DUG vs. DRIP
DUG (ProShares UltraShort Oil & Gas) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both Leveraged Equities funds - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while DRIP tracks the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, DUG returned -32.74%/yr vs -43.88%/yr for DRIP. Their correlation of 0.90 means they have usually moved in the same direction. DUG charges 0.95%/yr vs 1.07%/yr for DRIP.
Performance
DUG vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, DUG achieves a -47.25% return, which is significantly higher than DRIP's -55.32% return. Over the past 10 years, DUG has outperformed DRIP with an annualized return of -32.74%, while DRIP has yielded a comparatively lower -43.88% annualized 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%
DRIP
- 1D
- -2.95%
- 1M
- -25.11%
- 6M
- -44.52%
- YTD
- -55.32%
- 1Y
- -59.32%
- 3Y*
- -26.17%
- 5Y*
- -45.26%
- 10Y*
- -43.88%
- ALL TIME*
- -42.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.97M | $70.63M | $133.34M | |
| $1.33M | $1.11M | $2.13M |
DUG vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -55.32% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between DUG and DRIP is 0.89, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.89 |
Correlation (3Y) Balances recent behavior with more history. | 0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.90 |
The correlation between DUG and DRIP has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
DUG vs. DRIP — Risk / Return Rank
DUG
DRIP
DUG vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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 | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.22 | ||
| Sortino ratioReturn per unit of downside risk | -0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.83 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.91 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.49 | +0.05 |
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Drawdowns
DUG vs. DRIP - Drawdown Comparison
The maximum DUG drawdown since its inception was -99.92%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for DUG and DRIP.
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Drawdown Indicators
| DUG | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -99.95% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -57.00% | -62.18% | +5.18% |
Max Drawdown (3Y)Largest decline over 3 years | -65.94% | -76.02% | +10.08% |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | -96.24% | +2.21% |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | -99.92% | +0.46% |
Current DrawdownCurrent decline from peak | -99.92% | -99.94% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -89.04% | -90.56% | +1.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.55% | 37.99% | -2.44% |
Volatility
DUG vs. DRIP - Volatility Comparison
The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 16.75%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUG | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.01% | 16.75% | -4.74% |
Volatility (6M)Calculated over the trailing 6-month period | 33.36% | 44.83% | -11.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 57.15% | -14.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.13% | 67.64% | -16.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.79% | 95.75% | -36.96% |
DUG vs. DRIP - Expense Ratio Comparison
DUG has a 0.95% expense ratio, which is lower than DRIP's 1.07% expense ratio.
Dividends
DUG vs. DRIP - Dividend Comparison
DUG's dividend yield for the trailing twelve months is around 4.54%, more than DRIP's 3.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.98% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
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
DUG and DRIP have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.75%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs DRIP's -99.95%.
On 10-year performance, DUG leads with -32.74% vs -43.88% for DRIP. On fees, DUG is cheaper at 0.95% 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.
Over the 10-year period, DUG has performed better with a -32.74% return vs -43.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUG is cheaper with a 0.95% expense ratio, compared with 1.07% for DRIP.
DUG has the higher dividend yield at 4.54%, compared with 3.98% for DRIP.
DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DUG and 1.07% for DRIP.
DRIP currently has the higher Sharpe Ratio (-0.99 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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