ProShares UltraShort 20+ Year Treasury (TBT) Performance
TBT total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +12.5% since Dec 31, 2025
- 1 year
- +23.3% total return
- 5 years
- +19.8% a year
- 10 years
- +3.4% a year
- Since first price
- −9.2% a year since 2008
TBT trailing returns vs SPY, QQQ, AGG
| Period | TBT total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −2.5% | −2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +3.6% | +3.0% | +3.2% | +1.9% | −0.4% |
| 6 months | +11.6% | +10.2% | +7.8% | +8.4% | −1.5% |
| YTD | +12.5% | +10.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +23.3% | +20.2% | +14.4% | +15.9% | −1.1% |
| 3 years | +1.2%+0.4%/yr | −10.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +147.0%+19.8%/yr | +111.8% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +39.6%+3.4%/yr | +15.8% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −46.6%−4.1%/yr | −55.7% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionMay 1, 2008 | −83.1%−9.2%/yr | −86.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TBT vs SPY
From May 1, 2008: TBT grew to $1,693, SPY to $75,423.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TBT returns by calendar year
6 of 17 full years positive. Best 2022 (+93.3%), worst 2011 (−51.2%). 2026 is year to date.
TBT annual returns table
| Year | TBT | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +12.5% | −11.0% | +12.3% | +15.1% | −1.0% |
| 2025 | −1.5% | −17.3% | +17.7% | +20.8% | +7.2% |
| 2024 | +27.7% | −25.1% | +24.9% | +25.6% | +1.3% |
| 2023 | −2.4% | −33.2% | +26.2% | +54.9% | +5.7% |
| 2022 | +93.3% | −30.1% | −18.2% | −32.6% | −13.0% |
| 2021 | +2.9% | −29.7% | +28.7% | +27.4% | −1.8% |
| 2020 | −37.9% | −44.4% | +18.3% | +48.6% | +7.5% |
| 2019 | −22.9% | −36.3% | +31.2% | +39.0% | +8.5% |
| 2018 | +5.0% | −15.2% | −4.6% | −0.1% | +0.1% |
| 2017 | −17.2% | −21.2% | +21.7% | +32.7% | +3.6% |
| 2016 | −7.4% | −32.7% | +12.0% | +7.1% | +2.4% |
| 2015 | −5.0% | −19.0% | +1.2% | +9.4% | +0.5% |
| 2014 | −41.4% | −42.2% | +13.5% | +19.2% | +6.0% |
| 2013 | +24.8% | −15.7% | +32.3% | +36.6% | −2.0% |
| 2012 | −12.2% | −33.8% | +16.0% | +18.1% | +3.8% |
| 2011 | −51.2% | −57.7% | +1.9% | +3.4% | +7.7% |
| 2010 | −25.7% | −41.2% | +15.1% | +19.9% | +6.4% |
| 2009 | +32.2% | −27.2% | +26.4% | +54.7% | +3.0% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TBT largest drawdowns
Now 84.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Jun 13, 2008 | −95.0% | Aug 4, 2020 | not yet | 12.1 years | 18.4 years so far |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TBT risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2008 |
|---|---|---|---|---|
| Annualized return | +6.8% | +22.0% | +4.9% | −9.0% |
| Volatility (annualized) | 26.7% | 29.4% | 27.6% | 28.2% |
| Sharpe ratio | 0.21 | 0.70 | 0.23 | -0.24 |
| Sortino ratio | 0.32 | 1.19 | 0.34 | -0.31 |
| Best month | +15.0% | +21.3% | +21.3% | +26.7% |
| Worst month | −17.0% | −17.0% | −19.5% | −24.7% |
| Best 12 months | +29.0% | +107.1% | +107.1% | +107.1% |
| Worst 12 months | −19.7% | −19.7% | −52.5% | −54.1% |
| Positive months | 50% | 58% | 52% | 48% |
| Beta vs S&P 500 | -1.06 | -1.05 | -0.30 | — |
| Correlation with S&P 500 | -0.49 | -0.56 | -0.17 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TBT rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 210 | −54.1% | −5.3% | +107.1% | 42% |
| 3-year (a year) | 186 | −33.5% | −13.8% | +39.2% | 27% |
| 5-year (a year) | 162 | −27.3% | −11.8% | +22.9% | 22% |
| 10-year (a year) | 102 | −21.8% | −8.1% | +4.9% | 11% |
Every holding period starting at a month-end since 2008. Returns for 3 years and longer are annualized.
TBT performance overview
ProShares UltraShort 20+ Year Treasury (TBT) returned +23.3% over the past year and +3.4% a year over ten years, with distributions reinvested. Since its first recorded price in 2008 it has returned −9.2% a year, turning $10,000 into about $1,693. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −95.0%, from Jun 13, 2008 to Aug 4, 2020; the fund has not yet regained that high. TBT finished 6 of its 17 full calendar years with a gain; the best year was 2022 (+93.3%) and the worst 2011 (−51.2%). Volatility has been 28.2% a year.
Related: TBT chart, TBT dividends. See the TBT overview for the latest quote and fund facts.
TBT performance FAQ
What is the TBT return over the past year?
TBT returned +23.3% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 20.2%.
What is the average annual return of TBT?
TBT has returned +19.8% a year over 5 years, +3.4% a year over 10 years, −9.2% a year since May 1, 2008 (total return, distributions reinvested).
How much would $10,000 invested in TBT be worth?
$10,000 invested in TBT at its first recorded close on May 1, 2008 would be worth about $1,693 on October 23, 2026 with distributions reinvested.
What was the worst year for TBT?
The worst calendar year was 2011, with a total return of −51.2%. The best was 2022 at +93.3%.
What is the biggest drawdown of TBT?
The largest peak-to-trough decline was −95.0% between June 13, 2008 and August 4, 2020. It has not yet recovered to that high; it is 84.3% below its peak.
How volatile is TBT?
Over the past 3 years TBT had an annualized volatility of 26.7% and a Sharpe ratio of 0.21 (excess return over 1–3 month T-bills per unit of risk).