DUG vs. UVXY
DUG (ProShares UltraShort Oil & Gas) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - DUG is a Leveraged Equities fund tracking the DJ Global United States (All) / Oil & Gas -IND (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, DUG returned -31.35%/yr vs -73.85%/yr for UVXY. At a 0.46 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
DUG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, DUG achieves a -36.75% return, which is significantly lower than UVXY's -22.07% return. Over the past 10 years, DUG has outperformed UVXY with an annualized return of -31.35%, while UVXY has yielded a comparatively lower -73.85% 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%
UVXY
- 1D
- 8.28%
- 1M
- -14.92%
- YTD
- -22.07%
- 6M
- -24.28%
- 1Y
- -74.07%
- 3Y*
- -61.96%
- 5Y*
- -66.90%
- 10Y*
- -73.85%
DUG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -22.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between DUG and UVXY is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.46 |
The correlation between DUG and UVXY shifts across timeframes, from -0.03 (1 year) to 0.46 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
DUG vs. UVXY — Risk / Return Rank
DUG
UVXY
DUG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Oil & Gas (DUG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -1.01 | +0.26 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.45 | +0.11 |
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Drawdowns
DUG vs. UVXY - Drawdown Comparison
The maximum DUG drawdown since its inception was -99.92%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DUG and UVXY.
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Drawdown Indicators
| DUG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -100.00% | +0.08% |
Max Drawdown (1Y)Largest decline over 1 year | -57.00% | -73.51% | +16.51% |
Max Drawdown (3Y)Largest decline over 3 years | -68.64% | -94.93% | +26.29% |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | -99.71% | +5.68% |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | -100.00% | +0.54% |
Current DrawdownCurrent decline from peak | -99.90% | -100.00% | +0.10% |
Average DrawdownAverage peak-to-trough decline | -88.98% | -98.75% | +9.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.81% | 55.34% | -23.53% |
Volatility
DUG vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Oil & Gas (DUG) is 14.09%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 25.85%. This indicates that DUG experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DUG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 25.85% | -11.76% |
Volatility (6M)Calculated over the trailing 6-month period | 33.47% | 66.46% | -32.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.82% | 85.46% | -43.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.52% | 103.96% | -52.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.84% | 112.39% | -53.55% |
DUG vs. UVXY - Expense Ratio Comparison
Both DUG and UVXY have an expense ratio of 0.95%.
Dividends
DUG vs. UVXY - Dividend Comparison
DUG's dividend yield for the trailing twelve months is around 4.36%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | 4.36% | 3.21% | 5.66% | 4.16% | 0.28% | 0.00% | 0.10% | 0.56% | 0.29% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DUG and UVXY have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (25.85%) compared to DUG (14.09%). In terms of maximum drawdown, DUG dropped -99.92% vs UVXY's -100.00%.
On 10-year performance, DUG leads with -31.35% vs -73.85% for UVXY. 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 -73.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUG and UVXY have the same expense ratio: 0.95% per year.
DUG has the higher dividend yield at 4.36%, compared with 0.00% for UVXY.
DUG is categorized as Leveraged Equities, while UVXY is Volatility. DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.87 vs -1.03), 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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