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DUG vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. SPUU

Last updated Jun 24, 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 -31.35%/yr vs 24.81%/yr for SPUU. At a correlation of -0.47, they often move in opposite directions. 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.

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Returns By Period

In the year-to-date period, DUG achieves a -36.75% return, which is significantly lower than SPUU's 13.33% return. Over the past 10 years, DUG has underperformed SPUU with an annualized return of -31.35%, while SPUU has yielded a comparatively higher 24.81% 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%

SPUU

1D
-2.91%
1M
-3.20%
YTD
13.33%
6M
10.95%
1Y
43.00%
3Y*
34.33%
5Y*
18.44%
10Y*
24.81%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUG vs. SPUU - 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%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		13.33%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 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

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

0.09

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

-0.16

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

-0.30

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

-0.43

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

-0.47

The correlation between DUG and SPUU shifts across timeframes, from -0.47 (all time) to 0.09 (1 year), reflecting how their relationship changes across market environments.

DUG vs. SPUU - Sectors Allocation Comparison

Sectors
DUG
SPUU

Financial Services

33.3%
11.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.0%

Utilities

-

2.1%

Financial Services

DUG
33.3%
SPUU
11.1%

Basic Materials

DUG

-

SPUU
1.7%

Communication Services

DUG

-

SPUU
10.6%

Consumer Cyclical

DUG

-

SPUU
9.9%

Consumer Defensive

DUG

-

SPUU
4.5%

Energy

DUG

-

SPUU
3.1%

Healthcare

DUG

-

SPUU
8.3%

Industrials

DUG

-

SPUU
7.8%

Real Estate

DUG

-

SPUU
1.8%

Technology

DUG

-

SPUU
39.0%

Utilities

DUG

-

SPUU
2.1%

Compare stocks, funds, or ETFs

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ProShares UltraShort Oil & Gas

Direxion Daily S&P 500 Bull 2X ETF

Often compared with DUG:
DUG vs. DIGDUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIU
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. DDMSPUU vs. QQQ

Return for Risk

DUG vs. SPUU — 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
SPUU
SPUU Risk / Return Rank: 5151
Overall Rank
SPUU Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 4747
Sortino Ratio Rank
SPUU Omega Ratio Rank: 4848
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5050
Calmar Ratio Rank
SPUU Martin Ratio Rank: 5959
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. 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.

DUGSPUUDifference
Sharpe ratioReturn per unit of total volatility
-1.03
1.72

-2.75

Sortino ratioReturn per unit of downside risk
-1.59
2.25

-3.84

Omega ratioGain probability vs. loss probability

0.84

1.30

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.75

2.38

-3.12

Martin ratioReturn relative to average drawdown

-1.34

10.11

-11.45

DUG vs. SPUU - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.03, which is lower than the SPUU Sharpe Ratio of 1.72. 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.

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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.

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Drawdown Indicators

DUGSPUUDifference

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

-68.64%

-35.18%

-33.46%

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

-99.90%

-6.62%

-93.28%

Average Drawdown

Average peak-to-trough decline

-88.98%

-9.48%

-79.50%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.81%

4.27%

+27.54%

Volatility

DUG vs. SPUU - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 14.09% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 9.70%. 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.

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Volatility by Period

DUGSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.09%

9.70%

+4.39%

Volatility (6M)

Calculated over the trailing 6-month period

33.47%

19.93%

+13.54%

Volatility (1Y)

Calculated over the trailing 1-year period

41.82%

25.22%

+16.60%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.52%

33.67%

+17.85%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.84%

35.81%

+23.03%

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 4.36%, more than SPUU's 1.42% 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%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		1.42%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

DUG and SPUU have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DUG has higher volatility (14.09%) compared to SPUU (9.70%). In terms of maximum drawdown, DUG dropped -99.92% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 24.81% vs -31.35% for DUG. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 24.81% return vs -31.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

DUG has the higher dividend yield at 4.36%, compared with 1.42% for 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.

SPUU currently has the higher Sharpe Ratio (1.72 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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