Data as of .
DUG vs ERX: which held to its multiple?
Over three months against its own daily promise, DUG finished 2.0 points over and ERX 1.9 points short.
ETFIQ Decay Resistance Score: ERX scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 121 inverse ETFs over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| DUG | ERX | DUG | ERX | DUG | ERX | |
| 1 month | −12.0% | +13.3% | −13.5% | +13.5% | +1.5 pts | −0.2 pts |
| 3 months | −23.7% | +26.5% | −28.0% | +28.0% | +4.3 pts | −1.5 pts |
| 6 months | −26.0% | +24.0% | −28.9% | +28.9% | +2.8 pts | −4.8 pts |
| 1 year | −57.6% | +105.1% | −101.4% | +101.4% | +43.7 pts | +3.7 pts |
| 3 years | −60.4% | +70.9% | −108.3% | +108.3% | +48.0 pts | −37.4 pts |
| Since launch | −99.7% | −67.7% | not meaningful | not meaningful | not meaningful | not meaningful |
| DUG ProShares UltraShort Energy Aims to return twice the opposite of the daily move of energy (XLE) | ERX Direxion Daily Energy Bull 2X ETF Aims to return twice the daily move of energy (XLE) | |
|---|---|---|
| Issuer | ProShares | Direxion |
| Sets out to return | -2x | +2x |
| On | XLE | XLE |
| Segment | sector | sector |
| Fund returned, 3 months | −23.7% | +26.5% |
| Underlying returned, 3 months | +14.0% | +14.0% |
| What the stated multiple implies, 3 months | −28.0% | +28.0% |
| Difference from stated, 3 months | +4.3 pts | −1.5 pts |
| Fund returned, 1 year or since launch | −57.6% | +105.1% |
| Difference from stated, over that window | +43.7 pts | +3.7 pts |
| Underlying volatility | 22% | 22% |
| Difference over the days both have traded | +4.3 pts | −1.5 pts |
| Expense ratio | 0.95% | 0.91% |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
DUG in plain words
Three months to Sep 11, 2026: DUG returned −23.7% where its own daily promise gave −25.7%, 2.0 points over. Read the multiple against the whole window instead and −2 times XLE's 14.0% implies −28.0%, which makes DUG look 4.3 points over. 2.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. DUG aims to return -2 times XLE's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLE moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
ERX in plain words
Three months to Sep 11, 2026: ERX returned +26.5% where its own daily promise gave +28.5%, 1.9 points short. Read the multiple against the whole window instead and +2 times XLE's 14.0% implies +28.0%, which makes ERX look 1.5 points short. 0.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. ERX aims to return +2 times XLE's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, DUG or ERX?
- Over the window to Sep 11, 2026, DUG finished 4.3 points from what its multiple implies and ERX finished 1.5 points from its own, so ERX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are DUG and ERX levered on the same thing?
- Yes. Both are levered on energy, DUG at -2 times and ERX at +2 times the daily move.
- Which one decays faster, DUG or ERX?
- Decay follows how much the underlying moves about. Over this window DUG’s moved at 22% annualized and ERX’s at 22%, so DUG has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DUG or ERX for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, DUG or ERX?
- DUG charges 0.95% a year and ERX charges 0.91%, so ERX is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, DUG against ERX, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/DUG-ERX Free to use with attribution; the underlying files are at Open data.