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 -11.18%/yr vs 1.77%/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 -4.15% return, which is significantly lower than ^VIX's 7.42% return. Over the past 10 years, DOG has underperformed ^VIX with an annualized return of -11.18%, while ^VIX has yielded a comparatively higher 1.77% annualized return.
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
^VIX
- 1D
- 1.84%
- 1M
- -12.19%
- YTD
- 7.42%
- 6M
- -0.12%
- 1Y
- -9.21%
- 3Y*
- 3.23%
- 5Y*
- -0.44%
- 10Y*
- 1.77%
DOG vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
^VIX CBOE Volatility Index | 7.42% | -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 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.68 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.73 |
The correlation between DOG and ^VIX has been stable across timeframes, ranging from 0.64 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.
| DOG | ^VIX | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.05 | -0.08 | -0.97 |
Sortino ratioReturn per unit of downside risk | -1.42 | 0.73 | -2.15 |
Omega ratioGain probability vs. loss probability | 0.84 | 1.08 | -0.24 |
Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.18 | -0.70 |
Martin ratioReturn relative to average drawdown | -1.43 | -0.28 | -1.15 |
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
| DOG | ^VIX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | -0.08 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.00 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | 0.01 | -0.65 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | -0.00 | -0.57 |
Drawdowns
DOG vs. ^VIX - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.69%, 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 | -92.69% | -88.70% | -3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -50.66% | +36.03% |
Max Drawdown (3Y)Largest decline over 3 years | -28.77% | -74.26% | +45.49% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | -74.26% | +40.27% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | -85.66% | +14.87% |
Current DrawdownCurrent decline from peak | -92.61% | -80.58% | -12.03% |
Average DrawdownAverage peak-to-trough decline | -66.39% | -64.11% | -2.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 31.88% | -22.99% |
Volatility
DOG vs. ^VIX - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 2.98%, while CBOE Volatility Index (^VIX) has a volatility of 15.18%. 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 | 2.98% | 15.18% | -12.20% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 78.84% | -69.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.13% | 112.68% | -100.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.79% | 123.93% | -109.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 135.82% | -118.33% |
Frequently Asked Questions
DOG and ^VIX have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (15.18%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.08 vs -1.05), 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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