 years, −2.7% a year over 10 years, +2.1% a year since January 22, 2010 (total return, distributions reinvested).
How much would $10,000 invested in UST be worth?
$10,000 invested in UST at its first recorded close on January 22, 2010 would be worth about $14,178 on October 23, 2026 with distributions reinvested.
What was the worst year for UST?
The worst calendar year was 2022, with a total return of −30.2%. The best was 2011 at +30.8%.
What is the biggest drawdown of UST?
The largest peak-to-trough decline was −48.0% between August 4, 2020 and October 19, 2023. It has not yet recovered to that high; it is 41.4% below its peak.
How volatile is UST?
Over the past 3 years UST had an annualized volatility of 13.3% and a Sharpe ratio of -0.22 (excess return over 1–3 month T-bills per unit of risk).