DDM vs. UGA
DDM (ProShares Ultra Dow30) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 10 years, DDM returned 20.52%/yr vs 13.99%/yr for UGA. At a 0.25 correlation, their price movements are largely independent. DDM charges 0.95%/yr vs 0.75%/yr for UGA.
Performance
DDM vs. UGA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DDM achieves a 13.60% return, which is significantly lower than UGA's 59.54% return. Over the past 10 years, DDM has outperformed UGA with an annualized return of 20.52%, while UGA has yielded a comparatively lower 13.99% annualized return.
DDM
- 1D
- 0.41%
- 1M
- 4.51%
- YTD
- 13.60%
- 6M
- 10.53%
- 1Y
- 38.50%
- 3Y*
- 26.73%
- 5Y*
- 13.21%
- 10Y*
- 20.52%
UGA
- 1D
- -2.77%
- 1M
- -14.54%
- YTD
- 59.54%
- 6M
- 55.91%
- 1Y
- 62.68%
- 3Y*
- 17.85%
- 5Y*
- 22.22%
- 10Y*
- 13.99%
DDM vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DDM ProShares Ultra Dow30 | 13.60% | 20.59% | 21.60% | 24.34% | -19.48% | 41.97% | 2.14% | 47.98% | -13.46% | 59.56% |
UGA United States Gasoline Fund LP | 59.54% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 41.25% | -28.07% | 1.69% |
Correlation
The correlation between DDM and UGA is -0.30, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.30 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.08 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.19 |
Correlation (All Time) Calculated using the full available price history since Feb 28, 2008 | 0.25 |
The correlation between DDM and UGA shifts across timeframes, from -0.30 (1 year) to 0.25 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DDM vs. UGA — Risk / Return Rank
DDM
UGA
DDM vs. UGA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Dow30 (DDM) and United States Gasoline Fund LP (UGA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| DDM | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.26 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.31 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | 3.10 | -1.10 |
| Martin ratioReturn relative to average drawdown | 7.34 | 9.66 | -2.32 |
Loading charts...
Drawdowns
DDM vs. UGA - Drawdown Comparison
The maximum DDM drawdown since its inception was -81.70%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for DDM and UGA.
Loading charts...
Drawdown Indicators
| DDM | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.70% | -86.59% | +4.89% |
Max Drawdown (1Y)Largest decline over 1 year | -19.31% | -20.32% | +1.01% |
Max Drawdown (3Y)Largest decline over 3 years | -31.62% | -26.68% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -40.18% | -38.11% | -2.07% |
Max Drawdown (10Y)Largest decline over 10 years | -63.13% | -75.89% | +12.76% |
Current DrawdownCurrent decline from peak | -1.06% | -20.32% | +19.26% |
Average DrawdownAverage peak-to-trough decline | -17.28% | -36.69% | +19.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.26% | 6.51% | -1.25% |
Volatility
DDM vs. UGA - Volatility Comparison
The current volatility for ProShares Ultra Dow30 (DDM) is 8.32%, while United States Gasoline Fund LP (UGA) has a volatility of 9.45%. This indicates that DDM experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DDM | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.32% | 9.45% | -1.13% |
Volatility (6M)Calculated over the trailing 6-month period | 19.58% | 30.74% | -11.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.85% | 34.84% | -9.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.62% | 34.47% | -4.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.76% | 37.22% | -2.46% |
DDM vs. UGA - Expense Ratio Comparison
DDM has a 0.95% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
DDM vs. UGA - Dividend Comparison
DDM's dividend yield for the trailing twelve months is around 0.88%, while UGA has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DDM ProShares Ultra Dow30 | 0.88% | 0.94% | 1.00% | 0.27% | 0.83% | 0.18% | 0.31% | 0.62% | 0.89% | 0.68% | 1.08% | 1.23% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DDM and UGA have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGA has higher volatility (9.45%) compared to DDM (8.32%). In terms of maximum drawdown, DDM dropped -81.70% vs UGA's -86.59%.
On 10-year performance, DDM leads with 20.52% vs 13.99% for UGA. On fees, UGA is cheaper at 0.75% per year. On volatility, DDM has been the lower-risk option at 8.32%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DDM has performed better with a 20.52% return vs 13.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 0.95% for DDM.
DDM has the higher dividend yield at 0.88%, compared with 0.00% for UGA.
DDM is categorized as Leveraged Equities, while UGA is Oil & Gas. DDM tracks Dow Jones Industrial Average Index (200%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for DDM and 0.75% for UGA.
UGA currently has the higher Sharpe Ratio (1.82 vs 1.56), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for DDM and UGA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer