ProShares - Ultra 20+ Year Treasury (UBT) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
ProShares - Ultra 20+ Year Treasury (UBT) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $52.4M, listed on AMEX, carrying a beta of 4.79 to the broader market. This investment product's daily objective is to achieve results that, prior to the deduction of fees and expenses, match two times (2x) the daily performance observed in the ICE U. public since 2010-01-21.
Snapshot as of Oct 14, 2026.
- Spot Price
- $13.77
- ATM IV
- 287.9%
- HV 20-Day
- 21.8%
- HV 60-Day
- 21.0%
- IV Rank
- 58.5%
- IV Percentile
- 85.7%
As of Oct 14, 2026, ProShares - Ultra 20+ Year Treasury (UBT) ATM implied volatility is 287.9%. 20-day realized volatility is 21.8%, producing an IV-HV spread of +266.1 vol points. Options are pricing in more volatility than the stock has recently delivered, the volatility risk premium. IV rank is 58.5%.
How UBT iv/hv history Data Feeds Strategy Selection
Strategy selection on ProShares - Ultra 20+ Year Treasury options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 287.9% and dealer gamma exposure is positive, so dealer hedging is mechanically mean-reverting. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
How to read the UBT IV vs HV chart
The dual-line chart below tracks ATM implied volatility (forward-looking, what the chain is pricing) against 20-day realized historical volatility (backward-looking, what actually happened). ATM IV currently prints at 287.9%, 58.5% IV rank, against 21.8% realized over the trailing 20 trading days. Implied is pricing above realized by 266.1 vol points, the typical variance-risk-premium positive state in which premium sellers earn the gap. Persistent IV-above-HV is the variance-risk-premium-positive state typical of equity markets; persistent IV-below-HV is rare and usually marks underpriced vol that often expands.
UBT IV/HV regimes and trade selection
UBT IV rank at 58.5% sits mid-range - no structural edge from rank alone. Strategy choice should follow event calendar and the dealer-positioning read.
Using UBT vol history alongside the term structure
The IV/HV gap on this page captures the level of premium; the term-structure slope on the volatility page captures its shape across expirations. Term structure is roughly flat at 0.002, no strong near vs far premium being priced. Pair the rank read with the slope read with the event calendar to choose the right tenor for the structure.
UBT IV/HV signal in volatility-cycle context
Equity-vol cycles tend to compress and expand on multi-month timeframes: a typical sequence runs low-IV-rank consolidation (months of flat tape, decaying premium) into a vol-expansion catalyst (earnings miss, macro shock, regime change) into elevated-IV-rank stress (premiums fat, dispersion high) back to mean-reverting compression. UBT's 58.5% IV rank places the ticker in the mid-range of its 1-year window - no strong cycle-position signal. The ratio of HV-20 (21.8%) to HV-60 (21.0%) gives a second cycle indicator: when 20-day exceeds 60-day, recent realization is running hotter than the trailing-quarter average - typically a sign that recent days have already started expanding vol regardless of where IV rank prints. Use the time series below to spot inflection points: meaningful IV/HV gap closures and openings tend to precede regime shifts by a few sessions.
Learn how implied vs realized volatility is reported and how to read the data →
Daily ATM implied volatility and 20-day realized (historical) volatility for UBT over the last ~31 trading days. The IV-HV gap measures the variance risk premium - when IV trades persistently above realized HV, premium-sellers earn the spread; when IV dips below HV, vol is structurally underpriced.
Most recent 15 trading days (descending). Older history appears in the chart above.
| Date | ATM IV | HV 20d | HV 60d | IV Rank |
|---|---|---|---|---|
| Oct 14, 2026 | 287.9% | 21.8% | 21.0% | 58.5% |
| Oct 13, 2026 | 358.0% | 19.5% | 20.0% | 72.8% |
| Oct 12, 2026 | 400.5% | 20.1% | 20.1% | 81.4% |
| Oct 9, 2026 | 410.7% | 20.2% | 20.2% | 83.5% |
| Oct 8, 2026 | 16.8% | 20.1% | 20.1% | 3.2% |
| Oct 7, 2026 | 1.0% | 19.2% | 19.8% | 0.0% |
| Oct 6, 2026 | 346.0% | 20.1% | 19.9% | 70.3% |
| Oct 5, 2026 | 28.0% | 22.6% | 19.9% | 5.5% |
| Oct 2, 2026 | 26.2% | 22.7% | 19.8% | 5.1% |
| Oct 1, 2026 | 28.8% | 22.6% | 19.9% | 5.7% |
| Sep 30, 2026 | 33.0% | 22.5% | 19.9% | 6.5% |
| Sep 29, 2026 | 8.9% | 22.8% | 20.0% | 1.6% |
| Sep 28, 2026 | 18.3% | 22.8% | 20.0% | 3.5% |
| Sep 25, 2026 | 57.8% | 22.4% | 19.8% | 11.6% |
| Sep 24, 2026 | 17.5% | 22.3% | 20.0% | 3.4% |
Frequently asked UBT iv/hv history questions
- Is UBT options pricing rich or cheap right now?
- As of Oct 14, 2026, ProShares - Ultra 20+ Year Treasury (UBT) ATM IV is 287.9% against 20-day realized volatility of 21.8%. IV rank is 58.5%. UBT options are pricing in more volatility than the stock has recently realized: a positive variance risk premium worth 266.1 vol points.
- What is the UBT variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. UBT is currently priced consistently with this premium, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does UBT IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. UBT's current rank of 58.5% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.