DUG vs. ERY
DUG (ProShares UltraShort Oil & Gas) and ERY (Direxion Daily Energy Bear 2X Shares) are both Leveraged Equities funds - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while ERY tracks the Energy Select Sector Index (-300%). Both are passively managed. Over the past 10 years, DUG returned -32.24%/yr vs -34.11%/yr for ERY. With a 0.99 correlation, they move nearly in lockstep. DUG charges 0.95%/yr vs 1.07%/yr for ERY.
Performance
DUG vs. ERY - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with DUG having a -43.18% return and ERY slightly higher at -42.92%. Over the past 10 years, DUG has outperformed ERY with an annualized return of -32.24%, while ERY has yielded a comparatively lower -34.11% annualized return.
DUG
- 1D
- -2.34%
- 1M
- 2.00%
- YTD
- -43.18%
- 6M
- -43.19%
- 1Y
- -53.28%
- 3Y*
- -27.81%
- 5Y*
- -38.10%
- 10Y*
- -32.24%
ERY
- 1D
- -2.17%
- 1M
- 2.17%
- YTD
- -42.92%
- 6M
- -42.97%
- 1Y
- -52.95%
- 3Y*
- -27.19%
- 5Y*
- -37.83%
- 10Y*
- -34.11%
DUG vs. ERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | -43.18% | -18.63% | -6.13% | -2.28% | -72.98% | -68.12% | -24.59% | -23.47% | 36.14% | -1.09% |
ERY Direxion Daily Energy Bear 2X Shares | -42.92% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
Correlation
The correlation between DUG and ERY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.99 |
The correlation between DUG and ERY has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DUG vs. ERY — Risk / Return Rank
DUG
ERY
DUG vs. ERY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and Direxion Daily Energy Bear 2X Shares (ERY). 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.
| DUG | ERY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.31 | -1.30 | -0.01 |
Sortino ratioReturn per unit of downside risk | -2.27 | -2.24 | -0.02 |
Omega ratioGain probability vs. loss probability | 0.77 | 0.77 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.91 | -0.91 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.64 | -1.64 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DUG | ERY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.31 | -1.30 | -0.01 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.73 | -0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.55 | -0.48 | -0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.55 | +0.03 |
Drawdowns
DUG vs. ERY - Drawdown Comparison
The maximum DUG drawdown since its inception was -99.92%, roughly equal to the maximum ERY drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for DUG and ERY.
Loading charts...
Drawdown Indicators
| DUG | ERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -99.99% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -59.89% | -59.79% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -68.64% | -67.94% | -0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | -94.04% | +0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | -99.66% | +0.20% |
Current DrawdownCurrent decline from peak | -99.91% | -99.99% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -88.97% | -96.92% | +7.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.21% | 33.10% | +0.11% |
Volatility
DUG vs. ERY - Volatility Comparison
ProShares UltraShort Oil & Gas (DUG) and Direxion Daily Energy Bear 2X Shares (ERY) have volatilities of 16.05% and 15.97%, 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.
Loading charts...
Volatility by Period
| DUG | ERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.05% | 15.97% | +0.08% |
Volatility (6M)Calculated over the trailing 6-month period | 32.92% | 32.73% | +0.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.89% | 40.86% | +0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.58% | 51.88% | -0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.82% | 70.65% | -11.83% |
DUG vs. ERY - Expense Ratio Comparison
DUG has a 0.95% expense ratio, which is lower than ERY's 1.07% expense ratio.
Dividends
DUG vs. ERY - Dividend Comparison
DUG's dividend yield for the trailing twelve months is around 4.86%, more than ERY's 3.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | 4.86% | 3.21% | 5.66% | 4.16% | 0.28% | 0.00% | 0.10% | 0.56% | 0.29% |
ERY Direxion Daily Energy Bear 2X Shares | 3.64% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
Frequently Asked Questions
With a correlation of 1.00, DUG and ERY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DUG has higher volatility (16.05%) compared to ERY (15.97%). In terms of maximum drawdown, DUG dropped -99.92% vs ERY's -99.99%.
On 10-year performance, DUG leads with -32.24% vs -34.11% for ERY. On fees, DUG is cheaper at 0.95% per year. 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, DUG has performed better with a -32.24% return vs -34.11%. 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 ERY.
DUG has the higher dividend yield at 4.86%, compared with 3.64% for ERY.
DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while ERY tracks Energy Select Sector Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DUG and 1.07% for ERY.
ERY currently has the higher Sharpe Ratio (-1.30 vs -1.31), 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.
Find the right allocation for DUG and ERY
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer