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DUG vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. SQQQ

Last updated Aug 2, 2026
Documentation

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 -32.74%/yr vs -54.48%/yr for SQQQ. Their 0.40 correlation means their historical movements had little consistent relationship. 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.

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Returns By Period

In the year-to-date period, DUG achieves a -47.25% return, which is significantly lower than SQQQ's -34.61% return. Over the past 10 years, DUG has outperformed SQQQ with an annualized return of -32.74%, while SQQQ has yielded a comparatively lower -54.48% 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%

SQQQ

1D
-1.99%
1M
9.46%
6M
-32.40%
YTD
-34.61%
1Y
-52.32%
3Y*
-49.83%
5Y*
-44.46%
10Y*
-54.48%
ALL TIME*
-52.68%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DUG

ProShares UltraShort Oil & Gas
$1.33M$1.11M$2.13M

SQQQ

ProShares UltraPro Short QQQ
$2.40B$2.29B$2.66B

DUG vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		-34.61%-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 -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-0.17

Correlation (3Y)
Balances recent behavior with more history.

0.04

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.16

Correlation (10Y)
Provides a long-term view across more market conditions.

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 -0.17 (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

48.7%
89.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

DUG
48.7%
SQQQ
89.7%

Basic Materials

DUG

-

SQQQ

-

Communication Services

DUG

-

SQQQ

-

Consumer Cyclical

DUG

-

SQQQ

-

Consumer Defensive

DUG

-

SQQQ

-

Energy

DUG

-

SQQQ

-

Healthcare

DUG

-

SQQQ

-

Industrials

DUG

-

SQQQ

-

Real Estate

DUG

-

SQQQ

-

Technology

DUG

-

SQQQ

-

Utilities

DUG

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares UltraShort Oil & Gas

ProShares UltraPro Short QQQ

Often compared with DUG:
DUG vs. DIGDUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIU
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. SPXUSQQQ vs. QIDSQQQ vs. UVXY

Return for Risk

DUG vs. SQQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DUG
DUG Risk / Return Rank: 11
Overall Rank
DUG Sharpe Ratio Rank: 00
Sharpe Ratio Rank
DUG Sortino Ratio Rank: 00
Sortino Ratio Rank
DUG Omega Ratio Rank: 11
Omega Ratio Rank
DUG Calmar Ratio Rank: 11
Calmar Ratio Rank
DUG Martin Ratio Rank: 11
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 22
Overall Rank
SQQQ Sharpe Ratio Rank: 22
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 22
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 33
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 22
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 11
Martin Ratio Rank
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. 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.

DUGSQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.21
-0.86

-0.35

Sortino ratioReturn per unit of downside risk
-2.05
-1.25

-0.80

Omega ratioGain probability vs. loss probability

0.79

0.86

-0.07

Calmar ratioReturn relative to maximum drawdown

-0.89

-0.81

-0.08

Martin ratioReturn relative to average drawdown

-1.43

-1.41

-0.02

DUG vs. SQQQ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.21, which is lower than the SQQQ Sharpe Ratio of -0.86. 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.

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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.

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Drawdown Indicators

DUGSQQQDifference

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

-99.92%

-100.00%

+0.08%

Average Drawdown

Average peak-to-trough decline

-89.04%

-92.78%

+3.74%

Ulcer Index

Depth and duration of drawdowns from previous peaks

35.55%

35.08%

+0.47%

Volatility

DUG vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 20.82%. 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.

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Volatility by Period

DUGSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

12.01%

20.82%

-8.81%

Volatility (6M)

Calculated over the trailing 6-month period

33.36%

48.09%

-14.73%

Volatility (1Y)

Calculated over the trailing 1-year period

42.16%

57.98%

-15.82%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.13%

68.18%

-17.05%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.79%

66.74%

-7.95%

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 4.54%, less than SQQQ's 9.14% yield.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		9.14%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

DUG and SQQQ have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (20.82%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs SQQQ's -100.00%.

On 10-year performance, DUG leads with -32.74% vs -54.48% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, DUG has been the lower-risk option at 12.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DUG has performed better with a -32.74% return vs -54.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SQQQ has the higher dividend yield at 9.14%, compared with 4.54% for DUG.

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

SQQQ currently has the higher Sharpe Ratio (-0.86 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.

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