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 -31.27%/yr vs -42.00%/yr for DRIP. Their correlation of 0.90 suggests significant overlap in exposure. 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 -35.95% return, which is significantly higher than DRIP's -40.65% return. Over the past 10 years, DUG has outperformed DRIP with an annualized return of -31.27%, while DRIP has yielded a comparatively lower -42.00% annualized return.
DUG
- 1D
- -2.63%
- 1M
- 18.26%
- YTD
- -35.95%
- 6M
- -37.15%
- 1Y
- -38.97%
- 3Y*
- -26.05%
- 5Y*
- -36.45%
- 10Y*
- -31.27%
DRIP
- 1D
- -3.09%
- 1M
- 20.05%
- YTD
- -40.65%
- 6M
- -41.35%
- 1Y
- -37.54%
- 3Y*
- -27.03%
- 5Y*
- -38.96%
- 10Y*
- -42.00%
DUG vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | -35.95% | -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 | -40.65% | -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, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 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 | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 0.92 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.61 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.12 | -0.11 |
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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 | -68.64% | -76.02% | +7.38% |
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 | -99.90% | -99.93% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -88.98% | -90.46% | +1.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.68% | 33.61% | -1.93% |
Volatility
DUG vs. DRIP - Volatility Comparison
The current volatility for ProShares UltraShort Oil & Gas (DUG) is 13.99%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 18.24%. 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 | 13.99% | 18.24% | -4.25% |
Volatility (6M)Calculated over the trailing 6-month period | 33.63% | 43.95% | -10.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.89% | 56.86% | -14.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.52% | 68.37% | -16.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.88% | 96.46% | -37.58% |
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 4.31%, more than DRIP's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.33% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
DUG ProShares UltraShort Oil & Gas | 4.31% | 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 (18.24%) compared to DUG (13.99%). In terms of maximum drawdown, DUG dropped -99.92% vs DRIP's -99.95%.
On 10-year performance, DUG leads with -31.27% vs -42.00% for DRIP. On fees, DUG is cheaper at 0.95% per year. On volatility, DUG has been the lower-risk option at 13.99%. 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 -31.27% return vs -42.00%. 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 4.31%, compared with 3.33% 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 (-0.66 vs -0.94), 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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