# ProShares UltraShort 20+ Year Treasury (TBT)

> Source: Nexqual · https://nexqual.com/TBT · data as of 2026-10-23 17:46 UTC · cite as "Nexqual, ProShares UltraShort 20+ Year Treasury (TBT), nexqual.com/TBT" · informational, not investment advice.

**Price:** USD 38.53 (+0.76% today) · US market open, as of October 23, 2026 at 17:46 UTC; quotes may be delayed. Prev close 38.24 · day 38.26–38.7 · 52w 31.75–43.77 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y +22.9% vs S&P 500 +14.4%; 5Y +158.7% vs S&P 500 +77.1%.

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +22.9% | +158.7% |
| S&P 500 (SPY) | +14.4% | +77.1% |
| Per year | +22.9% | +21.0% |
| Volatility (annualized) | 19.7% | 29.2% |
| Max drawdown | -11.0% (Oct 2026→Oct 2026) | -32.0% (Oct 2023→Sep 2024) |

## Peers
PST (ProShares UltraShort Lehman 7-1) USD 24.34 +0.33% · SDS (ProShares UltraShort S&P500) USD 55.09 +0.95% · TBF (ProShares Short 20+ Year Treasu) USD 25.55 +0.37% · TMV (Direxion Daily 20-Year Treasury) USD 43.21 +0.89% · UUP (Invesco DB USD Index Bullish Fu) USD 28.96 +0.21%

## More
Full page: https://nexqual.com/TBT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.7% | ±6.3% |
| 2026-12-18 | 56 | 25.5% | ±8.0% |
| 2027-01-15 | 84 | 27.1% | ±10.5% |
| 2027-03-19 | 147 | 27.5% | ±13.9% |
| 2027-06-17 | 237 | 28.2% | ±17.8% |