ProShares Ultra 20+ Year Treasury (UBT)

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The chart shows the growth of an initial investment of $10,000 in ProShares Ultra 20+ Year Treasury, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

ProShares Ultra 20+ Year Treasury (UBT) has returned -1.06% so far this year and -6.78% over the past 12 months. Over the last ten years, UBT has returned -7.69% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Jan 21, 2010, UBT's average daily return is +0.02%, while the average monthly return is +0.36%. At this rate, your investment would double in approximately 16.1 years.

Historically, 49% of months were positive and 51% were negative. The best month was Sep 2011 with a return of +26.8%, while the worst month was Apr 2022 at -17.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 7 months.

On a daily basis, UBT closed higher 52% of trading days. The best single day was Mar 20, 2020 with a return of +13.0%, while the worst single day was Mar 10, 2020 at -15.6%.

ProShares Ultra 20+ Year Treasury has an annualized alpha of 12.31%, beta of -0.52, and R² of 0.09 versus S&P 500 Index. Calculated based on daily prices since January 22, 2010.

• This ETF tended to rise when S&P 500 Index fell (downside capture of -19.22%), but participation in market rallies was also limited (-4.80%) — a profile typical of counter-cyclical assets.
• Beta of -0.52 may look defensive, but with R² of 0.09 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
• R² of 0.09 means this ETF moves largely independently of S&P 500 Index — capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.

UBT has a high expense ratio of 0.95%, indicating above-average management fees.

UBT ranks 7 for risk / return — in the bottom 7% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

The table below present risk-adjusted performance metrics for ProShares Ultra 20+ Year Treasury (UBT) and compare them to a chosen benchmark (S&P 500 Index).

ProShares Ultra 20+ Year Treasury provided a 3.93% dividend yield over the last twelve months, with an annual payout of $0.64 per share.

The table displays the monthly dividend distributions for ProShares Ultra 20+ Year Treasury. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the ProShares Ultra 20+ Year Treasury. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the ProShares Ultra 20+ Year Treasury was 78.90%, occurring on Oct 19, 2023. The portfolio has not yet recovered.

The current ProShares Ultra 20+ Year Treasury drawdown is 76.27%.

The chart below shows the rolling one-month volatility.