DUG vs. SQQQ

Last updated Jul 14, 2026

DUG (ProShares UltraShort Oil & Gas) and SQQQ (ProShares UltraPro Short QQQ) are both Leveraged Equities funds from ProShares - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while SQQQ tracks the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, DUG returned -31.31%/yr vs -55.28%/yr for SQQQ. At a 0.40 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

DUG vs. SQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and ProShares UltraPro Short QQQ (SQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DUG having a -41.97% return and SQQQ slightly higher at -40.27%. Over the past 10 years, DUG has outperformed SQQQ with an annualized return of -31.31%, while SQQQ has yielded a comparatively lower -55.28% annualized 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%

SQQQ

• 1D: 5.74%
• 1M: 1.37%
• 6M: -36.57%
• YTD: -40.27%
• 1Y: -56.10%
• 3Y*: -51.78%
• 5Y*: -45.66%
• 10Y*: -55.28%

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

DUG vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUG ProShares UltraShort Oil & Gas	-41.97%	-18.63%	-6.13%	-2.28%	-72.98%	-68.12%	-24.59%	-23.47%	36.14%	-1.09%
SQQQ ProShares UltraPro Short QQQ	-40.27%	-53.05%	-49.79%	-73.61%	82.40%	-60.87%	-86.40%	-65.92%	-20.83%	-58.67%

Correlation

The correlation between DUG and SQQQ is -0.16, 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	-0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.04
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (10Y) Calculated over the trailing 10-year period	0.26
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	0.40

The correlation between DUG and SQQQ shifts across timeframes, from -0.16 (1 year) to 0.40 (all time), reflecting how their relationship changes across market environments.

DUG vs. SQQQ - Sectors Allocation Comparison

Sectors	DUG	SQQQ
Financial Services	40.4%	109.1%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DUG vs. SQQQ — 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

SQQQ

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

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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares UltraPro Short QQQ (SQQQ). 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	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.01	-0.02
Sortino ratio: Return per unit of downside risk	-1.61	-1.69	+0.08
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.77	-0.92	+0.16
Martin ratio: Return relative to average drawdown	-1.31	-1.71	+0.41

DUG vs. SQQQ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.04, which is comparable to the SQQQ Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of DUG and SQQQ, 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. SQQQ - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUG and SQQQ.

Drawdown Indicators

	DUG	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-100.00%	+0.08%
Max Drawdown (1Y) Largest decline over 1 year	-57.00%	-61.03%	+4.03%
Max Drawdown (3Y) Largest decline over 3 years	-65.94%	-92.51%	+26.57%
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	-97.27%	+3.24%
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	-99.97%	+0.51%
Current Drawdown Current decline from peak	-99.91%	-100.00%	+0.09%
Average Drawdown Average peak-to-trough decline	-89.01%	-92.75%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	32.78%	+0.58%

Volatility

DUG vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 14.90%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.05%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.90%	26.05%	-11.15%
Volatility (6M) Calculated over the trailing 6-month period	33.27%	45.88%	-12.61%
Volatility (1Y) Calculated over the trailing 1-year period	42.14%	55.64%	-13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.48%	67.87%	-16.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.82%	66.56%	-7.74%

DUG vs. SQQQ - Expense Ratio Comparison

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

Dividends

DUG vs. SQQQ - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.13%, less than SQQQ's 10.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUG ProShares UltraShort Oil & Gas	4.13%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%	0.00%
SQQQ ProShares UltraPro Short QQQ	10.00%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both DUG and SQQQ in my portfolio?

DUG and SQQQ 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 SQQQ?

SQQQ has higher volatility (26.05%) compared to DUG (14.90%). In terms of maximum drawdown, DUG dropped -99.92% vs SQQQ's -100.00%.

Which ETF is better, DUG or SQQQ?

On 10-year performance, DUG leads with -31.31% vs -55.28% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, DUG has been the lower-risk option at 14.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUG or SQQQ?

Over the 10-year period, DUG has performed better with a -31.31% return vs -55.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or SQQQ?

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

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

SQQQ has the higher dividend yield at 10.00%, compared with 4.13% for DUG.

What is the main difference between DUG and SQQQ?

DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while SQQQ tracks NASDAQ-100 Index (-300%).

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-1.01 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.