ProShares Ultra FTSE China 50 (XPP) Performance
XPP total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −33.4% since Dec 31, 2025
- 1 year
- −39.6% total return
- 5 years
- −19.8% a year
- 10 years
- −9.4% a year
- Since first price
- −6.1% a year since 2009
XPP trailing returns vs SPY, QQQ, AGG
| Period | XPP total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −12.4% | −12.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −14.0% | −14.6% | +3.2% | +1.9% | −0.4% |
| 6 months | −24.2% | −25.3% | +7.8% | +8.4% | −1.5% |
| YTD | −33.4% | −34.7% | +12.3% | +15.1% | −1.0% |
| 1 year | −39.6% | −41.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +23.8%+7.4%/yr | +14.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −66.9%−19.8%/yr | −69.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −62.6%−9.4%/yr | −68.0% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −53.2%−4.9%/yr | −60.0% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJun 4, 2009 | −66.6%−6.1%/yr | −71.5% | — | — | — |
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: XPP vs SPY
From Jun 4, 2009: XPP grew to $3,340, SPY to $109,708.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
XPP returns by calendar year
8 of 16 full years positive. Best 2017 (+80.2%), worst 2022 (−50.1%). 2026 is year to date.
XPP annual returns table
| Year | XPP | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −33.4% | −41.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +45.8% | −42.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +38.2% | −40.0% | +24.9% | +25.6% | +1.3% |
| 2023 | −34.8% | −56.2% | +26.2% | +54.9% | +5.7% |
| 2022 | −50.1% | −75.5% | −18.2% | −32.6% | −13.0% |
| 2021 | −40.4% | −58.7% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.1% | −46.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +24.9% | −32.7% | +31.2% | +39.0% | +8.5% |
| 2018 | −31.4% | −51.9% | −4.6% | −0.1% | +0.1% |
| 2017 | +80.2% | −14.3% | +21.7% | +32.7% | +3.6% |
| 2016 | −3.7% | −31.6% | +12.0% | +7.1% | +2.4% |
| 2015 | −30.2% | −60.8% | +1.2% | +9.4% | +0.5% |
| 2014 | +19.6% | −23.3% | +13.5% | +19.2% | +6.0% |
| 2013 | −7.2% | −42.3% | +32.3% | +36.6% | −2.0% |
| 2012 | +37.4% | −36.2% | +16.0% | +18.1% | +3.8% |
| 2011 | −37.9% | −59.3% | +1.9% | +3.4% | +7.7% |
| 2010 | +2.7% | −32.3% | +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.
XPP largest drawdowns
Now 82.4% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jan 26, 2018 | −89.9% | Jan 22, 2024 | not yet | 6.0 years | 8.7 years so far |
| Apr 27, 2015 | −71.6% | Feb 11, 2016 | Jan 23, 2018 | 10 months | 2.7 years |
| Nov 4, 2010 | −61.9% | Oct 3, 2011 | Apr 8, 2015 | 11 months | 4.4 years |
| Nov 16, 2009 | −37.1% | May 20, 2010 | Nov 3, 2010 | 6 months | 12 months |
| Aug 3, 2009 | −22.6% | Sep 1, 2009 | Sep 16, 2009 | 29 days | 44 days |
| Jun 11, 2009 | −19.7% | Jun 23, 2009 | Jul 20, 2009 | 12 days | 39 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
XPP risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2009 |
|---|---|---|---|---|
| Annualized return | +7.5% | −15.4% | −8.4% | −5.5% |
| Volatility (annualized) | 44.3% | 59.6% | 49.4% | 46.9% |
| Sharpe ratio | 0.26 | -0.07 | 0.01 | 0.08 |
| Sortino ratio | 0.48 | -0.12 | 0.01 | 0.12 |
| Best month | +41.7% | +72.6% | +72.6% | +72.6% |
| Worst month | −19.1% | −36.4% | −36.4% | −36.6% |
| Best 12 months | +96.7% | +96.7% | +109.1% | +118.9% |
| Worst 12 months | −35.7% | −77.0% | −77.0% | −77.0% |
| Positive months | 50% | 47% | 52% | 53% |
| Beta vs S&P 500 | 0.31 | 0.62 | 0.96 | — |
| Correlation with S&P 500 | 0.09 | 0.16 | 0.30 | — |
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.
XPP rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 197 | −77.0% | −3.7% | +118.9% | 47% |
| 3-year (a year) | 173 | −48.2% | −3.9% | +36.0% | 41% |
| 5-year (a year) | 149 | −30.9% | −3.0% | +19.5% | 36% |
| 10-year (a year) | 89 | −13.6% | −4.9% | +3.4% | 15% |
Every holding period starting at a month-end since 2009. Returns for 3 years and longer are annualized.
XPP performance overview
ProShares Ultra FTSE China 50 (XPP) returned −39.6% over the past year and −9.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2009 it has returned −6.1% a year, turning $10,000 into about $3,340. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −89.9%, from Jan 26, 2018 to Jan 22, 2024; the fund has not yet regained that high. XPP finished 8 of its 16 full calendar years with a gain; the best year was 2017 (+80.2%) and the worst 2022 (−50.1%). Volatility has been 46.9% a year.
Related: XPP chart, XPP dividends. See the XPP overview for the latest quote and fund facts.
XPP performance FAQ
What is the XPP return over the past year?
XPP returned −39.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 41.2%.
What is the average annual return of XPP?
XPP has returned −19.8% a year over 5 years, −9.4% a year over 10 years, −6.1% a year since June 4, 2009 (total return, distributions reinvested).
How much would $10,000 invested in XPP be worth?
$10,000 invested in XPP at its first recorded close on June 4, 2009 would be worth about $3,340 on October 23, 2026 with distributions reinvested.
What was the worst year for XPP?
The worst calendar year was 2022, with a total return of −50.1%. The best was 2017 at +80.2%.
What is the biggest drawdown of XPP?
The largest peak-to-trough decline was −89.9% between January 26, 2018 and January 22, 2024. It has not yet recovered to that high; it is 82.4% below its peak.
How volatile is XPP?
Over the past 3 years XPP had an annualized volatility of 44.3% and a Sharpe ratio of 0.26 (excess return over 1–3 month T-bills per unit of risk).