DUG vs. ARMG

Last updated Aug 2, 2026

DUG (ProShares UltraShort Oil & Gas) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. DUG is passively managed, while ARMG is actively managed. Over the past year, DUG returned -52.73% vs 59.59% for ARMG. Their -0.03 correlation means they have often moved in opposite directions in the past. DUG charges 0.95%/yr vs 0.75%/yr for ARMG.

Performance

DUG vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUG achieves a -47.25% return, which is significantly lower than ARMG's 190.00% return.

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%

ARMG

• 1D: -1.25%
• 1M: -46.26%
• 6M: 220.35%
• YTD: 190.00%
• 1Y: 59.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.32%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ARMG Leverage Shares 2X Long ARM Daily ETF	$14.17M	$20.37M	$65.80M
DUG ProShares UltraShort Oil & Gas	$1.33M	$1.11M	$2.13M

DUG vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
DUG ProShares UltraShort Oil & Gas	-47.25%	-9.66%
ARMG Leverage Shares 2X Long ARM Daily ETF	190.00%	-62.65%

Correlation

The correlation between DUG and ARMG is 0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.08
Correlation (All Time) Calculated using the full available price history since Jan 14, 2025	-0.03

The correlation between DUG and ARMG shifts across timeframes, from -0.03 (all time) to 0.08 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DUG vs. ARMG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DUG

DUG Risk / Return Rank: 1
DUG Sharpe Ratio Rank: 0
DUG Sortino Ratio Rank: 0
DUG Omega Ratio Rank: 1
DUG Calmar Ratio Rank: 1
DUG Martin Ratio Rank: 1

ARMG

ARMG Risk / Return Rank: 29
ARMG Sharpe Ratio Rank: 19
ARMG Sortino Ratio Rank: 45
ARMG Omega Ratio Rank: 41
ARMG Calmar Ratio Rank: 23
ARMG Martin Ratio Rank: 20

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.

DUG vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	DUG	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	0.35	-1.56
Sortino ratio: Return per unit of downside risk	-2.05	1.63	-3.68
Omega ratio: Gain probability vs. loss probability	0.79	1.19	-0.40
Calmar ratio: Return relative to maximum drawdown	-0.89	0.66	-1.56
Martin ratio: Return relative to average drawdown	-1.43	1.23	-2.67

DUG vs. ARMG - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.21, which is lower than the ARMG Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of DUG and ARMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DUG vs. ARMG - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than ARMG's maximum drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for DUG and ARMG.

Drawdown Indicators

	DUG	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-80.28%	-19.64%
Max Drawdown (1Y) Largest decline over 1 year	-57.00%	-76.64%	+19.64%
Max Drawdown (3Y) Largest decline over 3 years	-65.94%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	—	—
Current Drawdown Current decline from peak	-99.92%	-73.55%	-26.37%
Average Drawdown Average peak-to-trough decline	-89.04%	-52.13%	-36.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.55%	41.08%	-5.53%

Volatility

DUG vs. ARMG - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 50.86%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	50.86%	-38.85%
Volatility (6M) Calculated over the trailing 6-month period	33.36%	128.29%	-94.93%
Volatility (1Y) Calculated over the trailing 1-year period	42.16%	149.49%	-107.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.13%	145.42%	-94.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.79%	145.42%	-86.63%

DUG vs. ARMG - Expense Ratio Comparison

DUG has a 0.95% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

DUG vs. ARMG - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.54%, more than ARMG's 1.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ARMG Leverage Shares 2X Long ARM Daily ETF	1.68%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
DUG ProShares UltraShort Oil & Gas	4.54%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%

Frequently Asked Questions

Can I hold both DUG and ARMG in my portfolio?

DUG and ARMG have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUG or ARMG?

ARMG has higher volatility (50.86%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs ARMG's -80.28%.

Which ETF is better, DUG or ARMG?

On 1-year performance, ARMG leads with 59.59% vs -52.73% for DUG. On fees, ARMG is cheaper at 0.75% per year. On volatility, DUG has been the lower-risk option at 12.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUG or ARMG?

Over the 1-year period, ARMG has performed better with a 59.59% return vs -52.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 0.95% for DUG.

Which ETF pays a higher dividend yield, DUG or ARMG?

DUG has the higher dividend yield at 4.54%, compared with 1.68% for ARMG.

What is the main difference between DUG and ARMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for DUG and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (0.35 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.