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DUG vs. IEZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. IEZ

Last updated Jun 23, 2026

DUG (ProShares UltraShort Oil & Gas) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both exchange-traded funds - DUG is a Leveraged Equities fund tracking the DJ Global United States (All) / Oil & Gas -IND (-200%), while IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, DUG returned -31.27%/yr vs -1.39%/yr for IEZ. At a correlation of -0.89, they often move in opposite directions. DUG charges 0.95%/yr vs 0.42%/yr for IEZ.

Performance

DUG vs. IEZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and iShares U.S. Oil Equipment & Services ETF (IEZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DUG achieves a -35.95% return, which is significantly lower than IEZ's 34.28% return. Over the past 10 years, DUG has underperformed IEZ with an annualized return of -31.27%, while IEZ has yielded a comparatively higher -1.39% 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%

IEZ

1D
1.05%
1M
-12.36%
YTD
34.28%
6M
34.61%
1Y
58.91%
3Y*
15.98%
5Y*
13.33%
10Y*
-1.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUG vs. IEZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
IEZ
iShares U.S. Oil Equipment & Services ETF		34.28%7.51%-8.15%4.43%65.73%15.98%-42.98%1.82%-42.47%-18.18%

Correlation

The correlation between DUG and IEZ is -0.73, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.73

Correlation (3Y)
Calculated over the trailing 3-year period

-0.79

Correlation (5Y)
Calculated over the trailing 5-year period

-0.86

Correlation (10Y)
Calculated over the trailing 10-year period

-0.87

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

-0.89

The correlation between DUG and IEZ shifts across timeframes, from -0.89 (all time) to -0.73 (1 year), reflecting how their relationship changes across market environments.

DUG vs. IEZ - Sectors Allocation Comparison

Sectors
DUG
IEZ

Financial Services

33.3%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

99.3%

Healthcare

-

-

Industrials

-

0.7%

Real Estate

-

-

Technology

-

-

Utilities

-

1.0%

Financial Services

DUG
33.3%
IEZ

-

Basic Materials

DUG

-

IEZ

-

Communication Services

DUG

-

IEZ

-

Consumer Cyclical

DUG

-

IEZ

-

Consumer Defensive

DUG

-

IEZ

-

Energy

DUG

-

IEZ
99.3%

Healthcare

DUG

-

IEZ

-

Industrials

DUG

-

IEZ
0.7%

Real Estate

DUG

-

IEZ

-

Technology

DUG

-

IEZ

-

Utilities

DUG

-

IEZ
1.0%

Compare stocks, funds, or ETFs

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ProShares UltraShort Oil & Gas

iShares U.S. Oil Equipment & Services ETF

Often compared with DUG:
DUG vs. DIGDUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIU
Often compared with IEZ:
IEZ vs. XESIEZ vs. XOPIEZ vs. FCGIEZ vs. EZUIEZ vs. IEOIEZ vs. IBBQIEZ vs. USO

Return for Risk

DUG vs. IEZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DUG
DUG Risk / Return Rank: 22
Overall Rank
DUG Sharpe Ratio Rank: 22
Sharpe Ratio Rank
DUG Sortino Ratio Rank: 22
Sortino Ratio Rank
DUG Omega Ratio Rank: 22
Omega Ratio Rank
DUG Calmar Ratio Rank: 33
Calmar Ratio Rank
DUG Martin Ratio Rank: 33
Martin Ratio Rank
IEZ
IEZ Risk / Return Rank: 6666
Overall Rank
IEZ Sharpe Ratio Rank: 6363
Sharpe Ratio Rank
IEZ Sortino Ratio Rank: 5858
Sortino Ratio Rank
IEZ Omega Ratio Rank: 5454
Omega Ratio Rank
IEZ Calmar Ratio Rank: 7979
Calmar Ratio Rank
IEZ Martin Ratio Rank: 7777
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DUG vs. IEZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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.

DUGIEZDifference
Sharpe ratioReturn per unit of total volatility
-0.94
2.01

-2.94

Sortino ratioReturn per unit of downside risk
-1.38
2.65

-4.04

Omega ratioGain probability vs. loss probability

0.86

1.33

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.69

3.95

-4.64

Martin ratioReturn relative to average drawdown

-1.23

14.17

-15.40

DUG vs. IEZ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -0.94, which is lower than the IEZ Sharpe Ratio of 2.01. The chart below compares the historical Sharpe Ratios of DUG and IEZ, 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

DUG vs. IEZ - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than IEZ's maximum drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for DUG and IEZ.

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Drawdown Indicators

DUGIEZDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-92.52%

-7.40%

Max Drawdown (1Y)

Largest decline over 1 year

-57.00%

-14.97%

-42.03%

Max Drawdown (3Y)

Largest decline over 3 years

-68.64%

-40.25%

-28.39%

Max Drawdown (5Y)

Largest decline over 5 years

-94.03%

-40.25%

-53.78%

Max Drawdown (10Y)

Largest decline over 10 years

-99.46%

-88.29%

-11.17%

Current Drawdown

Current decline from peak

-99.90%

-55.68%

-44.22%

Average Drawdown

Average peak-to-trough decline

-88.98%

-48.26%

-40.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.68%

4.23%

+27.45%

Volatility

DUG vs. IEZ - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 13.99% compared to iShares U.S. Oil Equipment & Services ETF (IEZ) at 9.92%. This indicates that DUG's price experiences larger fluctuations and is considered to be riskier than IEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DUGIEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

13.99%

9.92%

+4.07%

Volatility (6M)

Calculated over the trailing 6-month period

33.63%

20.88%

+12.75%

Volatility (1Y)

Calculated over the trailing 1-year period

41.89%

29.55%

+12.34%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.52%

36.32%

+15.20%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.88%

41.55%

+17.33%

DUG vs. IEZ - Expense Ratio Comparison

DUG has a 0.95% expense ratio, which is higher than IEZ's 0.42% expense ratio.

Dividends

DUG vs. IEZ - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.31%, more than IEZ's 1.24% yield.

PositionTTM20252024202320222021202020192018201720162015
DUG
ProShares UltraShort Oil & Gas		4.31%3.21%5.66%4.16%0.28%0.00%0.10%0.56%0.29%0.00%0.00%0.00%
IEZ
iShares U.S. Oil Equipment & Services ETF		1.24%1.87%1.76%0.97%0.65%1.20%2.07%2.28%1.81%3.42%0.91%2.40%

Frequently Asked Questions

DUG and IEZ have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DUG has higher volatility (13.99%) compared to IEZ (9.92%). In terms of maximum drawdown, DUG dropped -99.92% vs IEZ's -92.52%.

On 10-year performance, IEZ leads with -1.39% vs -31.27% for DUG. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 9.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEZ has performed better with a -1.39% return vs -31.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IEZ is cheaper with a 0.42% expense ratio, compared with 0.95% for DUG.

DUG has the higher dividend yield at 4.31%, compared with 1.24% for IEZ.

DUG is categorized as Leveraged Equities, while IEZ is Energy Equities. DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for DUG and 0.42% for IEZ.

IEZ currently has the higher Sharpe Ratio (2.01 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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