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DIG vs. DUG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DIG vs. DUG

Last updated Aug 2, 2026
Documentation

DIG (ProShares Ultra Oil & Gas) and DUG (ProShares UltraShort Oil & Gas) are both Leveraged Equities funds from ProShares - DIG tracks the Dow Jones U.S. Oil & Gas Index (200%) while DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%). Both are passively managed. Over the past 10 years, DIG returned 6.01%/yr vs -32.74%/yr for DUG. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

DIG vs. DUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Oil & Gas (DIG) and ProShares UltraShort Oil & Gas (DUG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DIG achieves a 70.78% return, which is significantly higher than DUG's -47.25% return. Over the past 10 years, DIG has outperformed DUG with an annualized return of 6.01%, while DUG has yielded a comparatively lower -32.74% annualized return.

DIG

1D
1.88%
1M
24.18%
6M
32.46%
YTD
70.78%
1Y
86.02%
3Y*
17.43%
5Y*
34.85%
10Y*
6.01%
ALL TIME*
0.10%

DUG

1D
-1.85%
1M
-20.41%
6M
-30.77%
YTD
-47.25%
1Y
-52.73%
3Y*
-25.03%
5Y*
-40.83%
10Y*
-32.74%
ALL TIME*
-30.09%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DIG

ProShares Ultra Oil & Gas
$2.08M$2.37M$2.40M

DUG

ProShares UltraShort Oil & Gas
$1.33M$1.11M$2.13M

DIG vs. DUG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DIG
ProShares Ultra Oil & Gas		70.78%2.73%0.93%-13.04%125.34%115.63%-70.36%12.51%-40.11%-7.39%
DUG
ProShares UltraShort Oil & Gas		-47.25%-18.63%-6.13%-2.28%-72.98%-68.12%-24.59%-23.47%36.14%-1.09%

Correlation

The correlation between DIG and DUG is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-1.00

Correlation (3Y)
Balances recent behavior with more history.

-1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

-1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

-1.00

Correlation (All Time)
Calculated using the full available price history since Feb 1, 2007

-0.99

The correlation between DIG and DUG has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

DIG vs. DUG - Sectors Allocation Comparison

Sectors
DIG
DUG

Energy

62.4%

-

Financial Services

6.0%
48.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

DIG
62.4%
DUG

-

Financial Services

DIG
6.0%
DUG
48.7%

Basic Materials

DIG

-

DUG

-

Communication Services

DIG

-

DUG

-

Consumer Cyclical

DIG

-

DUG

-

Consumer Defensive

DIG

-

DUG

-

Healthcare

DIG

-

DUG

-

Industrials

DIG

-

DUG

-

Real Estate

DIG

-

DUG

-

Technology

DIG

-

DUG

-

Utilities

DIG

-

DUG

-

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ProShares Ultra Oil & Gas

ProShares UltraShort Oil & Gas

Often compared with DIG:
DIG vs. ERXDIG vs. UGLDIG vs. OIHDIG vs. UNLDIG vs. EXPDIG vs. XLEDIG vs. NRGU
Often compared with DUG:
DUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIUDUG vs. RTXG

Return for Risk

DIG vs. DUG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DIG
DIG Risk / Return Rank: 7171
Overall Rank
DIG Sharpe Ratio Rank: 8282
Sharpe Ratio Rank
DIG Sortino Ratio Rank: 7272
Sortino Ratio Rank
DIG Omega Ratio Rank: 6969
Omega Ratio Rank
DIG Calmar Ratio Rank: 7676
Calmar Ratio Rank
DIG Martin Ratio Rank: 5757
Martin Ratio Rank
DUG
DUG Risk / Return Rank: 11
Overall Rank
DUG Sharpe Ratio Rank: 00
Sharpe Ratio Rank
DUG Sortino Ratio Rank: 00
Sortino Ratio Rank
DUG Omega Ratio Rank: 11
Omega Ratio Rank
DUG Calmar Ratio Rank: 11
Calmar Ratio Rank
DUG Martin Ratio Rank: 11
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DIG vs. DUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) and ProShares UltraShort Oil & Gas (DUG). 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.

DIGDUGDifference
Sharpe ratioReturn per unit of total volatility
1.89
-1.21

+3.10

Sortino ratioReturn per unit of downside risk
2.31
-2.05

+4.36

Omega ratioGain probability vs. loss probability

1.29

0.79

+0.50

Calmar ratioReturn relative to maximum drawdown

2.67

-0.89

+3.56

Martin ratioReturn relative to average drawdown

6.82

-1.43

+8.25

DIG vs. DUG - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 1.89, which is higher than the DUG Sharpe Ratio of -1.21. The chart below compares the historical Sharpe Ratios of DIG and DUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

DIG vs. DUG - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, roughly equal to the maximum DUG drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for DIG and DUG.

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Drawdown Indicators

DIGDUGDifference

Max Drawdown

Largest peak-to-trough decline

-97.04%

-99.92%

+2.88%

Max Drawdown (1Y)

Largest decline over 1 year

-29.80%

-57.00%

+27.20%

Max Drawdown (3Y)

Largest decline over 3 years

-42.41%

-65.94%

+23.53%

Max Drawdown (5Y)

Largest decline over 5 years

-46.02%

-94.03%

+48.01%

Max Drawdown (10Y)

Largest decline over 10 years

-92.53%

-99.46%

+6.93%

Current Drawdown

Current decline from peak

-49.97%

-99.92%

+49.95%

Average Drawdown

Average peak-to-trough decline

-64.28%

-89.04%

+24.76%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.70%

35.55%

-23.85%

Volatility

DIG vs. DUG - Volatility Comparison

ProShares Ultra Oil & Gas (DIG) and ProShares UltraShort Oil & Gas (DUG) have volatilities of 12.02% and 12.01%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DIGDUGDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.02%

12.01%

+0.01%

Volatility (6M)

Calculated over the trailing 6-month period

33.59%

33.36%

+0.23%

Volatility (1Y)

Calculated over the trailing 1-year period

42.17%

42.16%

+0.01%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.15%

51.13%

+0.02%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

57.78%

58.79%

-1.01%

DIG vs. DUG - Expense Ratio Comparison

Both DIG and DUG have an expense ratio of 0.95%.

Dividends

DIG vs. DUG - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.45%, less than DUG's 4.54% yield.

PositionTTM20252024202320222021202020192018201720162015
DIG
ProShares Ultra Oil & Gas		1.45%2.62%3.13%0.61%1.33%2.24%3.18%2.72%2.30%1.76%1.09%1.56%
DUG
ProShares UltraShort Oil & Gas		4.54%3.21%5.66%4.16%0.28%0.00%0.10%0.56%0.29%0.00%0.00%0.00%

Frequently Asked Questions

DIG and DUG have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DIG has higher volatility (12.02%) compared to DUG (12.01%). In terms of maximum drawdown, DIG dropped -97.04% vs DUG's -99.92%.

On 10-year performance, DIG leads with 6.01% vs -32.74% for DUG. Both ETFs have the same 0.95% expense ratio. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DIG has performed better with a 6.01% return vs -32.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DIG and DUG have the same expense ratio: 0.95% per year.

DUG has the higher dividend yield at 4.54%, compared with 1.45% for DIG.

DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%).

DIG currently has the higher Sharpe Ratio (1.89 vs -1.21), 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.

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