DOG vs. ^VIX
DOG (ProShares Short Dow30) is Inverse Equities fund tracking the DJ Industrial Average (-100%), while ^VIX (CBOE Volatility Index) is an index. Over the past 10 years, DOG returned -11.50%/yr vs -2.75%/yr for ^VIX. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
DOG vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -5.77% return, which is significantly lower than ^VIX's 30.37% return. Over the past 10 years, DOG has underperformed ^VIX with an annualized return of -11.50%, while ^VIX has yielded a comparatively higher -2.75% annualized return.
DOG
- 1D
- 0.05%
- 1M
- -2.00%
- YTD
- -5.77%
- 6M
- -4.85%
- 1Y
- -14.33%
- 3Y*
- -8.97%
- 5Y*
- -5.91%
- 10Y*
- -11.50%
^VIX
- 1D
- 12.79%
- 1M
- 16.71%
- YTD
- 30.37%
- 6M
- 39.21%
- 1Y
- -1.71%
- 3Y*
- 13.19%
- 5Y*
- 4.06%
- 10Y*
- -2.75%
DOG vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -5.77% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
^VIX CBOE Volatility Index | 30.37% | -13.83% | 39.36% | -42.55% | 25.84% | -24.31% | 65.09% | -45.79% | 130.25% | -21.37% |
Correlation
The correlation between DOG and ^VIX is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | 0.73 |
The correlation between DOG and ^VIX has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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Return for Risk
DOG vs. ^VIX — Risk / Return Rank
DOG
^VIX
DOG vs. ^VIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and CBOE Volatility Index (^VIX). 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.
| DOG | ^VIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.11 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.03 | -0.98 |
| Martin ratioReturn relative to average drawdown | -1.82 | -0.06 | -1.77 |
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Drawdowns
DOG vs. ^VIX - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.79%, roughly equal to the maximum ^VIX drawdown of -88.70%. Use the drawdown chart below to compare losses from any high point for DOG and ^VIX.
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Drawdown Indicators
| DOG | ^VIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.79% | -88.70% | -4.09% |
Max Drawdown (1Y)Largest decline over 1 year | -14.12% | -50.66% | +36.54% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -74.26% | +44.55% |
Max Drawdown (5Y)Largest decline over 5 years | -34.86% | -74.26% | +39.40% |
Max Drawdown (10Y)Largest decline over 10 years | -71.17% | -85.66% | +14.49% |
Current DrawdownCurrent decline from peak | -92.73% | -76.43% | -16.30% |
Average DrawdownAverage peak-to-trough decline | -66.45% | -64.07% | -2.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.69% | 30.70% | -22.01% |
Volatility
DOG vs. ^VIX - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 4.15%, while CBOE Volatility Index (^VIX) has a volatility of 49.16%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than ^VIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | ^VIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 49.16% | -45.01% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 91.13% | -81.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.45% | 124.01% | -111.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 127.78% | -112.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 136.67% | -119.18% |
Frequently Asked Questions
DOG and ^VIX have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (49.16%) compared to DOG (4.15%). In terms of maximum drawdown, DOG dropped -92.79% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.01 vs -1.16), 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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