NRGD vs. DUG

Last updated Jun 23, 2026

NRGD (MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN) and DUG (ProShares UltraShort Oil & Gas) are both Leveraged Equities funds - NRGD tracks the Solactive MicroSectors U.S. Big Oil Index (-300%) while DUG tracks the DJ Global United States (All) / Oil & Gas -IND (-200%). Both are passively managed. Over the past year, NRGD returned -69.06% vs -38.97% for DUG. Their correlation of 0.94 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.

Performance

NRGD vs. DUG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) and ProShares UltraShort Oil & Gas (DUG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NRGD achieves a -62.34% return, which is significantly lower than DUG's -35.95% return.

NRGD

• 1D: -4.96%
• 1M: 19.91%
• YTD: -62.34%
• 6M: -63.34%
• 1Y: -69.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DUG

• 1D: -2.63%
• 1M: 18.26%
• YTD: -35.95%
• 6M: -37.15%
• 1Y: -38.97%
• 3Y*: -26.05%
• 5Y*: -36.45%
• 10Y*: -31.27%

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

NRGD vs. DUG - Yearly Performance Comparison

	2026 (YTD)	2025
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	-62.34%	-35.40%
DUG ProShares UltraShort Oil & Gas	-35.95%	-6.52%

Correlation

The correlation between NRGD and DUG is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.94

The correlation between NRGD and DUG has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

NRGD vs. DUG - Sectors Allocation Comparison

Sectors	NRGD	DUG
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	33.3%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGD vs. DUG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NRGD

NRGD Risk / Return Rank: 1
NRGD Sharpe Ratio Rank: 2
NRGD Sortino Ratio Rank: 1
NRGD Omega Ratio Rank: 2
NRGD Calmar Ratio Rank: 2
NRGD Martin Ratio Rank: 1

DUG

DUG Risk / Return Rank: 2
DUG Sharpe Ratio Rank: 2
DUG Sortino Ratio Rank: 2
DUG Omega Ratio Rank: 2
DUG Calmar Ratio Rank: 3
DUG Martin Ratio Rank: 3

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.

NRGD vs. DUG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) 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.

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.

	NRGD	DUG	Difference
Sharpe ratio: Return per unit of total volatility	-0.92	-0.94	+0.02
Sortino ratio: Return per unit of downside risk	-1.62	-1.38	-0.23
Omega ratio: Gain probability vs. loss probability	0.83	0.86	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.86	-0.69	-0.18
Martin ratio: Return relative to average drawdown	-1.39	-1.23	-0.16

NRGD vs. DUG - Sharpe Ratio Comparison

The current NRGD Sharpe Ratio is -0.92, which is comparable to the DUG Sharpe Ratio of -0.94. The chart below compares the historical Sharpe Ratios of NRGD and DUG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NRGD vs. DUG - Drawdown Comparison

The maximum NRGD drawdown since its inception was -89.64%, smaller than the maximum DUG drawdown of -99.92%. Use the drawdown chart below to compare losses from any high point for NRGD and DUG.

Drawdown Indicators

	NRGD	DUG	Difference
Max Drawdown Largest peak-to-trough decline	-89.64%	-99.92%	+10.28%
Max Drawdown (1Y) Largest decline over 1 year	-80.03%	-57.00%	-23.03%
Max Drawdown (3Y) Largest decline over 3 years	—	-68.64%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-94.03%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.46%	—
Current Drawdown Current decline from peak	-86.17%	-99.90%	+13.73%
Average Drawdown Average peak-to-trough decline	-59.74%	-88.98%	+29.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.71%	31.68%	+18.03%

Volatility

NRGD vs. DUG - Volatility Comparison

MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN (NRGD) has a higher volatility of 24.94% compared to ProShares UltraShort Oil & Gas (DUG) at 13.99%. This indicates that NRGD's price experiences larger fluctuations and is considered to be riskier than DUG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGD	DUG	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.94%	13.99%	+10.95%
Volatility (6M) Calculated over the trailing 6-month period	59.71%	33.63%	+26.08%
Volatility (1Y) Calculated over the trailing 1-year period	75.46%	41.89%	+33.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.84%	51.52%	+37.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.84%	58.88%	+29.96%

NRGD vs. DUG - Expense Ratio Comparison

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

Dividends

NRGD vs. DUG - Dividend Comparison

NRGD has not paid dividends to shareholders, while DUG's dividend yield for the trailing twelve months is around 4.31%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DUG ProShares UltraShort Oil & Gas	4.31%	3.21%	5.66%	4.16%	0.28%	0.00%	0.10%	0.56%	0.29%
NRGD MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NRGD and DUG in my portfolio?

With a correlation of 0.93, NRGD 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.

Which is riskier, NRGD or DUG?

NRGD has higher volatility (24.94%) compared to DUG (13.99%). In terms of maximum drawdown, NRGD dropped -89.64% vs DUG's -99.92%.

Which ETF is better, NRGD or DUG?

On 1-year performance, DUG leads with -38.97% vs -69.06% for NRGD. Both ETFs have the same 0.95% expense ratio. On volatility, DUG has been the lower-risk option at 13.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGD or DUG?

Over the 1-year period, DUG has performed better with a -38.97% return vs -69.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGD or DUG?

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

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

DUG has the higher dividend yield at 4.31%, compared with 0.00% for NRGD.

What is the main difference between NRGD and DUG?

NRGD tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while DUG tracks DJ Global United States (All) / Oil & Gas -IND (-200%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

NRGD currently has the higher Sharpe Ratio (-0.92 vs -0.94), 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.