DUG vs. SPUU

Last updated Aug 2, 2026

DUG (ProShares UltraShort Oil & Gas) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, DUG returned -32.74%/yr vs 23.82%/yr for SPUU. Their -0.46 correlation means they have often moved in opposite directions in the past. DUG charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

DUG vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DUG achieves a -47.25% return, which is significantly lower than SPUU's 16.72% return. Over the past 10 years, DUG has underperformed SPUU with an annualized return of -32.74%, while SPUU has yielded a comparatively higher 23.82% annualized return.

DUG

• 1D: -1.85%
• 1M: -20.41%
• 6M: -30.77%
• YTD: -47.25%
• 1Y: -52.73%
• 3Y*: -25.03%
• 5Y*: -40.83%
• 10Y*: -32.74%
• ALL TIME*: -30.09%

SPUU

• 1D: 1.52%
• 1M: 0.24%
• 6M: 14.02%
• YTD: 16.72%
• 1Y: 38.14%
• 3Y*: 31.33%
• 5Y*: 17.73%
• 10Y*: 23.82%
• ALL TIME*: 21.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DUG ProShares UltraShort Oil & Gas	$1.33M	$1.11M	$2.13M
SPUU Direxion Daily S&P 500 Bull 2X ETF	$4.20M	$4.55M	$4.33M

DUG vs. SPUU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUG ProShares UltraShort Oil & Gas	-47.25%	-18.63%	-6.13%	-2.28%	-72.98%	-68.12%	-24.59%	-23.47%	36.14%	-1.09%
SPUU Direxion Daily S&P 500 Bull 2X ETF	16.72%	26.55%	44.25%	47.28%	-38.72%	61.27%	21.85%	66.84%	-14.59%	44.33%

Correlation

The correlation between DUG and SPUU is 0.14, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.14
Correlation (3Y) Balances recent behavior with more history.	-0.14
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.29
Correlation (10Y) Provides a long-term view across more market conditions.	-0.42
Correlation (All Time) Calculated using the full available price history since Jun 6, 2014	-0.46

The correlation between DUG and SPUU shifts across timeframes, from -0.46 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.

DUG vs. SPUU - Sectors Allocation Comparison

Sectors	DUG	SPUU
Financial Services	48.7%	5.5%
Basic Materials	-	0.8%
Communication Services	-	4.2%
Consumer Cyclical	-	3.9%
Consumer Defensive	-	2.1%
Energy	-	1.5%
Healthcare	-	4.1%
Industrials	-	3.5%
Real Estate	-	0.9%
Technology	-	17.0%
Utilities	-	1.2%

Return for Risk

DUG vs. SPUU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DUG

DUG Risk / Return Rank: 1
DUG Sharpe Ratio Rank: 0
DUG Sortino Ratio Rank: 0
DUG Omega Ratio Rank: 1
DUG Calmar Ratio Rank: 1
DUG Martin Ratio Rank: 1

SPUU

SPUU Risk / Return Rank: 54
SPUU Sharpe Ratio Rank: 54
SPUU Sortino Ratio Rank: 51
SPUU Omega Ratio Rank: 52
SPUU Calmar Ratio Rank: 52
SPUU Martin Ratio Rank: 62

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DUG vs. SPUU - 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 500 Bull 2X ETF (SPUU). 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	SPUU	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	1.30	-2.51
Sortino ratio: Return per unit of downside risk	-2.05	1.80	-3.85
Omega ratio: Gain probability vs. loss probability	0.79	1.23	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.89	1.85	-2.75
Martin ratio: Return relative to average drawdown	-1.43	7.47	-8.90

DUG vs. SPUU - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.21, which is lower than the SPUU Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of DUG and SPUU, 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. SPUU - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for DUG and SPUU.

Drawdown Indicators

	DUG	SPUU	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-59.35%	-40.57%
Max Drawdown (1Y) Largest decline over 1 year	-57.00%	-18.19%	-38.81%
Max Drawdown (3Y) Largest decline over 3 years	-65.94%	-35.18%	-30.76%
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	-46.59%	-47.44%
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	-59.35%	-40.11%
Current Drawdown Current decline from peak	-99.92%	-3.83%	-96.09%
Average Drawdown Average peak-to-trough decline	-89.04%	-9.44%	-79.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.55%	4.51%	+31.04%

Volatility

DUG vs. SPUU - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 12.01% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that DUG's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	SPUU	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	7.10%	+4.91%
Volatility (6M) Calculated over the trailing 6-month period	33.36%	20.38%	+12.98%
Volatility (1Y) Calculated over the trailing 1-year period	42.16%	25.88%	+16.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.13%	33.70%	+17.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.79%	35.79%	+23.00%

DUG vs. SPUU - Expense Ratio Comparison

DUG has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

DUG vs. SPUU - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.54%, more than SPUU's 1.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUG ProShares UltraShort Oil & Gas	4.54%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%	0.00%	0.00%	0.00%
SPUU Direxion Daily S&P 500 Bull 2X ETF	1.34%	1.63%	0.55%	0.83%	0.88%	3.04%	8.03%	1.80%	5.50%	6.96%	8.08%	4.42%

Frequently Asked Questions

Can I hold both DUG and SPUU in my portfolio?

DUG and SPUU have a correlation of 0.14, 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 SPUU?

DUG has higher volatility (12.01%) compared to SPUU (7.10%). In terms of maximum drawdown, DUG dropped -99.92% vs SPUU's -59.35%.

Which ETF is better, DUG or SPUU?

On 10-year performance, SPUU leads with 23.82% vs -32.74% for DUG. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUG or SPUU?

Over the 10-year period, SPUU has performed better with a 23.82% return vs -32.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or SPUU?

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for DUG.

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

DUG has the higher dividend yield at 4.54%, compared with 1.34% for SPUU.

What is the main difference between DUG and SPUU?

DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DUG and 0.60% for SPUU.

Which has better risk-adjusted returns?

SPUU currently has the higher Sharpe Ratio (1.30 vs -1.21), 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.