DUG vs. IQQQ

Last updated Jul 14, 2026

DUG (ProShares UltraShort Oil & Gas) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - DUG is a Leveraged Equities fund tracking the DJ Global United States (All) / Oil & Gas -IND (-200%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, DUG returned -43.51% vs 25.95% for IQQQ. At a correlation of -0.04, they often move in opposite directions. DUG charges 0.95%/yr vs 0.55%/yr for IQQQ.

Performance

DUG vs. IQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and ProShares Nasdaq-100 High Income ETF (IQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUG achieves a -41.97% return, which is significantly lower than IQQQ's 13.67% return.

DUG

• 1D: -5.99%
• 1M: 0.93%
• 6M: -37.26%
• YTD: -41.97%
• 1Y: -43.51%
• 3Y*: -25.98%
• 5Y*: -39.19%
• 10Y*: -31.31%

IQQQ

• 1D: -1.84%
• 1M: -1.65%
• 6M: 11.37%
• YTD: 13.67%
• 1Y: 25.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DUG vs. IQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DUG ProShares UltraShort Oil & Gas	-41.97%	-18.63%	13.90%
IQQQ ProShares Nasdaq-100 High Income ETF	13.67%	17.11%	14.82%

Correlation

The correlation between DUG and IQQQ is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024	-0.04

The correlation between DUG and IQQQ shifts across timeframes, from -0.04 (all time) to 0.16 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DUG vs. IQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DUG

DUG Risk / Return Rank: 2
DUG Sharpe Ratio Rank: 1
DUG Sortino Ratio Rank: 1
DUG Omega Ratio Rank: 2
DUG Calmar Ratio Rank: 3
DUG Martin Ratio Rank: 2

IQQQ

IQQQ Risk / Return Rank: 54
IQQQ Sharpe Ratio Rank: 55
IQQQ Sortino Ratio Rank: 50
IQQQ Omega Ratio Rank: 51
IQQQ Calmar Ratio Rank: 59
IQQQ Martin Ratio Rank: 57

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. IQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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	IQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	1.48	-2.52
Sortino ratio: Return per unit of downside risk	-1.61	1.99	-3.59
Omega ratio: Gain probability vs. loss probability	0.83	1.26	-0.42
Calmar ratio: Return relative to maximum drawdown	-0.77	2.34	-3.11
Martin ratio: Return relative to average drawdown	-1.31	7.74	-9.04

DUG vs. IQQQ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.04, which is lower than the IQQQ Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of DUG and IQQQ, 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. IQQQ - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for DUG and IQQQ.

Drawdown Indicators

	DUG	IQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-20.41%	-79.51%
Max Drawdown (1Y) Largest decline over 1 year	-57.00%	-11.13%	-45.87%
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	-99.91%	-4.54%	-95.37%
Average Drawdown Average peak-to-trough decline	-89.01%	-3.63%	-85.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	3.36%	+30.00%

Volatility

DUG vs. IQQQ - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 14.90% compared to ProShares Nasdaq-100 High Income ETF (IQQQ) at 7.78%. This indicates that DUG's price experiences larger fluctuations and is considered to be riskier than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	IQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.90%	7.78%	+7.12%
Volatility (6M) Calculated over the trailing 6-month period	33.27%	14.34%	+18.93%
Volatility (1Y) Calculated over the trailing 1-year period	42.14%	17.62%	+24.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.48%	19.16%	+32.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.82%	19.16%	+39.66%

DUG vs. IQQQ - Expense Ratio Comparison

DUG has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.

Dividends

DUG vs. IQQQ - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.13%, less than IQQQ's 5.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUG ProShares UltraShort Oil & Gas	4.13%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%
IQQQ ProShares Nasdaq-100 High Income ETF	5.25%	10.34%	7.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DUG and IQQQ in my portfolio?

DUG and IQQQ have a correlation of 0.16, 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 IQQQ?

DUG has higher volatility (14.90%) compared to IQQQ (7.78%). In terms of maximum drawdown, DUG dropped -99.92% vs IQQQ's -20.41%.

Which ETF is better, DUG or IQQQ?

On 1-year performance, IQQQ leads with 25.95% vs -43.51% for DUG. On fees, IQQQ is cheaper at 0.55% per year. On volatility, IQQQ has been the lower-risk option at 7.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUG or IQQQ?

Over the 1-year period, IQQQ has performed better with a 25.95% return vs -43.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or IQQQ?

IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for DUG.

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

IQQQ has the higher dividend yield at 5.25%, compared with 4.13% for DUG.

What is the main difference between DUG and IQQQ?

DUG is categorized as Leveraged Equities, while IQQQ is Nasdaq-100. DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for DUG and 0.55% for IQQQ.

Which has better risk-adjusted returns?

IQQQ currently has the higher Sharpe Ratio (1.48 vs -1.04), 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.