ProShares UltraPro S&P500 (UPRO)
$146.43−3.36%close of Oct 16, 2026
ProShares UltraPro S&P500 (UPRO) is an exchange-traded fund (ETF) run by ProShares. This fund aims to return 3 times the S&P 500’s return for a single day, using stocks plus swaps and other contracts. It charges 0.88% a year. From June 2009 to October 2026 it returned about 32.5% a year, and its worst drop was −76.8%.
Written by the Tactfolio research team. Fund facts checked October 16, 2026. Prices through October 16, 2026.
- Yearly fee
- 0.88%
- about $88 on $10,000
- 1-year return
- 36.9%
- to Oct 16, 2026
- Return per year
- 32.5%
- since June 2009
- Worst drop
- −76.8%
- since 2009
- Below its high
- −7.0%
- now
- Volatility
- 51.0%
- yearly swings
- Issuer
- ProShares
- Tracks
- S&P 500
- Started trading
- June 23, 2009
- Type
- Leveraged, ETF
- Expense ratio
- 0.88% a year
How has UPRO done since 2009?#
From June 2009 to October 2026, UPRO returned about 32.5% a year. The S&P 500 returned about 15.0% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $1,298,291 at the end, with every dividend reinvested.
| Period | UPRO | S&P 500 (SPY) |
|---|---|---|
| 1 month | 3.2% | 1.5% |
| 3 months | 2.1% | 1.9% |
| 6 months | 21.5% | 9.3% |
| Year to date | 27.3% | 12.8% |
| 1 year | 36.9% | 16.8% |
| 3 years per year | 51.4% | 22.0% |
| 5 years per year | 19.1% | 12.8% |
| 10 years per year | 29.4% | 15.4% |
| Since 2009 per year | 32.5% | 15.0% |
Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.
UPRO returns by month and year#
UPRO rose in 132 of its 209 months (63%). Its best month was April 2020, at 37.2%. Its worst was March 2020, at −48.1%.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 27.3% | 3.3 | −3.6 | −15.7 | 33.2 | 15.5 | −4.7 | −1.1 | 7.1 | −2.0 | −0.4 | ||
| 2025 | 31.9% | 6.7 | −5.0 | −17.6 | −8.7 | 18.3 | 14.9 | 5.9 | 5.0 | 9.9 | 5.8 | −0.7 | −0.9 |
| 2024 | 63.6% | 3.5 | 14.7 | 8.8 | −13.0 | 14.3 | 9.8 | 1.8 | 5.1 | 5.1 | −4.1 | 17.4 | −8.4 |
| 2023 | 68.5% | 18.1 | −8.7 | 9.4 | 3.6 | −0.1 | 19.1 | 9.0 | −6.4 | −14.7 | −7.9 | 28.1 | 12.9 |
| 2022 | −56.8% | −15.9 | −9.8 | 10.1 | −25.4 | −2.1 | −24.9 | 28.6 | −13.3 | −26.9 | 23.1 | 14.4 | −17.7 |
| 2021 | 98.6% | −3.7 | 7.7 | 13.3 | 16.2 | 1.4 | 6.6 | 6.9 | 9.0 | −13.9 | 21.9 | −2.7 | 13.2 |
| 2020 | 10.1% | −0.9 | −23.0 | −48.1 | 37.2 | 13.4 | 3.2 | 17.7 | 22.1 | −12.3 | −8.5 | 35.2 | 11.1 |
| 2019 | 102.3% | 23.9 | 9.3 | 4.9 | 11.8 | −18.9 | 21.4 | 3.8 | −6.6 | 5.3 | 5.7 | 10.7 | 8.4 |
| 2018 | −25.1% | 18.2 | −13.5 | −8.7 | −0.1 | 6.5 | 1.3 | 10.7 | 9.1 | 1.2 | −20.8 | 4.3 | −26.2 |
| 2017 | 71.4% | 5.1 | 11.9 | −0.2 | 2.8 | 3.7 | 1.5 | 5.9 | 0.2 | 5.7 | 6.8 | 8.9 | 3.5 |
| 2016 | 30.8% | −15.4 | −1.7 | 21.5 | 0.8 | 4.7 | −0.2 | 11.1 | 0.1 | −0.5 | −5.6 | 11.1 | 6.0 |
| 2015 | −5.2% | −9.5 | 17.5 | −5.3 | 2.6 | 3.4 | −6.2 | 6.2 | −18.9 | −8.6 | 26.8 | 0.8 | −6.1 |
| 2014 | 38.0% | −10.7 | 13.7 | 2.2 | 1.7 | 6.6 | 6.2 | −4.4 | 12.0 | −4.4 | 6.0 | 8.3 | −1.5 |
| 2013 | 118.5% | 15.4 | 3.6 | 11.0 | 5.5 | 6.8 | −5.2 | 16.4 | −9.2 | 9.6 | 13.8 | 8.9 | 7.5 |
| 2012 | 46.8% | 13.9 | 13.2 | 9.3 | −2.4 | −17.3 | 11.5 | 3.5 | 6.5 | 7.5 | −6.0 | 1.0 | 2.8 |
| 2011 | −11.9% | 6.6 | 10.4 | −0.8 | 8.7 | −3.9 | −5.9 | −6.4 | −21.1 | −20.7 | 32.6 | −3.3 | 2.3 |
| 2010 | 36.3% | −11.2 | 8.9 | 18.9 | 4.1 | −24.1 | −16.6 | 21.2 | −13.5 | 27.9 | 11.4 | −0.8 | 21.4 |
| 2009 | 73.8% | −0.1 | 22.2 | 11.0 | 10.3 | −6.9 | 18.8 | 5.2 |
Each month runs from the last close of the month before. The first month counts from the first close.
How risky is UPRO compared with the S&P 500?#
Measured from October 2021 to October 2026, on the days both traded.
- Beta 2.95. When the S&P 500 moved 1% in a day, UPRO tended to move about 2.95%.
- Correlation 1.00. UPRO mostly moved with the S&P 500.
- Up and down months. In months the S&P 500 rose, UPRO rose 275% as much on average. In months it fell, UPRO fell 328% as much.
| Measure | UPRO | S&P 500 (SPY) |
|---|---|---|
| Return per year | 18.9% | 12.8% |
| Volatility | 50.6% | 17.1% |
| Worst drop | −63.9% | −24.5% |
| Sharpe ratio | 0.60 | 0.79 |
| Sortino ratio | 0.86 | 1.15 |
| Calmar ratio | 0.30 | 0.52 |
Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.
Is UPRO above its 200-day average?#
UPRO closed 11.1% above its 200-day average on October 16, 2026. A rule that holds UPRO only above that average would hold it today.
- vs 200-day average
- +11.1%
- above it
- 50-day vs 200-day
- +14.3%
- trend rising
- vs 52-week high
- −7.0%
- high of $157.40
A moving average is the average close over the last so many days. Trend rules such as the 10-month moving average strategy hold a fund only while it is above one. You can build that rule for UPRO and backtest it in a minute.
What was UPRO’s worst drop?#
A drawdown is how far a fund falls from its last high point. UPRO’s worst fall was −76.8%, from February 19, 2020 to March 23, 2020. It got back to that high on January 8, 2021. On October 16, 2026 it was 7.0% below its highest close.
| Drop | From the high | To the bottom | Back to the high |
|---|---|---|---|
| −76.8% | Feb 19, 2020 | Mar 23, 202033 days | Jan 8, 202110 months |
| −63.9% | Jan 3, 2022 | Oct 12, 20229 months | Jun 17, 202420 months |
| −51.7% | Apr 29, 2011 | Oct 3, 20115 months | Apr 2, 20126 months |
| −50.3% | Sep 20, 2018 | Dec 24, 20183 months | Jul 12, 20197 months |
| −48.9% | Feb 19, 2025 | Apr 8, 20252 months | Jul 25, 20254 months |
Big drops are normal for some funds. They matter because selling during a drop locks in the loss.
What does UPRO hold?#
This fund aims to return 3 times the S&P 500’s return for a single day, using stocks plus swaps and other contracts. It resets every day, so over weeks or years its results can be very different from 3 times the index, and losses can be large. It is built for daily moves, not as a plain long-term index fund.
It tracks the S&P 500.
What is the UPRO expense ratio?#
UPRO charges 0.88% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.88% fee comes to about $88 a year. Of the 162 ETFs on Tactfolio, 0% charge more.
You never get a bill for it. The fund takes the fee out of its own value a little each day.
Which Tactfolio strategies hold UPRO?#
One classic strategy holds UPRO at least some of the time. Each is a set of written rules you can open, test and copy.
- Leverage Rotation Strategy (UPRO above the 200-day average), by Michael Gayed and Charles Bilello, 2016
Test UPRO in your own rules#
Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the builder, add UPRO, and see how a rule such as “hold it only above its 200-day average” would have done. Strategies run on daily prices and hold US stocks and ETFs only.
The details#
Prices come from Tactfolio’s stored daily prices for UPRO and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.
Fund facts come from ProShares. We checked them on October 16, 2026. Read what a backtest simulates and how to read drawdown and CAGR for more on these measures.
Common questions#
What is the expense ratio of UPRO?#
UPRO charges 0.88% a year, according to ProShares as of October 16, 2026. That is about $88 a year for every $10,000 you hold.
When did UPRO start trading?#
UPRO started trading on June 23, 2009. It is run by ProShares.
What does UPRO track?#
UPRO tracks the S&P 500. This fund aims to return 3 times the S&P 500’s return for a single day, using stocks plus swaps and other contracts.
How much has UPRO returned per year?#
From June 2009 to October 2026, UPRO returned about 32.5% a year with dividends reinvested. Its worst drop was −76.8%. Past returns do not tell you what it will do next.
Is UPRO above its 200-day moving average?#
On October 16, 2026, UPRO closed 11.1% above its 200-day moving average. This page updates after each US market close.
Which strategies use UPRO?#
One of Tactfolio’s classic strategies hold UPRO, including Leverage Rotation Strategy (UPRO above the 200-day average).