- ISIN
- US74347B2016
- CUSIP
- 74347B201
- Issuer
- ProShares
- Inception Date
- Apr 29, 2008
- Region
- North America (U.S.)
- Category
- Inverse Bonds, Leveraged Bonds
- Leveraged
- -2x
- Index Tracked
- ICE U.S. Treasury 20+ Year Bond Index
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $309M
Share Price Chart
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Performance
TBT Performance Chart
ProShares UltraShort 20+ Year Treasury (TBT) is up 1.6% since the beginning of the year. TBT is currently trading at $35 per share. Investors who bought $1,000 worth of TBT shares 5 years ago would now be looking at an investment worth $2,126.
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Returns By Period
ProShares UltraShort 20+ Year Treasury (TBT) has returned 1.57% so far this year and -0.97% over the past 12 months. Over the last ten years, TBT has returned 2.37% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares UltraShort 20+ Year Treasury
- 1D
- 1.47%
- 1M
- -3.76%
- YTD
- 1.57%
- 6M
- 2.39%
- 1Y
- -0.97%
- 3Y*
- 10.71%
- 5Y*
- 16.28%
- 10Y*
- 2.37%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
TBT Monthly Returns History
Based on dividend-adjusted daily data since May 1, 2008, TBT's average daily return is -0.02%, while the average monthly return is -0.52%.
Historically, 49% of months were positive and 51% were negative. The best month was Jan 2009 with a return of +26.7%, while the worst month was Nov 2008 at -24.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 5 months.
On a daily basis, TBT closed higher 48% of trading days. The best single day was Mar 17, 2020 with a return of +12.9%, while the worst single day was Mar 20, 2020 at -13.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.49% | -8.09% | 9.41% | 2.39% | -0.58% | -1.26% | 1.57% | ||||||
| 2025 | -0.35% | -9.89% | 3.10% | 2.26% | 7.85% | -4.73% | 2.94% | 0.75% | -6.38% | -2.25% | 0.21% | 6.53% | -1.45% |
| 2024 | 5.36% | 5.47% | -0.75% | 15.05% | -4.83% | -3.12% | -5.98% | -3.92% | -2.98% | 12.86% | -3.54% | 14.36% | 27.66% |
| 2023 | -13.82% | 11.10% | -9.13% | -0.39% | 6.54% | 0.26% | 5.95% | 7.06% | 18.62% | 11.14% | -16.95% | -15.13% | -2.42% |
| 2022 | 7.46% | 2.48% | 10.11% | 21.29% | 3.26% | 1.95% | -5.35% | 9.05% | 17.86% | 13.11% | -13.40% | 4.77% | 93.29% |
| 2021 | 7.06% | 11.66% | 10.75% | -4.92% | -0.10% | -8.81% | -7.81% | -0.00% | 5.70% | -5.34% | -6.16% | 3.62% | 2.86% |
Benchmark Metrics
ProShares UltraShort 20+ Year Treasury has an annualized alpha of -10.39%, beta of 0.45, and R2 of 0.09 versus S&P 500 Index. Calculated based on daily prices since May 01, 2008.
- This ETF participated in 42.20% of S&P 500 Index downside but only -12.36% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.45 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.
- Alpha
- -10.39%
- Beta
- 0.45
- R²
- 0.09
- Upside Capture
- -12.36%
- Downside Capture
- 42.20%
Expense Ratio
TBT has a high expense ratio of 0.93%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
TBT ranks 8 for risk / return — in the bottom 8% 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.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares UltraShort 20+ Year Treasury (TBT) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TBT | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.08 | ||
| Sortino ratioReturn per unit of downside risk | -2.69 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.37 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.07 | 2.78 | -2.85 |
| Martin ratioReturn relative to average drawdown | -0.13 | 12.44 | -12.57 |
Dividends
Dividend History
ProShares UltraShort 20+ Year Treasury provided a 2.94% dividend yield over the last twelve months, with an annual payout of $1.04 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.04 | $1.12 | $1.70 | $1.50 | $0.14 | $0.00 | $0.05 | $0.56 | $0.35 |
Dividend yield | 2.94% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares UltraShort 20+ Year Treasury. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.17 | $0.00 | $0.00 | $0.00 | $0.17 | ||||||
| 2025 | $0.00 | $0.00 | $0.25 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.28 | $0.00 | $0.00 | $0.31 | $1.12 |
| 2024 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.48 | $0.00 | $0.00 | $0.42 | $0.00 | $0.00 | $0.44 | $1.70 |
| 2023 | $0.00 | $0.00 | $0.33 | $0.00 | $0.00 | $0.34 | $0.00 | $0.00 | $0.31 | $0.00 | $0.00 | $0.52 | $1.50 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.14 | $0.14 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares UltraShort 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 UltraShort 20+ Year Treasury was 94.99%, occurring on Aug 4, 2020. The portfolio has not yet recovered.
The current ProShares UltraShort 20+ Year Treasury drawdown is 85.85%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2020 bear market2020 | -94.99%Aug 2020 | 12y 1mo | — | 18y 11dJun 2008 - now |
Financial crisis2007–2009 | -3.64%Jun 2008 | 4d | 9d | 13dMay 2008 - Jun 2008 |
Financial crisis2007–2009 | -3.62%May 2008 | 2d | 19d | 21dMay 2008 - May 2008 |
Financial crisis2007–2009 | -0.01%May 2008 | 0s | 1d | 1dMay 2008 - May 2008 |
Drawdown Indicators
| TBT | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.99% | -56.78% | -38.21% |
Max Drawdown (1Y)Largest decline over 1 year | -14.89% | -9.10% | -5.79% |
Max Drawdown (3Y)Largest decline over 3 years | -33.83% | -18.90% | -14.93% |
Max Drawdown (5Y)Largest decline over 5 years | -33.83% | -25.43% | -8.40% |
Max Drawdown (10Y)Largest decline over 10 years | -65.09% | -33.92% | -31.17% |
Current DrawdownCurrent decline from peak | -85.85% | -1.80% | -84.05% |
Average DrawdownAverage peak-to-trough decline | -77.33% | -10.71% | -66.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 2.03% | +5.51% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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