DUG vs. TQQQ

Last updated Aug 2, 2026

DUG (ProShares UltraShort Oil & Gas) and TQQQ (ProShares UltraPro QQQ) are both Leveraged Equities funds from ProShares - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while TQQQ tracks the NASDAQ-100 Index (300%). Both are passively managed. Over the past 10 years, DUG returned -32.74%/yr vs 39.46%/yr for TQQQ. Their -0.39 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

DUG vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Oil & Gas (DUG) and ProShares UltraPro QQQ (TQQQ). 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 TQQQ's 23.06% return. Over the past 10 years, DUG has underperformed TQQQ with an annualized return of -32.74%, while TQQQ has yielded a comparatively higher 39.46% 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%

TQQQ

• 1D: 2.09%
• 1M: -11.90%
• 6M: 20.14%
• YTD: 23.06%
• 1Y: 56.87%
• 3Y*: 43.81%
• 5Y*: 15.36%
• 10Y*: 39.46%
• ALL TIME*: 42.33%

*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
TQQQ ProShares UltraPro QQQ	$4.37B	$4.57B	$5.33B

DUG vs. TQQQ - 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%
TQQQ ProShares UltraPro QQQ	23.06%	34.35%	58.27%	198.04%	-79.09%	82.98%	110.05%	133.84%	-19.79%	118.06%

Correlation

The correlation between DUG and TQQQ is 0.17, which is low. Their historical price movements had little consistent relationship.

	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	-0.39

The correlation between DUG and TQQQ shifts across timeframes, from -0.39 (all time) to 0.17 (1 year), reflecting how their relationship changes across market environments.

DUG vs. TQQQ - Sectors Allocation Comparison

Sectors	DUG	TQQQ
Financial Services	48.7%	0.2%
Basic Materials	-	1.1%
Communication Services	-	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Energy	-	0.6%
Healthcare	-	4.2%
Industrials	-	2.8%
Real Estate	-	0.1%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

DUG vs. TQQQ — 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

TQQQ

TQQQ Risk / Return Rank: 36
TQQQ Sharpe Ratio Rank: 34
TQQQ Sortino Ratio Rank: 37
TQQQ Omega Ratio Rank: 36
TQQQ Calmar Ratio Rank: 37
TQQQ Martin Ratio Rank: 36

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. TQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares UltraPro QQQ (TQQQ). 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	TQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.21	0.83	-2.04
Sortino ratio: Return per unit of downside risk	-2.05	1.38	-3.43
Omega ratio: Gain probability vs. loss probability	0.79	1.17	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.89	1.29	-2.18
Martin ratio: Return relative to average drawdown	-1.43	3.60	-5.03

DUG vs. TQQQ - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.21, which is lower than the TQQQ Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of DUG and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for DUG and TQQQ.

Drawdown Indicators

	DUG	TQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-81.66%	-18.26%
Max Drawdown (1Y) Largest decline over 1 year	-57.00%	-36.97%	-20.03%
Max Drawdown (3Y) Largest decline over 3 years	-65.94%	-58.04%	-7.90%
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	-81.66%	-12.37%
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	-81.66%	-17.80%
Current Drawdown Current decline from peak	-99.92%	-25.74%	-74.18%
Average Drawdown Average peak-to-trough decline	-89.04%	-18.49%	-70.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.55%	13.24%	+22.31%

Volatility

DUG vs. TQQQ - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.41%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	TQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.01%	20.41%	-8.40%
Volatility (6M) Calculated over the trailing 6-month period	33.36%	47.79%	-14.43%
Volatility (1Y) Calculated over the trailing 1-year period	42.16%	57.62%	-15.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.13%	68.04%	-16.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.79%	66.57%	-7.78%

DUG vs. TQQQ - Expense Ratio Comparison

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

Dividends

DUG vs. TQQQ - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.54%, more than TQQQ's 0.58% 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%
TQQQ ProShares UltraPro QQQ	0.58%	0.65%	1.27%	1.26%	0.57%	0.00%	0.00%	0.06%	0.11%	0.00%	0.00%	0.01%

Frequently Asked Questions

Can I hold both DUG and TQQQ in my portfolio?

DUG and TQQQ 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.

Which is riskier, DUG or TQQQ?

TQQQ has higher volatility (20.41%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs TQQQ's -81.66%.

Which ETF is better, DUG or TQQQ?

On 10-year performance, TQQQ leads with 39.46% vs -32.74% for DUG. 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.

Which ETF has performed better, DUG or TQQQ?

Over the 10-year period, TQQQ has performed better with a 39.46% 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 TQQQ?

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

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

DUG has the higher dividend yield at 4.54%, compared with 0.58% for TQQQ.

What is the main difference between DUG and TQQQ?

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

Which has better risk-adjusted returns?

TQQQ currently has the higher Sharpe Ratio (0.83 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.