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DUG vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. SQQQ

Last updated Jun 24, 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 -31.35%/yr vs -56.24%/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.

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Returns By Period

In the year-to-date period, DUG achieves a -36.75% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, DUG has outperformed SQQQ with an annualized return of -31.35%, while SQQQ has yielded a comparatively lower -56.24% 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%

SQQQ

1D
9.83%
1M
-2.27%
YTD
-40.31%
6M
-37.80%
1Y
-61.11%
3Y*
-53.86%
5Y*
-46.89%
10Y*
-56.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUG vs. SQQQ - 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%
SQQQ
ProShares UltraPro Short QQQ		-40.31%-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 -0.15, 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

-0.15

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 11, 2010

0.40

The correlation between DUG and SQQQ shifts across timeframes, from -0.15 (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

33.3%
122.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

DUG
33.3%
SQQQ
122.0%

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

-

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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. QIDSQQQ vs. SPXUSQQQ vs. UVXY

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: 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
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
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. 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
-1.03
-1.14

+0.11

Sortino ratioReturn per unit of downside risk
-1.59
-2.07

+0.48

Omega ratioGain probability vs. loss probability

0.84

0.78

+0.06

Calmar ratioReturn relative to maximum drawdown

-0.75

-0.96

+0.22

Martin ratioReturn relative to average drawdown

-1.34

-1.81

+0.47

DUG vs. SQQQ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.03, which is comparable to the SQQQ Sharpe Ratio of -1.14. 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%

-63.52%

+6.52%

Max Drawdown (3Y)

Largest decline over 3 years

-68.64%

-92.51%

+23.87%

Max Drawdown (5Y)

Largest decline over 5 years

-94.03%

-97.27%

+3.24%

Max Drawdown (10Y)

Largest decline over 10 years

-99.46%

-99.98%

+0.52%

Current Drawdown

Current decline from peak

-99.90%

-100.00%

+0.10%

Average Drawdown

Average peak-to-trough decline

-88.98%

-92.73%

+3.75%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.81%

36.37%

-4.56%

Volatility

DUG vs. SQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 14.09%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. 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

14.09%

26.69%

-12.60%

Volatility (6M)

Calculated over the trailing 6-month period

33.47%

43.33%

-9.86%

Volatility (1Y)

Calculated over the trailing 1-year period

41.82%

53.65%

-11.83%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.52%

67.53%

-16.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.84%

66.47%

-7.63%

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 4.36%, less than SQQQ's 11.44% yield.

PositionTTM202520242023202220212020201920182017
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%
SQQQ
ProShares UltraPro Short QQQ		11.44%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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.69%) compared to DUG (14.09%). In terms of maximum drawdown, DUG dropped -99.92% vs SQQQ's -100.00%.

On 10-year performance, DUG leads with -31.35% vs -56.24% for SQQQ. 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, DUG has performed better with a -31.35% return vs -56.24%. 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 11.44%, compared with 4.36% for DUG.

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

DUG currently has the higher Sharpe Ratio (-1.03 vs -1.14), 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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