ERY vs. DUG
ERY (Direxion Daily Energy Bear 2X Shares) and DUG (ProShares UltraShort Oil & Gas) are both Leveraged Equities funds - ERY tracks the Energy Select Sector Index (-300%) while DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%). Both are passively managed. Over the past 10 years, ERY returned -34.29%/yr vs -32.42%/yr for DUG. With a 0.99 correlation, they move nearly in lockstep. ERY charges 1.07%/yr vs 0.95%/yr for DUG.
Performance
ERY vs. DUG - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ERY having a -44.49% return and DUG slightly lower at -44.70%. Over the past 10 years, ERY has underperformed DUG with an annualized return of -34.29%, while DUG has yielded a comparatively higher -32.42% annualized return.
ERY
- 1D
- -2.75%
- 1M
- 1.29%
- YTD
- -44.49%
- 6M
- -42.45%
- 1Y
- -53.20%
- 3Y*
- -27.86%
- 5Y*
- -38.03%
- 10Y*
- -34.29%
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%
ERY vs. DUG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.49% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
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% |
Correlation
The correlation between ERY and DUG is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.99 |
The correlation between ERY and DUG has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.
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Return for Risk
ERY vs. DUG — Risk / Return Rank
ERY
DUG
ERY vs. DUG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and ProShares UltraShort Oil & Gas (DUG). 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.
| ERY | DUG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.31 | -1.31 | 0.00 |
Sortino ratioReturn per unit of downside risk | -2.26 | -2.28 | +0.02 |
Omega ratioGain probability vs. loss probability | 0.77 | 0.77 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.89 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.60 | -1.60 | 0.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERY | DUG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.31 | -1.31 | 0.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.74 | +0.01 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.49 | -0.55 | +0.07 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.51 | -0.03 |
Drawdowns
ERY vs. DUG - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum DUG drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for ERY and DUG.
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Drawdown Indicators
| ERY | DUG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.92% | -0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -59.79% | -59.89% | +0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -68.64% | +0.70% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -94.03% | -0.01% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.46% | -0.20% |
Current DrawdownCurrent decline from peak | -99.99% | -99.92% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -96.92% | -88.97% | -7.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.29% | 33.39% | -0.10% |
Volatility
ERY vs. DUG - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) and ProShares UltraShort Oil & Gas (DUG) have volatilities of 16.11% and 16.20%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | DUG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.11% | 16.20% | -0.09% |
Volatility (6M)Calculated over the trailing 6-month period | 32.78% | 32.96% | -0.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.86% | 40.91% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.89% | 51.59% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.64% | 58.81% | +11.83% |
ERY vs. DUG - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than DUG's 0.95% expense ratio.
Dividends
ERY vs. DUG - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.75%, less than DUG's 4.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DUG ProShares UltraShort Oil & Gas | 4.99% | 3.21% | 5.66% | 4.16% | 0.28% | 0.00% | 0.10% | 0.56% | 0.29% |
ERY Direxion Daily Energy Bear 2X Shares | 3.75% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
Frequently Asked Questions
With a correlation of 1.00, ERY and DUG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DUG has higher volatility (16.20%) compared to ERY (16.11%). In terms of maximum drawdown, ERY dropped -99.99% vs DUG's -99.92%.
On 10-year performance, DUG leads with -32.42% vs -34.29% for ERY. On fees, DUG is cheaper at 0.95% per year. Their volatility is very similar. 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 -34.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DUG is cheaper with a 0.95% expense ratio, compared with 1.07% for ERY.
DUG has the higher dividend yield at 4.99%, compared with 3.75% for ERY.
ERY tracks Energy Select Sector Index (-300%), while DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for ERY and 0.95% for DUG.
ERY currently has the higher Sharpe Ratio (-1.31 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.
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