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 -11.12%/yr vs 1.81%/yr for ^VIX. Their 0.73 correlation means they have sometimes moved together and sometimes differently.
Performance
DOG vs. ^VIX - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -6.75% return, which is significantly lower than ^VIX's 6.96% return. Over the past 10 years, DOG has underperformed ^VIX with an annualized return of -11.12%, while ^VIX has yielded a comparatively higher 1.81% annualized return.
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
^VIX
- 1D
- -6.44%
- 1M
- -0.99%
- 6M
- -8.31%
- YTD
- 6.96%
- 1Y
- -21.54%
- 3Y*
- 4.70%
- 5Y*
- -2.60%
- 10Y*
- 1.81%
- ALL TIME*
- -0.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $0.00 | $0.00 | $0.00 | |
| $40.27M | $36.96M | $41.35M |
DOG vs. ^VIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -6.75% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
^VIX CBOE Volatility Index | 6.96% | -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 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.68 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 0.68 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 | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.32 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.11 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.08 | -0.76 |
| Martin ratioReturn relative to average drawdown | -1.48 | -0.13 | -1.35 |
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Drawdowns
DOG vs. ^VIX - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.90%, 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 | -92.90% | -88.70% | -4.20% |
Max Drawdown (1Y)Largest decline over 1 year | -15.02% | -51.59% | +36.57% |
Max Drawdown (3Y)Largest decline over 3 years | -30.86% | -74.26% | +43.40% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | -74.26% | +38.33% |
Max Drawdown (10Y)Largest decline over 10 years | -70.07% | -85.66% | +15.59% |
Current DrawdownCurrent decline from peak | -92.81% | -80.66% | -12.15% |
Average DrawdownAverage peak-to-trough decline | -66.59% | -64.12% | -2.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 33.86% | -25.26% |
Volatility
DOG vs. ^VIX - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 3.74%, while CBOE Volatility Index (^VIX) has a volatility of 37.09%. 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 | 3.74% | 37.09% | -33.35% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 92.23% | -82.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 127.66% | -115.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 127.54% | -112.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 136.71% | -119.22% |
Frequently Asked Questions
DOG and ^VIX have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
^VIX has higher volatility (37.09%) compared to DOG (3.74%). In terms of maximum drawdown, DOG dropped -92.90% vs ^VIX's -88.70%.
^VIX currently has the higher Sharpe Ratio (-0.03 vs -1.01), 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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