DOG vs. ^VIX

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares Short Dow30 (DOG) and CBOE Volatility Index (^VIX).

DOG is a passively managed fund by ProShares that tracks the performance of the DJ Industrial Average (-100%). It was launched on Jun 19, 2006.

Performance

DOG vs. ^VIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and CBOE Volatility Index (^VIX). The values are adjusted to include any dividend payments, if applicable.

DOG vs. ^VIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	4.40%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%
^VIX CBOE Volatility Index	68.90%	-13.83%	39.36%	-42.55%	25.84%	-24.31%	65.09%	-45.79%	130.25%	-21.37%

Returns By Period

In the year-to-date period, DOG achieves a 4.40% return, which is significantly lower than ^VIX's 68.90% return. Over the past 10 years, DOG has underperformed ^VIX with an annualized return of -10.49%, while ^VIX has yielded a comparatively higher 6.78% annualized return.

DOG

• 1D: -2.44%
• 1M: 5.84%
• YTD: 4.40%
• 6M: 1.88%
• 1Y: -6.66%
• 3Y*: -5.84%
• 5Y*: -4.72%
• 10Y*: -10.49%

^VIX

• 1D: -17.51%
• 1M: 27.14%
• YTD: 68.90%
• 6M: 55.10%
• 1Y: 13.33%
• 3Y*: 10.53%
• 5Y*: 7.82%
• 10Y*: 6.78%

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

Return for Risk

DOG vs. ^VIX — Risk / Return Rank

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

DOG

DOG Risk / Return Rank: 6
DOG Sharpe Ratio Rank: 5
DOG Sortino Ratio Rank: 5
DOG Omega Ratio Rank: 4
DOG Calmar Ratio Rank: 7
DOG Martin Ratio Rank: 8

^VIX

^VIX Risk / Return Rank: 27
^VIX Sharpe Ratio Rank: 20
^VIX Sortino Ratio Rank: 62
^VIX Omega Ratio Rank: 46
^VIX Calmar Ratio Rank: 1
^VIX Martin Ratio Rank: 7

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.

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 ratio Return per unit of total volatility	-0.40	0.09	-0.49
Sortino ratio Return per unit of downside risk	-0.45	1.25	-1.70
Omega ratio Gain probability vs. loss probability	0.94	1.15	-0.21
Calmar ratio Return relative to maximum drawdown	-0.34	-0.59	+0.26
Martin ratio Return relative to average drawdown	-0.46	-0.74	+0.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DOG vs. ^VIX - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -0.40, which is lower than the ^VIX Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of DOG and ^VIX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	DOG	^VIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.40	0.09	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	0.06	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.60	0.05	-0.65
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.01	-0.56

Correlation

The correlation between DOG and ^VIX is 0.73, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

DOG vs. ^VIX - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.59%, 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.

Drawdown Indicators

	DOG	^VIX	Difference
Max Drawdown Largest peak-to-trough decline	-92.59%	-88.70%	-3.89%
Max Drawdown (1Y) Largest decline over 1 year	-22.70%	-74.26%	+51.56%
Max Drawdown (5Y) Largest decline over 5 years	-33.06%	-74.26%	+41.20%
Max Drawdown (10Y) Largest decline over 10 years	-70.38%	-85.66%	+15.28%
Current Drawdown Current decline from peak	-91.95%	-69.46%	-22.49%
Average Drawdown Average peak-to-trough decline	-66.16%	-64.04%	-2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.48%	51.14%	-34.66%

Volatility

DOG vs. ^VIX - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 5.00%, while CBOE Volatility Index (^VIX) has a volatility of 49.21%. 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.

Volatility by Period

	DOG	^VIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.00%	49.21%	-44.21%
Volatility (6M) Calculated over the trailing 6-month period	9.24%	93.64%	-84.40%
Volatility (1Y) Calculated over the trailing 1-year period	16.82%	139.40%	-122.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.73%	125.33%	-110.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.46%	136.00%	-118.54%