PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DUG vs. UVXY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DUG vs. UVXY

Last updated Jun 4, 2026

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 -32.42%/yr vs -72.67%/yr for UVXY. At a 0.47 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

DUG vs. UVXY - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, DUG achieves a -44.70% return, which is significantly lower than UVXY's -19.06% return. Over the past 10 years, DUG has outperformed UVXY with an annualized return of -32.42%, while UVXY has yielded a comparatively lower -72.67% 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%

UVXY

1D
-0.24%
1M
-22.10%
YTD
-19.06%
6M
-37.37%
1Y
-72.91%
3Y*
-64.55%
5Y*
-67.90%
10Y*
-72.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DUG vs. UVXY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
UVXY
ProShares Ultra VIX Short-Term Futures ETF		-19.06%-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 -0.05, 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

-0.05

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

0.40

Correlation (All Time)
Calculated using the full available price history since Oct 5, 2011

0.47

The correlation between DUG and UVXY shifts across timeframes, from -0.05 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Oil & Gas

ProShares Ultra VIX Short-Term Futures ETF

Often compared with DUG:
DUG vs. DIGDUG vs. DRIPDUG vs. ERYDUG vs. NRGDDUG vs. ERXDUG vs. SPYDUG vs. WTIU
Often compared with UVXY:
UVXY vs. UVIXUVXY vs. VXXUVXY vs. VIXYUVXY vs. SVXYUVXY vs. SQQQUVXY vs. SPYUVXY vs. SPXS

Return for Risk

DUG vs. UVXY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DUG
DUG Risk / Return Rank: 11
Overall Rank
DUG Sharpe Ratio Rank: 00
Sharpe Ratio Rank
DUG Sortino Ratio Rank: 00
Sortino Ratio Rank
DUG Omega Ratio Rank: 11
Omega Ratio Rank
DUG Calmar Ratio Rank: 11
Calmar Ratio Rank
DUG Martin Ratio Rank: 11
Martin Ratio Rank
UVXY
UVXY Risk / Return Rank: 11
Overall Rank
UVXY Sharpe Ratio Rank: 22
Sharpe Ratio Rank
UVXY Sortino Ratio Rank: 11
Sortino Ratio Rank
UVXY Omega Ratio Rank: 11
Omega Ratio Rank
UVXY Calmar Ratio Rank: 11
Calmar Ratio Rank
UVXY Martin Ratio Rank: 22
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. 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.

DUGUVXYDifference

Sharpe ratio

Return per unit of total volatility

-1.31

-0.87

-0.45

Sortino ratio

Return per unit of downside risk

-2.28

-1.60

-0.67

Omega ratio

Gain probability vs. loss probability

0.77

0.82

-0.05

Calmar ratio

Return relative to maximum drawdown

-0.89

-0.97

+0.08

Martin ratio

Return relative to average drawdown

-1.60

-1.31

-0.29

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. UVXY - Sharpe Ratio Comparison

The current DUG Sharpe Ratio is -1.31, which is lower than the UVXY Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of DUG and UVXY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

DUGUVXYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.31

-0.87

-0.45

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.74

-0.66

-0.09

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.55

-0.64

+0.09

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.51

-0.68

+0.16

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.

Loading charts...

Drawdown Indicators

DUGUVXYDifference

Max Drawdown

Largest peak-to-trough decline

-99.92%

-100.00%

+0.08%

Max Drawdown (1Y)

Largest decline over 1 year

-59.89%

-75.22%

+15.33%

Max Drawdown (3Y)

Largest decline over 3 years

-68.64%

-95.45%

+26.81%

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 Drawdown

Current decline from peak

-99.92%

-100.00%

+0.08%

Average Drawdown

Average peak-to-trough decline

-88.97%

-98.55%

+9.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.39%

55.63%

-22.24%

Volatility

DUG vs. UVXY - Volatility Comparison

ProShares UltraShort Oil & Gas (DUG) has a higher volatility of 16.20% compared to ProShares Ultra VIX Short-Term Futures ETF (UVXY) at 11.77%. This indicates that DUG's price experiences larger fluctuations and is considered to be riskier than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DUGUVXYDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.20%

11.77%

+4.43%

Volatility (6M)

Calculated over the trailing 6-month period

32.96%

62.64%

-29.68%

Volatility (1Y)

Calculated over the trailing 1-year period

40.91%

84.42%

-43.51%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.59%

103.85%

-52.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.81%

113.82%

-55.01%

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 4.99%, while UVXY has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018
DUG
ProShares UltraShort Oil & Gas		4.99%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 -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DUG has higher volatility (16.20%) compared to UVXY (11.77%). In terms of maximum drawdown, DUG dropped -99.92% vs UVXY's -100.00%.

On 10-year performance, DUG leads with -32.42% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, UVXY has been the lower-risk option at 11.77%. 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 -32.42% return vs -72.67%. 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 4.99%, 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 -1.31), 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.

Portfolio Optimizer

Find the right allocation for DUG and UVXY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer