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DUG vs. QLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. QLD

Last updated Jun 24, 2026

DUG (ProShares UltraShort Oil & Gas) and QLD (ProShares Ultra QQQ) are both Leveraged Equities funds from ProShares - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while QLD tracks the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, DUG returned -31.35%/yr vs 36.27%/yr for QLD. At a correlation of -0.45, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DUG vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and ProShares Ultra QQQ (QLD). 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 -36.75% return, which is significantly lower than QLD's 29.58% return. Over the past 10 years, DUG has underperformed QLD with an annualized return of -31.35%, while QLD has yielded a comparatively higher 36.27% annualized return.

DUG

1D
-1.25%
1M
16.78%
YTD
-36.75%
6M
-37.18%
1Y
-42.58%
3Y*
-26.36%
5Y*
-36.37%
10Y*
-31.35%

QLD

1D
-6.61%
1M
-2.02%
YTD
29.58%
6M
26.13%
1Y
66.80%
3Y*
43.61%
5Y*
21.41%
10Y*
36.27%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUG vs. QLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DUG
ProShares UltraShort Oil & Gas		-36.75%-18.63%-6.13%-2.28%-72.98%-68.12%-24.59%-23.47%36.14%-1.09%
QLD
ProShares Ultra QQQ		29.58%30.36%42.82%117.72%-60.52%54.67%88.90%81.69%-8.31%70.34%

Correlation

The correlation between DUG and QLD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.15

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

-0.05

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

-0.17

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

-0.27

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

-0.45

The correlation between DUG and QLD shifts across timeframes, from -0.45 (all time) to 0.15 (1 year), reflecting how their relationship changes across market environments.

DUG vs. QLD - Sectors Allocation Comparison

Sectors
DUG
QLD

Financial Services

33.3%
0.2%

Basic Materials

-

1.0%

Communication Services

-

14.3%

Consumer Cyclical

-

11.4%

Consumer Defensive

-

6.4%

Energy

-

0.5%

Healthcare

-

3.7%

Industrials

-

2.6%

Real Estate

-

0.1%

Technology

-

58.7%

Utilities

-

1.2%

Financial Services

DUG
33.3%
QLD
0.2%

Basic Materials

DUG

-

QLD
1.0%

Communication Services

DUG

-

QLD
14.3%

Consumer Cyclical

DUG

-

QLD
11.4%

Consumer Defensive

DUG

-

QLD
6.4%

Energy

DUG

-

QLD
0.5%

Healthcare

DUG

-

QLD
3.7%

Industrials

DUG

-

QLD
2.6%

Real Estate

DUG

-

QLD
0.1%

Technology

DUG

-

QLD
58.7%

Utilities

DUG

-

QLD
1.2%

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ProShares UltraShort Oil & Gas

ProShares Ultra QQQ

Often compared with DUG:
DUG vs. DIGDUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIU
Often compared with QLD:
QLD vs. QQQQLD vs. TQQQQLD vs. SSOQLD vs. QQQMQLD vs. UPROQLD vs. VOOQLD vs. SPY

Return for Risk

DUG vs. QLD — 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: 11
Sharpe Ratio Rank
DUG Sortino Ratio Rank: 11
Sortino Ratio Rank
DUG Omega Ratio Rank: 22
Omega Ratio Rank
DUG Calmar Ratio Rank: 33
Calmar Ratio Rank
DUG Martin Ratio Rank: 22
Martin Ratio Rank
QLD
QLD Risk / Return Rank: 5353
Overall Rank
QLD Sharpe Ratio Rank: 5858
Sharpe Ratio Rank
QLD Sortino Ratio Rank: 4949
Sortino Ratio Rank
QLD Omega Ratio Rank: 5151
Omega Ratio Rank
QLD Calmar Ratio Rank: 5656
Calmar Ratio Rank
QLD Martin Ratio Rank: 5454
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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares Ultra QQQ (QLD). 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.

DUGQLDDifference
Sharpe ratioReturn per unit of total volatility
-1.03
1.88

-2.91

Sortino ratioReturn per unit of downside risk
-1.59
2.33

-3.93

Omega ratioGain probability vs. loss probability

0.84

1.31

-0.48

Calmar ratioReturn relative to maximum drawdown

-0.75

2.67

-3.42

Martin ratioReturn relative to average drawdown

-1.34

9.05

-10.39

DUG vs. QLD - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.03, which is lower than the QLD Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of DUG and QLD, 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. QLD - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for DUG and QLD.

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Drawdown Indicators

DUGQLDDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-83.13%

-16.79%

Max Drawdown (1Y)

Largest decline over 1 year

-57.00%

-25.13%

-31.87%

Max Drawdown (3Y)

Largest decline over 3 years

-68.64%

-42.29%

-26.35%

Max Drawdown (5Y)

Largest decline over 5 years

-94.03%

-63.68%

-30.35%

Max Drawdown (10Y)

Largest decline over 10 years

-99.46%

-63.68%

-35.78%

Current Drawdown

Current decline from peak

-99.90%

-9.26%

-90.64%

Average Drawdown

Average peak-to-trough decline

-88.98%

-18.14%

-70.84%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.81%

7.40%

+24.41%

Volatility

DUG vs. QLD - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 14.09%, while ProShares Ultra QQQ (QLD) has a volatility of 18.22%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DUGQLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.09%

18.22%

-4.13%

Volatility (6M)

Calculated over the trailing 6-month period

33.47%

28.95%

+4.52%

Volatility (1Y)

Calculated over the trailing 1-year period

41.82%

35.77%

+6.05%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.52%

45.34%

+6.18%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.84%

44.80%

+14.04%

DUG vs. QLD - Expense Ratio Comparison

Both DUG and QLD have an expense ratio of 0.95%.

Dividends

DUG vs. QLD - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.36%, more than QLD's 0.13% yield.

PositionTTM20252024202320222021202020192018201720162015
DUG
ProShares UltraShort Oil & Gas		4.36%3.21%5.66%4.16%0.28%0.00%0.10%0.56%0.29%0.00%0.00%0.00%
QLD
ProShares Ultra QQQ		0.13%0.17%0.25%0.33%0.31%0.00%0.00%0.13%0.06%0.02%0.21%0.11%

Frequently Asked Questions

DUG and QLD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

QLD has higher volatility (18.22%) compared to DUG (14.09%). In terms of maximum drawdown, DUG dropped -99.92% vs QLD's -83.13%.

On 10-year performance, QLD leads with 36.27% vs -31.35% for DUG. Both ETFs have the same 0.95% expense ratio. On volatility, DUG has been the lower-risk option at 14.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QLD has performed better with a 36.27% return vs -31.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DUG and QLD have the same expense ratio: 0.95% per year.

DUG has the higher dividend yield at 4.36%, compared with 0.13% for QLD.

DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while QLD tracks NASDAQ-100 Index (200%).

QLD currently has the higher Sharpe Ratio (1.88 vs -1.03), 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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