DUG vs. USD

Last updated Jun 4, 2026

DUG (ProShares UltraShort Oil & Gas) and USD (ProShares Ultra Semiconductors) are both Leveraged Equities funds from ProShares - DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%) while USD tracks the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, DUG returned -32.42%/yr vs 62.16%/yr for USD. At a correlation of -0.41, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DUG vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, DUG achieves a -44.70% return, which is significantly lower than USD's 114.00% return. Over the past 10 years, DUG has underperformed USD with an annualized return of -32.42%, while USD has yielded a comparatively higher 62.16% annualized return.

DUG

• 1D: -2.67%
• 1M: 1.02%
• YTD: -44.70%
• 6M: -42.64%
• 1Y: -53.44%
• 3Y*: -28.46%
• 5Y*: -38.28%
• 10Y*: -32.42%

USD

• 1D: -1.14%
• 1M: 44.53%
• YTD: 114.00%
• 6M: 111.06%
• 1Y: 274.62%
• 3Y*: 127.67%
• 5Y*: 69.52%
• 10Y*: 62.16%

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

DUG vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUG ProShares UltraShort Oil & Gas	-44.70%	-18.63%	-6.13%	-2.28%	-72.98%	-68.12%	-24.59%	-23.47%	36.14%	-1.09%
USD ProShares Ultra Semiconductors	114.00%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between DUG and USD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.16
Correlation (10Y) Calculated over the trailing 10-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	-0.41

The correlation between DUG and USD shifts across timeframes, from -0.41 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

DUG vs. USD - Sectors Allocation Comparison

Sectors	DUG	USD
Financial Services	35.8%	27.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

DUG vs. USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

USD

USD Risk / Return Rank: 90
USD Sharpe Ratio Rank: 97
USD Sortino Ratio Rank: 83
USD Omega Ratio Rank: 83
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 93

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares Ultra Semiconductors (USD). 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.

	DUG	USD	Difference
Sharpe ratio: Return per unit of total volatility	-1.31	4.53	-5.84
Sortino ratio: Return per unit of downside risk	-2.28	3.81	-6.08
Omega ratio: Gain probability vs. loss probability	0.77	1.51	-0.74
Calmar ratio: Return relative to maximum drawdown	-0.89	8.70	-9.59
Martin ratio: Return relative to average drawdown	-1.60	25.16	-26.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUG vs. USD - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.31, which is lower than the USD Sharpe Ratio of 4.53. The chart below compares the historical Sharpe Ratios of DUG and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DUG	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.31	4.53	-5.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	0.91	-1.66
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.55	0.90	-1.45
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.49	-1.00

Drawdowns

DUG vs. USD - Drawdown Comparison

The maximum DUG drawdown since its inception was -99.92%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for DUG and USD.

Drawdown Indicators

	DUG	USD	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-88.63%	-11.29%
Max Drawdown (1Y) Largest decline over 1 year	-59.89%	-31.80%	-28.09%
Max Drawdown (3Y) Largest decline over 3 years	-68.64%	-64.46%	-4.18%
Max Drawdown (5Y) Largest decline over 5 years	-94.03%	-77.85%	-16.18%
Max Drawdown (10Y) Largest decline over 10 years	-99.46%	-77.85%	-21.61%
Current Drawdown Current decline from peak	-99.92%	-1.14%	-98.78%
Average Drawdown Average peak-to-trough decline	-88.97%	-32.35%	-56.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.39%	10.97%	+22.42%

Volatility

DUG vs. USD - Volatility Comparison

The current volatility for ProShares UltraShort Oil & Gas (DUG) is 16.20%, while ProShares Ultra Semiconductors (USD) has a volatility of 20.36%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DUG	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.20%	20.36%	-4.16%
Volatility (6M) Calculated over the trailing 6-month period	32.96%	46.39%	-13.43%
Volatility (1Y) Calculated over the trailing 1-year period	40.91%	61.22%	-20.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.59%	76.55%	-24.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.81%	69.23%	-10.42%

DUG vs. USD - Expense Ratio Comparison

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

Dividends

DUG vs. USD - Dividend Comparison

DUG's dividend yield for the trailing twelve months is around 4.99%, more than USD's 0.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DUG ProShares UltraShort Oil & Gas	4.99%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%	0.00%	0.00%	0.00%
USD ProShares Ultra Semiconductors	0.21%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both DUG and USD in my portfolio?

DUG and USD have a correlation of 0.13, 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 USD?

USD has higher volatility (20.36%) compared to DUG (16.20%). In terms of maximum drawdown, DUG dropped -99.92% vs USD's -88.63%.

Which ETF is better, DUG or USD?

On 10-year performance, USD leads with 62.16% vs -32.42% for DUG. Both ETFs have the same 0.95% expense ratio. On volatility, DUG has been the lower-risk option at 16.20%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUG or USD?

Over the 10-year period, USD has performed better with a 62.16% return vs -32.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUG or USD?

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

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

DUG has the higher dividend yield at 4.99%, compared with 0.21% for USD.

What is the main difference between DUG and USD?

DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.53 vs -1.31), 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.