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 -32.74%/yr vs -71.50%/yr for UVXY. Their 0.46 correlation means their historical movements had little consistent relationship. 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 -47.25% return, which is significantly lower than UVXY's -35.24% return. Over the past 10 years, DUG has outperformed UVXY with an annualized return of -32.74%, while UVXY has yielded a comparatively lower -71.50% 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%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.33M | $1.11M | $2.13M | |
| $190.03M | $191.90M | $239.87M |
DUG vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -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 -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.08 |
Correlation (3Y) Balances recent behavior with more history. | 0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.26 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 -0.08 (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 | -0.41 | ||
| Sortino ratioReturn per unit of downside risk | -0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.85 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.95 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.43 | -1.35 | -0.08 |
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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% | -73.88% | +16.88% |
Max Drawdown (3Y)Largest decline over 3 years | -65.94% | -95.42% | +29.48% |
Max Drawdown (5Y)Largest decline over 5 years | -94.03% | -99.68% | +5.65% |
Max Drawdown (10Y)Largest decline over 10 years | -99.46% | -100.00% | +0.54% |
Current DrawdownCurrent decline from peak | -99.92% | -100.00% | +0.08% |
Average DrawdownAverage peak-to-trough decline | -89.04% | -98.76% | +9.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.55% | 51.60% | -16.05% |
Volatility
DUG vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Oil & Gas (DUG) is 12.01%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. 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 | 12.01% | 22.30% | -10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 33.36% | 65.55% | -32.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.16% | 87.28% | -45.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.13% | 103.39% | -52.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.79% | 112.09% | -53.30% |
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 4.54%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | 4.54% | 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 -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to DUG (12.01%). In terms of maximum drawdown, DUG dropped -99.92% vs UVXY's -100.00%.
On 10-year performance, DUG leads with -32.74% vs -71.50% for UVXY. 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 -71.50%. 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 4.54%, 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 (-0.80 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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