DIG vs. BSMW

Last updated Jun 5, 2026

DIG (ProShares Ultra Oil & Gas) and BSMW (Invesco BulletShares 2032 Municipal Bond ETF) are both exchange-traded funds - DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%), while BSMW is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2032 Index. Both are passively managed. Over the past 3 years, DIG returned 24.00%/yr vs 3.23%/yr for BSMW. At a correlation of -0.13, they often move in opposite directions. DIG charges 0.95%/yr vs 0.18%/yr for BSMW.

Performance

DIG vs. BSMW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Oil & Gas (DIG) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DIG achieves a 66.82% return, which is significantly higher than BSMW's 1.28% return.

DIG

• 1D: 0.28%
• 1M: -3.40%
• YTD: 66.82%
• 6M: 58.48%
• 1Y: 98.04%
• 3Y*: 24.00%
• 5Y*: 28.36%
• 10Y*: 4.90%

BSMW

• 1D: -0.02%
• 1M: 0.65%
• YTD: 1.28%
• 6M: 1.64%
• 1Y: 6.54%
• 3Y*: 3.23%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DIG vs. BSMW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DIG ProShares Ultra Oil & Gas	66.82%	2.73%	0.93%	-6.77%
BSMW Invesco BulletShares 2032 Municipal Bond ETF	1.28%	3.42%	-0.35%	7.00%

Correlation

The correlation between DIG and BSMW 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	-0.11
Correlation (All Time) Calculated using the full available price history since Mar 2, 2023	-0.13

The correlation between DIG and BSMW shifts across timeframes, from -0.30 (1 year) to -0.11 (3 years), reflecting how their relationship changes across market environments.

DIG vs. BSMW - Sectors Allocation Comparison

Sectors	DIG	BSMW
Energy	61.8%	-
Financial Services	6.0%	1.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	0.3%
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	0.1%
Utilities	-	-

Return for Risk

DIG vs. BSMW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIG

DIG Risk / Return Rank: 68
DIG Sharpe Ratio Rank: 76
DIG Sortino Ratio Rank: 60
DIG Omega Ratio Rank: 58
DIG Calmar Ratio Rank: 82
DIG Martin Ratio Rank: 65

BSMW

BSMW Risk / Return Rank: 64
BSMW Sharpe Ratio Rank: 74
BSMW Sortino Ratio Rank: 76
BSMW Omega Ratio Rank: 81
BSMW Calmar Ratio Rank: 47
BSMW Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIG vs. BSMW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) and Invesco BulletShares 2032 Municipal Bond ETF (BSMW). 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.

	DIG	BSMW	Difference
Sharpe ratio: Return per unit of total volatility	2.43	2.35	+0.07
Sortino ratio: Return per unit of downside risk	2.78	3.37	-0.58
Omega ratio: Gain probability vs. loss probability	1.35	1.47	-0.12
Calmar ratio: Return relative to maximum drawdown	4.23	2.25	+1.98
Martin ratio: Return relative to average drawdown	11.54	7.09	+4.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIG vs. BSMW - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 2.43, which is comparable to the BSMW Sharpe Ratio of 2.35. The chart below compares the historical Sharpe Ratios of DIG and BSMW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DIG	BSMW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.43	2.35	+0.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	0.69	-0.69

Drawdowns

DIG vs. BSMW - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, which is greater than BSMW's maximum drawdown of -7.57%. Use the drawdown chart below to compare losses from any high point for DIG and BSMW.

Drawdown Indicators

	DIG	BSMW	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-7.57%	-89.47%
Max Drawdown (1Y) Largest decline over 1 year	-23.29%	-2.92%	-20.37%
Max Drawdown (3Y) Largest decline over 3 years	-42.41%	-7.34%	-35.07%
Max Drawdown (5Y) Largest decline over 5 years	-46.02%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-92.53%	—	—
Current Drawdown Current decline from peak	-51.13%	-1.00%	-50.13%
Average Drawdown Average peak-to-trough decline	-64.36%	-1.72%	-62.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.52%	0.92%	+7.60%

Volatility

DIG vs. BSMW - Volatility Comparison

ProShares Ultra Oil & Gas (DIG) has a higher volatility of 16.57% compared to Invesco BulletShares 2032 Municipal Bond ETF (BSMW) at 0.92%. This indicates that DIG's price experiences larger fluctuations and is considered to be riskier than BSMW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIG	BSMW	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.57%	0.92%	+15.65%
Volatility (6M) Calculated over the trailing 6-month period	33.00%	1.97%	+31.03%
Volatility (1Y) Calculated over the trailing 1-year period	40.83%	2.81%	+38.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.59%	5.00%	+46.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.80%	5.00%	+52.80%

DIG vs. BSMW - Expense Ratio Comparison

DIG has a 0.95% expense ratio, which is higher than BSMW's 0.18% expense ratio.

Dividends

DIG vs. BSMW - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.49%, less than BSMW's 3.20% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BSMW Invesco BulletShares 2032 Municipal Bond ETF	3.20%	3.24%	3.48%	2.36%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DIG ProShares Ultra Oil & Gas	1.49%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%

Frequently Asked Questions

Can I hold both DIG and BSMW in my portfolio?

DIG and BSMW 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.

Which is riskier, DIG or BSMW?

DIG has higher volatility (16.57%) compared to BSMW (0.92%). In terms of maximum drawdown, DIG dropped -97.04% vs BSMW's -7.57%.

Which ETF is better, DIG or BSMW?

On 3-year performance, DIG leads with 24.00% vs 3.23% for BSMW. On fees, BSMW is cheaper at 0.18% per year. On volatility, BSMW has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIG or BSMW?

Over the 3-year period, DIG has performed better with a 24.00% return vs 3.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIG or BSMW?

BSMW is cheaper with a 0.18% expense ratio, compared with 0.95% for DIG.

Which ETF pays a higher dividend yield, DIG or BSMW?

BSMW has the higher dividend yield at 3.20%, compared with 1.49% for DIG.

What is the main difference between DIG and BSMW?

DIG is categorized as Leveraged Equities, while BSMW is Municipal Bonds. DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while BSMW tracks Invesco BulletShares USD Municipal Bond 2032 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for DIG and 0.18% for BSMW.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (2.43 vs 2.35), 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.