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UPRO LEVERAGED ETF INTELLIGENCE
UPRO vs SPY and TQQQ: Returns, Drawdowns and Recovery
Market data through Nov 9, 2026
How much can UPRO lose—and how long can it take to recover? In the UPRO–SPY dataset beginning 2009-06-25, UPRO’s deepest drawdown reached 76.82%. It took 291 calendar days from the low to recovery.
How does UPRO compare with TQQQ and SPY? Explore returns across matching holding periods, compare losses from previous peaks, and see how long each fund took to recover. Use the interactive UPRO vs TQQQ chart and tables below to compare YTD, 1-, 3-, 5- and 10-year outcomes and growth of $10,000.
Research & Analysis by Kamal Khondkar • Quant Researcher • TradingNInvestment
How does UPRO compare with an unleveraged S&P 500 ETF?
A strong annual return tells only part of the story. Compare UPRO with SPY across annual returns, growth of $10,000, losses from previous peaks and time to recovery. The daily, weekly and monthly tables show how the holding period changes the comparison.
UPRO targets three times the S&P 500 index’s daily performance before fees and expenses. SPY is the investable comparison used in these charts; it is not UPRO’s official benchmark. Annual returns use closing prices, while the drawdown and recovery chart uses adjusted closing prices for both funds.
UPRO launched in June 2009. Drawdowns begin with its available trading history; complete calendar-year returns begin in 2010. These observations do not include the 2008 financial crisis and are not a simulation of UPRO before inception.
Mini Prediction Lab · TNI News Agent
Fund objective and documents: ProShares UPRO.
ProShares UltraPro S&P500 Historical Return Statistics
Historical ProShares UltraPro S&P500 annual price-return statistics from 2010 to present, with the current year reported separately as year-to-date. (Market data through Nov 9, 2026)
Historical Coverage
2010 to Present
Latest verified market data
Average Annual Return
+38.11%
Completed calendar years
Median Annual Return
+36.84%
Completed calendar years
Positive / Non-Negative Years
12
75.00% of completed years
Negative Years
4
25.00% of completed years
Best Year
+118.27%
2013
Worst Year
-57.04%
2022
Current Year Return
+19.13%
2026 YTD · Through Nov 9, 2026
ProShares UltraPro S&P500 1-Year, 3-Year, 5-Year and 10-Year Returns
Period returns are compounded from the latest completed calendar-year ProShares UltraPro S&P500 price returns. Multi-year cards also show the annualized return for the same completed-year period.
1-Year Return
+30.60%
2025 completed calendar year
3-Year Return
+52.30%
2023–2025 • Annualized
5-Year Return
+24.67%
2021–2025 • Annualized
10-Year Return
+27.20%
2016–2025 • Annualized
UPRO Research Context
What This UPRO Analysis Examines
UPRO is a 3× long ETF with a daily investment objective. Because the objective resets daily, returns over a week, month, year, or longer period should not be assumed to equal the stated leverage multiple applied to the corresponding long-term return of SPY.
Daily compounding, market volatility, financing costs, fund expenses, and the path of returns can materially affect the outcome.
This TNI research therefore examines UPRO across the historical periods supported by the available data. The analysis includes annual returns, drawdowns, and synchronized comparisons with SPY, together with longer-horizon rolling performance.
The objective is to show how UPRO has behaved across different market periods and holding horizons—not to imply that historical performance predicts future results.
Leveraged ETF results should be interpreted in the context of the fund's stated daily objective, underlying exposure, implementation structure, costs, and available operating history. TNI calculates its historical return comparisons independently from market-price data.
Growth of $10,000
See how a hypothetical $10,000 investment in UPRO grew over time.
2010–2025Long-term growth
RETURN BREAKDOWN16-Year Comparison
| Return Component | Ending Value | CAGR | Contribution |
|---|---|---|---|
| Price Return | $553,177 | 28.5% | 94.2% |
| Dividend + Reinvestment | +$33,786 | — | 5.8% |
| Total Return | $586,963 | 29.0% | 100.0% |
CONTRIBUTION THROUGH TIMEHow Reinvestment Compounded
| Year | Price Wealth | Total Wealth | Dividend + Reinvestment | Contribution |
|---|---|---|---|---|
| 2010 | $13,600 | $13,633 | +$33 | 0.2% |
| 2011 | $11,977 | $12,013 | +$37 | 0.3% |
| 2012 | $17,572 | $17,635 | +$63 | 0.4% |
| ···2023 | $261,584 | $272,111 | +$10,527 | 3.9% |
| 2024 | $423,580 | $445,084 | +$21,504 | 4.8% |
| 2025 | $553,177 | $586,963 | +$33,786 | 5.8% |
Contribution % represents the share of ending total-return wealth associated with the difference between the dividend-reinvested total-return path and the price-only path. It is not the historical dividend yield.
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Annual Returns
ProShares UltraPro S&P500 Annual Price Returns by Year
Performance
Time Period
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Benchmark Comparison
ProShares UltraPro S&P500 vs. SPY Returns
Annual price-return comparison across overlapping completed calendar years from 2010 through 2025. Excess return is ProShares UltraPro S&P500 return minus SPY return.
Years Compared
16
ProShares UltraPro S&P500 Avg. Return
+38.11%
SPY Avg. Return
+12.84%
Avg. Excess Return
+25.27%
Outperformed
11 years
68.8% of comparable years
Underperformed
5 years
| Year | ProShares UltraPro S&P500 | SPY | Difference | Result |
|---|---|---|---|---|
| 2025 | +30.60% | +16.35% | +14.24% | Outperformed |
| 2024 | +61.93% | +23.30% | +38.62% | Outperformed |
| 2023 | +67.04% | +24.29% | +42.76% | Outperformed |
| 2022 | -57.04% | -19.48% | -37.56% | Underperformed |
| 2021 | +98.49% | +27.04% | +71.46% | Outperformed |
| 2020 | +9.78% | +16.16% | -6.38% | Underperformed |
| 2019 | +101.29% | +28.79% | +72.51% | Outperformed |
| 2018 | -25.55% | -6.35% | -19.20% | Underperformed |
| 2017 | +71.37% | +19.38% | +51.99% | Outperformed |
| 2016 | +30.60% | +9.64% | +20.95% | Outperformed |
Comparison uses calendar-year price returns over the common historical period. Current-year YTD performance is shown separately and is excluded from completed-year statistics.
Comparative Intelligence
UPRO vs. SPY
Rolling 10-Year Annualized Returns
Each point shows the annualized price return over the trailing 10 completed calendar years. Select a year to compare the long-term return for UPRO and SPY.
● UPRO● SPY
2025
27.20%UPRO2025
12.83%SPYExcess
+14.37%UPRO − SPYPrice-return comparison. Rolling results are calculated from annual calendar-year returns and exclude the current incomplete year. Hover or tap a year to inspect the values.
DRAWDOWN & RECOVERY
UPRO vs SPY Drawdowns
Drawdown measures the decline from a previous investment peak. For a daily leveraged ETF, drawdown helps show how leverage, volatility and compounding can change the depth of losses and the time required to recover.
How severe can a UPRO drawdown be?
In this synchronized UPRO–SPY dataset, UPRO's maximum adjusted-close drawdown was -76.82%, compared with -33.72% for SPY.
A hypothetical $10,000 investment made at UPRO's prior peak would have fallen to approximately $2,318 at the trough. Recovering from that loss requires a subsequent gain of approximately 331% just to return to the previous peak.
The same comparison for SPY would reduce $10,000 to approximately $6,628, requiring roughly 51% to recover. This illustrates why the magnitude of a percentage loss matters: the gain required to recover becomes increasingly large as drawdowns deepen.
For a different long-term equity perspective, see TNI's Berkshire Hathaway historical returns.
UPRO DRAWDOWN HISTORY
From peak to recovery
The timeline of UPRO's deepest historical decline.
TOTAL TIME BELOW PREVIOUS PEAK
324calendar days
Drawdown perspective
UPRO declined from its Feb 19, 2020 peak to its lowest point on Mar 23, 2020. It regained that previous high on Jan 8, 2021, completing a decline-and-recovery cycle of 324 calendar days.
Source: Yahoo Finance. Drawdowns are calculated from synchronized daily adjusted-close observations from 2009-06-25 through 2026-11-09. Each series is measured from its own running peak over the identical comparison period. Past performance does not guarantee future results.
COMPARE TWO LEVERAGED ETFs
UPRO vs TQQQ: Returns, Drawdowns and Recovery
Compare actual fund performance over matching trading dates. Select a holding period to update the growth chart and risk figures. Adjusted closing prices account for distributions; results exclude personal taxes and trading costs.
Downloads cover the full common history through 2026-11-09, independently of the selected chart period. The CSV contains UPRO, TQQQ and SPY adjusted closes, growth of $10,000 and drawdowns. The PNG is the same three-fund card used for social previews.
2021-11-09 through 2026-11-09 · $10,000 invested in each fund at the selected starting close.
UPRO $19,656TQQQ $14,5572026-11-09
Returns across holding periods
| Period | Start date | UPRO total | TQQQ total | UPRO annualized | TQQQ annualized |
|---|---|---|---|---|---|
| YTD | 2025-12-31 | +19.88% | +9.86% | — | — |
| 1Y | 2025-11-07 | +24.20% | +9.68% | +24.07% | +9.63% |
| 3Y | 2023-11-09 | +236.95% | +211.25% | +49.90% | +45.99% |
| 5Y | 2021-11-09 | +96.56% | +45.57% | +14.47% | +7.80% |
| 10Y | 2016-11-09 | +1091.59% | +2239.30% | +28.12% | +37.07% |
| Common history | 2010-02-11 | +7709.62% | +27962.46% | +29.73% | +40.03% |
5Y: drawdown and recovery
| Metric | UPRO | TQQQ |
|---|---|---|
| Ending value of $10,000 | $19,656 | $14,557 |
| Maximum drawdown | -63.94% | -81.66% |
| Peak before deepest decline | 2022-01-03 | 2021-11-19 |
| Drawdown low | 2022-10-12 | 2022-12-28 |
| Recovery date | 2024-06-17 | 2024-12-04 |
| Low to recovery (calendar days) | 614 | 707 |
| Peak to recovery (calendar days) | 896 | 1111 |
Drawdowns reset at the selected starting date. Recovery follows each fund’s deepest decline within that window and may involve different peaks and lows. “Not recovered” means the prior peak was not regained by 2026-11-09. Common history starts 2010-02-11; no pre-inception returns are simulated. Calendar-period cutoffs use the last available common trading close on or before the cutoff. Annualized returns use elapsed calendar days; YTD is not annualized.
Source: Yahoo Finance adjusted closes. Historical returns are not forecasts.
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ProShares UltraPro S&P500 Annual Returns by Year: 2010 to Present
Showing 16 annual price-return observations for 2010–2025.
● Negative● 0% – <10%● ≥10%
| Year | UPRO Price Return | Return Category |
|---|---|---|
| 2025 | +30.60% | ≥10% |
| 2024 | +61.93% | ≥10% |
| 2023 | +67.04% | ≥10% |
| 2022 | -57.04% | Negative |
| 2021 | +98.49% | ≥10% |
| 2020 | +9.78% | 0% – <10% |
| 2019 | +101.29% | ≥10% |
| 2018 | -25.55% | Negative |
| 2017 | +71.37% | ≥10% |
| 2016 | +30.60% | ≥10% |
| 2015 | -5.56% | Negative |
| 2014 | +37.69% | ≥10% |
| 2013 | +118.27% | ≥10% |
| 2012 | +46.72% | ≥10% |
| 2011 | -11.94% | Negative |
| 2010 | +36.00% | ≥10% |
The current year is reported as year-to-date (YTD). Historical figures shown on this page are ProShares UltraPro S&P500 price returns.
Interactive ProShares UltraPro S&P500 Return Statistics
Statistics below update with the selected filters. Average, median, best and worst annual returns use completed calendar years only, so the current YTD period does not distort historical annual statistics.
Average Annual Return
+38.11%
16 completed years
Median Annual Return
+36.84%
Completed years only
Positive Years
12
75.00% of completed years
Negative Years
4
25.00% of completed years
Best Year
+118.27%
2013
Worst Year
-57.04%
2022
Historical Coverage
2010 to Present
Return Type
UPRO Price Return
Data Source
Yahoo Finance — UPRO and SPY
ProShares UltraPro S&P500 Historical Returns: What the Available Market History Shows
The history of ProShares UltraPro S&P500 returns shows how annual performance has varied across the available historical record.
This ProShares UltraPro S&P500 yearly returns database contains 16 completed calendar years from 2010 through 2025, plus the current 2026 year-to-date observation.
Across those 16 completed years, the average annual ProShares UltraPro S&P500 price return was +38.11%.
The median annual return was +36.84%.
Those summary statistics are useful, but the complete ProShares UltraPro S&P500 annual-return history provides more detail about how yearly performance has varied across the available record.
Looking at individual annual observations makes it possible to compare yearly outcomes using the same verified historical dataset.
Positive ProShares UltraPro S&P500 Years: Average Return +59.15%
One of the strongest findings in the historical ProShares UltraPro S&P500 returns dataset is the frequency of non-negative calendar years.
Of the 16 completed calendar years, 12 were non-negative.
That represents 75.00% of all completed years in the historical dataset.
In other words, roughly two-thirds of the completed calendar-year observations finished at or above where they began.
Across those 12 non-negative years, the average annual ProShares UltraPro S&P500 price return was +59.15%.
The median return among those non-negative years was +54.32%.
That median is useful because it shows that the positive-year average was not driven solely by a small number of extraordinary market gains.
Strongest Positive ProShares UltraPro S&P500 Year
The strongest completed year in the entire dataset was 2013, when the ProShares UltraPro S&P500 price return reached +118.27%.
For this research, a zero return is included in the non-negative group.
Negative ProShares UltraPro S&P500 Years: Average Loss -25.02%
Negative years tell the other side of ProShares UltraPro S&P500 performance history.
Across the same 16 completed calendar years, 4 years were negative.
That represents 25.00% of completed years.
Looking only at those 4 negative years, the average annual ProShares UltraPro S&P500 price return was -25.02%.
The median negative-year return was -18.74%.
These figures show that a negative calendar year historically meant considerably more than simply finishing slightly below zero.
Worst ProShares UltraPro S&P500 Year
The worst calendar year in the dataset was 2022, when the ProShares UltraPro S&P500price return fell -57.04%.
Negative calendar years occurred less frequently than non-negative calendar years, but several historical losses were substantial.
What Positive and Negative ProShares UltraPro S&P500 Returns Show Together
Putting both groups together reveals one of the most important characteristics of historical ProShares UltraPro S&P500 returns.
There were 12 non-negative completed years compared with 4 negative completed years.
The average return during the 12 non-negative years was +59.15%.
The average return during the 4 negative years was -25.02%.
Across all 16 completed years together, the average annual ProShares UltraPro S&P500 price return was +38.11%.
The median annual return across the full historical period was +36.84%.
An investor rarely experiences the long-term historical average in any particular calendar year.
Instead, individual ProShares UltraPro S&P500 annual returns can vary substantially around that average.
That is one reason the complete ProShares UltraPro S&P500 historical returns by year table can be more informative than relying on a single long-term number.
What Does the ProShares UltraPro S&P500 Average Return of +38.11% Mean?
Across the 16 completed calendar years in this dataset, the arithmetic ProShares UltraPro S&P500 average return was +38.11% per completed calendar year.
This is the arithmetic average of the individual annual price returns in the historical dataset.
It does not mean the market gained exactly 38.11% in a typical year.
Individual ProShares UltraPro S&P500 yearly returns frequently differed substantially from that number.
The median annual return of +36.84% provides a second way to evaluate the distribution.
Looking at both the average and median gives readers more information about historical ProShares UltraPro S&P500 returns than either statistic provides by itself.
These figures represent ProShares UltraPro S&P500 price returns, not total returns.
ProShares UltraPro S&P500 3-Year Return View
The current ProShares UltraPro S&P500 3-year return view covers 2024 through 2026 YTD.
Within that window, there are 2 completed calendar years.
The average annual price return across those completed years was +46.26%.
The median annual return was +46.26%.
2 of the 2 completed years were non-negative, representing 100.00% of completed observations.
0 completed years were negative, representing 0.00%.
The strongest completed year in the period was 2024 at +61.93%.
The weakest completed year was 2025 at +30.60%.
The current 2026 YTD return of +19.13% remains separate from those completed-year statistics.
3-Year Average Return Is Not the Same as 3-Year CAGR
The +46.26% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 3-year cumulative return or compound annual growth rate.
A true 3-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 16-year historical record when interpreting recent-period results.
ProShares UltraPro S&P500 5-Year Return View
The current ProShares UltraPro S&P500 5-year return view covers 2022 through 2026 YTD.
Within that window, there are 4 completed calendar years.
The average annual price return across those completed years was +25.63%.
The median annual return was +46.26%.
3 of the 4 completed years were non-negative, representing 75.00% of completed observations.
1 completed year was negative, representing 25.00%.
The strongest completed year in the period was 2023 at +67.04%.
The weakest completed year was 2022 at -57.04%.
The current 2026 YTD return of +19.13% remains separate from those completed-year statistics.
5-Year Average Return Is Not the Same as 5-Year CAGR
The +25.63% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 5-year cumulative return or compound annual growth rate.
A true 5-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 16-year historical record when interpreting recent-period results.
ProShares UltraPro S&P500 10-Year Return View
The current ProShares UltraPro S&P500 10-year return view covers 2017 through 2026 YTD.
Within that window, there are 9 completed calendar years.
The average annual price return across those completed years was +39.77%.
The median annual return was +61.93%.
7 of the 9 completed years were non-negative, representing 77.78% of completed observations.
2 completed years were negative, representing 22.22%.
The strongest completed year in the period was 2019 at +101.29%.
The weakest completed year was 2022 at -57.04%.
The current 2026 YTD return of +19.13% remains separate from those completed-year statistics.
10-Year Average Return Is Not the Same as 10-Year CAGR
The +39.77% figure is the arithmetic average of the completed annual price returns in this display window. It should not be described as a 10-year cumulative return or compound annual growth rate.
A true 10-year cumulative return or CAGR requires a different calculation.
This completed-year sample can be compared with the full 16-year historical record when interpreting recent-period results.
Best and Worst ProShares UltraPro S&P500 Annual Returns
The strongest calendar-year price return in the dataset occurred in 2013 at +118.27%.
The worst annual price return occurred in 2022 at -57.04%.
These extremes are far removed from the full-dataset ProShares UltraPro S&P500 average return of +38.11%.
ProShares UltraPro S&P500 Price Return vs. Total Return
Understanding the type of return used on this page is essential.
The historical figures presented here are ProShares UltraPro S&P500 price returns.
Price return measures the change in the market price of the asset between periods.
The figures on this page do not include dividends.
Therefore, these results should not be interpreted as ProShares UltraPro S&P500 total returns.
A total-return series would incorporate dividends or other distributions according to the methodology of that series.
The chart, historical table, filters, and statistics on this page represent ProShares UltraPro S&P500 price performance only.
ProShares UltraPro S&P500 Return 2026 YTD
The current dataset shows the ProShares UltraPro S&P500 return for 2026 at +19.13% YTD through Nov 9, 2026.
Unlike the completed historical calendar-year observations, 2026 is still in progress.
TradingNInvestment therefore displays the 2026 YTD return separately.
It is excluded from calculations such as the historical average, median, best completed year, and worst completed year.
This prevents a partial-year observation from being treated as though it were directly comparable with a completed calendar year.
The 2026 YTD result can change when the underlying verified market data is updated.
Why the Median ProShares UltraPro S&P500 Annual Return Matters
Average return is one of the most commonly quoted historical stock market statistics.
But the median provides useful additional information.
Across the 16 completed years, the median annual ProShares UltraPro S&P500 price return was +36.84%, compared with an average of +38.11%.
The difference indicates that the distribution of historical annual returns is not perfectly symmetrical.
Large negative years can pull the arithmetic average downward.
Average, median, positive-year frequency, negative-year frequency, best year, and worst year together provide a more complete view of historical ProShares UltraPro S&P500 returns.
No single statistic captures the entire history.
How Often Have ProShares UltraPro S&P500 Returns Been Positive?
The dataset contains 12 non-negative years out of 16 completed years.
That corresponds to 75.00% of completed calendar years.
This is a historical frequency, not a probability forecast.
It would be incorrect to say that ProShares UltraPro S&P500 has a 75.00% probability of rising next year simply because 75.00% of these historical observations were non-negative.
Future market conditions can differ substantially from historical conditions.
The statistic describes what occurred across the observed period, not what must happen in the future.
Why Study Historical ProShares UltraPro S&P500 Returns?
Historical ProShares UltraPro S&P500 returns provide context that recent performance alone cannot provide.
A large gain or decline can appear unusual when viewed only against the most recent observations.
Comparing the current period with the available historical distribution helps show how it relates to earlier outcomes.
Historical returns can help investors, researchers, students, and analysts examine how annual performance has varied through the available record.
They can also reduce the tendency to use only recent performance as the reference point for evaluating the current year.
How to Use the ProShares UltraPro S&P500 Return Explorer
The TradingNInvestment Return Explorer is designed to make historicalProShares UltraPro S&P500 returns easier to investigate.
Instead of presenting only a static chart, the tool allows readers to filter the same verified annual-return dataset.
Readers can examine all available years, non-negative years, negative years, and available historical periods.
The chart, annual-returns table, and summary statistics update from the same selected data.
Readers interested in downside history can examine the 4 negative calendar years in the completed-year dataset.
Readers studying non-negative historical performance can examine the 12 non-negative calendar years in the completed-year dataset.
When sufficient history is available, readers can also use the available period views to focus on more recent performance.
The purpose is not to predict the next ProShares UltraPro S&P500 return, but to make the available historical observations easier to explore and understand.
Reading ProShares UltraPro S&P500 Performance History in Context
One of the biggest risks when studying historical returns is selecting a period that confirms an existing belief.
A short period can appear exceptionally strong or exceptionally weak depending on its starting and ending years.
Using the broader available ProShares UltraPro S&P500 history provides additional context for interpreting shorter periods.
Different historical windows can produce different average returns, frequencies of positive and negative years, and extreme outcomes.
None of those periods is inherently the single correct measure of historical performance. They answer different questions about different parts of the available record.
This is why TradingNInvestment provides both the available historical series and interactive period filters.
What the Available ProShares UltraPro S&P500 Return History Shows
The dataset contains 16 completed calendar years of ProShares UltraPro S&P500 price-return observations.
Of those completed years, 12 were non-negative and 4 were negative.
When completed years were non-negative, the average annual return was +59.15%.
When completed years were negative, the average annual return was -25.02%.
The strongest completed calendar year in the dataset was 2013 at +118.27%, while the weakest was 2022 at -57.04%.
The overall average annual ProShares UltraPro S&P500 price return across the 16 completed calendar years was +38.11%.
Together, these statistics provide a broader view of the historical return distribution than the average alone.
The complete ProShares UltraPro S&P500 annual-return dataset allows readers to examine the individual yearly observations behind the summary statistics.
TradingNInvestment aims to make market history simple to read, easy to understand, and rigorous enough to support serious market research.
Research Context
ProShares UltraPro S&P500 Historical Returns Research
This TNI research page examines ProShares UltraPro S&P500 annual price returns by calendar year. The published dataset covers 2010–2025and separates completed historical years from current-year performance.
Annual price return is calculated from the final available closing price of each calendar year relative to the final available closing price of the prior calendar year. The page provides the year-by-year dataset, historical statistics, interactive visualization, and research methodology.
Risk & Due Diligence
Risk & Due Diligence
UPRO should be evaluated as a leveraged instrument with a daily investment objective. Returns over holding periods longer than one day can differ substantially from the fund's stated daily leverage multiple applied to SPY.
Daily compounding, volatility, derivatives, financing costs and fund expenses can materially affect longer-period results and the potential for loss.
Key due-diligence questions include:
- Daily objective: Is the investor evaluating UPRO based on the daily exposure it is designed to provide?
- Compounding: How did the sequence of daily SPY returns affect the cumulative UPRO result?
- Volatility: How did periods of high volatility affect the difference between UPRO and its underlying benchmark?
- Drawdown: How large were historical declines from previous peaks, and how long did recovery take?
- Holding period: How did UPRO perform over individual days, weeks, months, and longer periods?
- Benchmark comparison: How did the leveraged ETF compare with SPY over the same synchronized periods?
- Costs and implementation: How might fund expenses, financing associated with derivatives, trading costs, and the difference between market price and NAV affect an investor's realized result?
Important: Historical returns and drawdowns are observations from the available dataset. They are not forecasts or guarantees of future performance. For broader historical context across major market cycles, explore TNI's stock market historical returns.
Investors should review the fund's current prospectus, financial statements, and other official fund documents before making an investment decision.
TNI uses Yahoo Finance historical price and adjusted-close data for the independent return calculations and visualizations on this page. Official issuer information, fund objectives, portfolio composition and fund documents are presented separately in the fund-facts section below.
OFFICIAL FUND FACTS
ProShares UltraPro S&P500 (UPRO)
Seeks 300% of the daily performance of the S&P 500 index, before fees and expenses.
Because the investment objective is daily, the fund's return over periods longer than one trading day should not be assumed to equal its stated leverage multiple applied to the longer-period return of S&P 500.
IssuerProShares
Daily Exposure3× long
Underlying^GSPC
Inception2009-06-23
UPRO Holdings & Portfolio Structure
UPRO uses leveraged exposure with a daily reset. Compounding, volatility and expenses affect the return over longer holding periods, which can differ substantially from three times the index’s cumulative return.
- SPY is used as an investable comparison, with its own expenses and tracking differences. The fund’s official daily objective refers to the S&P 500 index.
- The recovery statistics measure the first observed return to the previous adjusted-close peak; an unrecovered decline remains open.
- Consult ProShares for current holdings, exposures, expenses and fund documents.
Official fund information: ProShares — UPRO. TNI uses Yahoo Finance historical price and adjusted-close data for independent return, growth and drawdown calculations.
UPRO LEVERAGED ETF INTELLIGENCE
UPRO Returns FAQ
Frequently asked questions about historical returns, total return, leverage, compounding, benchmark performance and drawdown risk.
What is the UPRO ETF?
UPRO is ProShares UltraPro S&P500, a leveraged ETF from ProShares. Seeks 300% of the daily performance of the S&P 500 index, before fees and expenses. Its objective applies to a single trading day, so returns over longer periods can differ materially from the stated daily leverage multiple.
Is UPRO a safe investment?
UPRO is a leveraged ETF and can experience substantially larger gains and losses than SPY. Whether it is appropriate depends on an investor's objectives, holding period and ability to tolerate large drawdowns. The fund's daily reset, leverage, compounding and volatility can make longer-period results materially different from the underlying asset.
What is the difference between SPY and UPRO?
SPY is the underlying exposure used for comparison on this page, while UPRO is a leveraged ETF seeking 3× long daily exposure linked to SPY. UPRO resets its leverage daily, so owning UPRO is not economically identical to simply owning SPY at a fixed multiple for a long period.
What does UPRO invest in?
UPRO uses leveraged exposure with a daily reset. Compounding, volatility and expenses affect the return over longer holding periods, which can differ substantially from three times the index’s cumulative return.
The exact instruments, counterparties, collateral and portfolio weights can change over time, so current composition should be checked against the latest official ProShares fund information.
What are UPRO's holdings?
SPY is used as an investable comparison, with its own expenses and tracking differences. The fund’s official daily objective refers to the S&P 500 index. The recovery statistics measure the first observed return to the previous adjusted-close peak; an unrecovered decline remains open.
Consult ProShares for current holdings, exposures, expenses and fund documents.
Does UPRO ETF pay dividends?
Distribution payments can vary over time. For performance analysis, TNI separates price return from total return: the total-return analysis uses adjusted-close history to incorporate distributions and their reinvestment effect, while the annual price-return series uses historical closing prices.
What is UPRO's historical average annual return?
Across 16 completed calendar years in this dataset, UPRO's average annual upro price return was +38.11%. The current partial year is excluded from this historical average.
What is UPRO's 5-year return?
Over the latest five completed calendar years (2021–2025), UPRO produced a cumulative price return of +201.22%, equivalent to an annualized return of +24.67%.
What is UPRO's 10-year return?
Over the latest ten completed calendar years (2016–2025), UPRO produced a cumulative price return of +1009.16%, equivalent to an annualized return of +27.20%.
What were UPRO's best and worst years?
UPRO's strongest completed calendar year in this dataset was 2013, with a price return of +118.27%. Its weakest was 2022, with a price return of -57.04%.
How does UPRO compare with SPY?
TNI compares UPRO with SPY using synchronized historical periods, including year-by-year annual returns, rolling 10-year annualized returns, period returns and daily adjusted-close drawdowns.
Why doesn't UPRO return exactly 3× long of SPY over longer periods?
UPRO targets leveraged performance on a daily basis rather than promising a fixed multiple over longer holding periods. Daily resetting and compounding mean that the sequence of returns, volatility, fees and financing effects can cause longer-period performance to differ substantially from simply multiplying SPY's longer-period return.
What happens to UPRO when SPY falls?
UPRO seeks 3× long daily exposure linked to SPY. A decline in SPY can therefore produce a magnified daily decline in UPRO, before considering fees, expenses, tracking differences and market effects.
What is volatility drag in a daily leveraged ETF?
Volatility drag describes a compounding effect that can occur when returns fluctuate from day to day. Because percentage losses and gains compound from different portfolio values, repeated market swings can reduce longer-period compounded performance even when the underlying later returns near an earlier level.
How severe have UPRO's historical drawdowns been?
The drawdown analysis measures UPRO and SPY from synchronized daily adjusted-close data. It reports each series' maximum decline from a running peak, peak and trough dates, recovery timing, and the gain required to recover from the deepest observed loss in the available dataset.
Methodology & Source
How the annual returns are calculated
Annual price return is calculated using the final available close of each calendar year relative to the final available close of the prior calendar year. The current calendar year is shown as YTD and is excluded from completed-year summary statistics.
Data Source: Yahoo Finance — UPRO and SPY. Return Type: UPRO Price Return.
Historical Returns Tell You What Happened Before. See What Is Happening Now.
Historical ProShares UltraPro S&P500 returns provide context for long-term market performance, strong years, drawdowns, and changing market conditions. TNI Intelligence tracks current market-moving news and live market intelligence as conditions change.
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