UPRO observed max drawdown: 62.7%
ProShares UltraPro S&P 500 (3x). From its 2021-12-31 peak, UPRO fell 62.7% to the 2022-09-30 trough and needed 2.5 years to make a new high (2024-06-30). Computed from 208 months of observed fund history. Fund inception boundary (first available fund observation): 2009-06-25; the monthly analysis runs from 2009-06-30 through 2026-09-30.
Before 2009-06-25, the extended history is simulated. Observed fund drawdowns come first; simulation assumptions and results are separated below.
What is UPRO's observed maximum drawdown?
UPRO's observed maximum drawdown was 62.7%, from a peak in 2021-12-31 to a trough in 2022-09-30, based on monthly closes from fund prices first observed on 2009-06-25. The sample contains 208 monthly observations through 2026-09-30. Monthly closes can miss deeper daily losses.
| Measure | Value |
|---|---|
| Maximum drawdown | -62.7% |
| Peak | 2021-12-31 |
| Trough | 2022-09-30 |
| Recovered | 2024-06-30 |
| Monthly observations | 208 |
Last verified
What is UPRO's observed maximum drawdown?
UPRO's observed maximum drawdown was 62.7%, from a peak in 2021-12-31 to a trough in 2022-09-30, based on monthly closes from fund prices first observed on 2009-06-25.
How long did UPRO take to recover from its worst drawdown?
UPRO took 2.5 years from the 2021-12-31 peak to make a new high in 2024-06-30, based only on observed fund prices.
What was UPRO's worst 12-month return?
UPRO's worst observed rolling 12-month return was -56.8%, in the 12 months ending 2022-12-31.
UPRO observed fund drawdown statistics
2021-12-31 peak to 2022-09-30 trough.
New high reached 2024-06-30.
Share of all months spent below a prior high.
Rolling year ending 2022-12-31.
The biggest UPRO drawdowns in observed fund history
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -62.7% | 2021-12-31 | 2022-09-30 | 2024-06-30 | 9 mo | 2.5 years |
| -60.4% | 2019-12-31 | 2020-03-31 | 2020-12-31 | 3 mo | 12 months |
| -47.0% | 2011-04-30 | 2011-09-30 | 2012-09-30 | 5 mo | 17 months |
| -39.1% | 2018-09-30 | 2018-12-31 | 2019-10-31 | 3 mo | 13 months |
| -36.7% | 2010-04-30 | 2010-06-30 | 2010-12-31 | 2 mo | 8 months |
Methodology: observed UPRO fund prices only, first available from 2009-06-25. Monthly closing-price statistics cover 2009-06-30 through 2026-09-30; no proxy or pre-inception simulation is included in this table. Educational information, not investment advice.
Before 2009-06-25: simulated from the underlying index with assumptions
This separate series combines observed prices with a modeled pre-inception extension from 1970-01-31 through 2026-10-31. The 2026-10-31 endpoint is the legacy current partial-month bucket/month-end label, not evidence that UPRO was observed through that future date. It is not observed UPRO performance. The API's observed boundary is 2009-06-25; observed monthly statistics run from 2009-06-30 through 2026-09-30.
- Rebalancing convention: monthly rebalance at month-end close; drawdown statistics use monthly closing prices.
- Leverage factor: 3x daily returns of SPY, the underlying index proxy, with daily leverage reset and compounding.
- Expense proxy: 0.91% annual expense ratio, deducted daily using 252 trading days per year.
- Financing proxy: FRED DFF (Federal Funds Rate), forward-filled to return dates, with a 0.50% spread on financed exposure (leverage factor minus one); borrowing pays the rate plus spread, while lending earns the rate minus spread.
- When FRED DFF is unavailable, the rate proxy is 2.50%, with the same spread applied.
- Proxy source for UPRO: SPY (synthetic_leverage), from 1900-02-01 to 2009-06-24.
- Proxy source for SPY: VFINX (proxy_etf), from 1987-01-06 to 1993-01-28.
- Proxy source for SPY: SP500_TR_DAILY (static), from 1976-08-31 to 1987-01-05.
- Proxy source for SPY: spy_tr (static_monthly), from 1900-01-31 to 1976-08-30.
Modeled extended statistics
1999-12-31 peak to 2009-02-28 trough.
New high reached 2018-08-31.
Share of all months spent below a prior high.
Rolling year ending 2009-02-28.
For context, SPY (the S&P 500 baseline) had a maximum drawdown of 50.8% over the same kind of monthly-close analysis.
Modeled extended drawdowns
| Depth | Peak | Trough | Recovered | Peak to trough | Total underwater |
|---|---|---|---|---|---|
| -97.6% | 1999-12-31 | 2009-02-28 | 2018-08-31 | 110 mo | 18.7 years |
| -87.2% | 1972-12-31 | 1974-09-30 | 1985-06-30 | 21 mo | 12.5 years |
| -77.4% | 1987-08-31 | 1987-11-30 | 1994-01-31 | 3 mo | 6.4 years |
| -62.7% | 2021-12-31 | 2022-09-30 | 2024-06-30 | 9 mo | 2.5 years |
| -60.4% | 2019-12-31 | 2020-03-31 | 2020-12-31 | 3 mo | 12 months |
Monthly closing prices, peak-to-trough on total return where available. The pre-inception segment is a reconstruction, not a live fund record, and actual tracking, financing, taxes, spreads, and volatility drag can differ.
Drawdowns are the reason tactical strategies exist
Buy-and-hold UPRO means living through every number on this page. BestFolio tracks published TAA strategies whose whole job is cutting these drawdowns, with out-of-sample track records.