What is the current DUG expected move?

As of May 29, 2026, ProShares - UltraShort Energy (DUG) has an expected move of 15.37% over the next 20 days, implying a one-standard-deviation price range of $16.44 to $22.42 from the current $19.43. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.

What does the DUG expected move mean for traders?

Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.

How is DUG expected move calculated?

The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.

ProShares - UltraShort Energy (DUG) Expected Move

Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.

ProShares - UltraShort Energy (DUG) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $9.8M, listed on AMEX, carrying a beta of -0.24 to the broader market. ProShares UltraShort Energy seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the S&P Energy Select SectorSM Index. public since 2007-02-01.

Snapshot as of May 29, 2026.

Spot Price: $19.43
Expected Move: 15.4%
Implied High: $22.42
Implied Low: $16.44
Front DTE: 20 days

As of May 29, 2026, ProShares - UltraShort Energy (DUG) has an expected move of 15.37%, a one-standard-deviation implied price range of roughly $16.44 to $22.42 from the current $19.43. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.

DUG Strategy Sizing to the Expected Move

With ProShares - UltraShort Energy pricing an expected move of 15.37% from $19.43, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.

How to read the DUG implied-range chart

The shaded range above shows the one-standard-deviation implied price band at each listed expiration, derived from ATM implied volatility scaled to days-to-expiration. The front-tenor expected move is 15.37%, anchoring an implied range of approximately $16.44 to $22.42. Under lognormal assumptions, roughly 68% of outcomes fall inside that band; 95% fall inside ±2σ; 99.7% inside ±3σ. The empirical equity-return distribution has fatter tails than lognormal, so true tail-outcome frequency is moderately higher than these closed-form numbers suggest.

DUG expected move and event pricing

Expected move widens with √time: a 5% 30-day move corresponds to roughly a 2.5% 7.5-day move and a 10% 120-day move. DUG term-structure is in backwardation (slope -0.031), so near-dated tenors price in disproportionate vol - usually because of a known event in the front-month window. With IV rank at 11.9%, the implied move is at the low end of the typical DUG range - cheap optionality for buyers, thin premium for sellers.

Sizing DUG structures to the expected move

Iron condors with wings at ±1σ collect the modal-outcome premium; ±1.5σ widens probability of inside-range to ~87% but cuts collected premium roughly in half. Strangles do the inverse trade - they pay against the same lognormal distribution, profiting when realized exceeds implied. Calendar spreads bet on the slope of the term structure rather than the level. DUG put/call volume ratio currently at 0.00 indicates speculative call flow dominates - look for upside-skewed sentiment. The expected move is the inputs the chain is pricing, not a forecast - realized moves above or below are normal under any distribution.

Learn how expected move is reported and how to read the data →

Shaded band shows the ±1σ implied price range (~68% probability under lognormal assumptions) at each expiration; the center line marks current spot. Bands widen with longer DTE since volatility scales with √time.

Per-expiration expected move for DUG derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $19.43 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.

Expiration	DTE	ATM IV	Expected Move	Implied High	Implied Low
Jun 18, 2026	20	53.6%	12.5%	$21.87	$16.99
Jul 17, 2026	49	50.5%	18.5%	$23.03	$15.83
Oct 16, 2026	140	47.9%	29.7%	$25.19	$13.67
Jan 15, 2027	231	43.8%	34.8%	$26.20	$12.66

Frequently asked DUG expected move questions

What is the current DUG expected move?: As of May 29, 2026, ProShares - UltraShort Energy (DUG) has an expected move of 15.37% over the next 20 days, implying a one-standard-deviation price range of $16.44 to $22.42 from the current $19.43. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
What does the DUG expected move mean for traders?: Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
How is DUG expected move calculated?: The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.