DOG vs. DDM

Last updated Aug 4, 2026

DOG (ProShares Short Dow30) and DDM (ProShares Ultra Dow30) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while DDM is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (200%). Both are passively managed. Over the past 10 years, DOG returned -11.12%/yr vs 19.57%/yr for DDM. Their -0.99 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

DOG vs. DDM - Performance Comparison

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

Returns By Period

In the year-to-date period, DOG achieves a -7.91% return, which is significantly lower than DDM's 19.12% return. Over the past 10 years, DOG has underperformed DDM with an annualized return of -11.12%, while DDM has yielded a comparatively higher 19.57% annualized return.

DOG

• 1D: -1.25%
• 1M: -0.23%
• 6M: -5.66%
• YTD: -7.91%
• 1Y: -14.94%
• 3Y*: -8.74%
• 5Y*: -5.96%
• 10Y*: -11.12%
• ALL TIME*: -10.39%

DDM

• 1D: 2.57%
• 1M: 0.82%
• 6M: 13.42%
• YTD: 19.12%
• 1Y: 42.83%
• 3Y*: 25.73%
• 5Y*: 13.86%
• 10Y*: 19.57%
• ALL TIME*: 14.53%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DDM ProShares Ultra Dow30	$15.46M	$13.17M	$12.37M
DOG ProShares Short Dow30	$40.68M	$37.60M	$41.71M

DOG vs. DDM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	-7.91%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%
DDM ProShares Ultra Dow30	19.12%	20.59%	21.60%	24.34%	-19.48%	41.97%	2.14%	47.98%	-13.46%	59.56%

Correlation

The correlation between DOG and DDM is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-1.00
Correlation (3Y) Balances recent behavior with more history.	-1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	-1.00
Correlation (10Y) Provides a long-term view across more market conditions.	-1.00
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.99

The correlation between DOG and DDM has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

DOG vs. DDM - Sectors Allocation Comparison

Sectors	DOG	DDM
Financial Services	82.8%	27.0%
Basic Materials	-	4.0%
Communication Services	-	5.2%
Consumer Cyclical	-	10.4%
Consumer Defensive	-	3.9%
Energy	-	1.9%
Healthcare	-	13.4%
Industrials	-	17.9%
Real Estate	-	-
Technology	-	16.3%
Utilities	-	-

Return for Risk

DOG vs. DDM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DOG

DOG Risk / Return Rank: 1
DOG Sharpe Ratio Rank: 0
DOG Sortino Ratio Rank: 1
DOG Omega Ratio Rank: 1
DOG Calmar Ratio Rank: 0
DOG Martin Ratio Rank: 0

DDM

DDM Risk / Return Rank: 68
DDM Sharpe Ratio Rank: 73
DDM Sortino Ratio Rank: 71
DDM Omega Ratio Rank: 68
DDM Calmar Ratio Rank: 61
DDM Martin Ratio Rank: 65

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DOG vs. DDM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares Ultra Dow30 (DDM). 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	DDM	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	1.72	-2.92
Sortino ratio: Return per unit of downside risk	-1.64	2.38	-4.03
Omega ratio: Gain probability vs. loss probability	0.82	1.29	-0.48
Calmar ratio: Return relative to maximum drawdown	-1.05	2.23	-3.28
Martin ratio: Return relative to average drawdown	-1.87	8.20	-10.07

DOG vs. DDM - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.20, which is lower than the DDM Sharpe Ratio of 1.72. The chart below compares the historical Sharpe Ratios of DOG and DDM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DOG vs. DDM - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.90%, which is greater than DDM's maximum drawdown of -81.70%. Use the drawdown chart below to compare losses from any high point for DOG and DDM.

Drawdown Indicators

	DOG	DDM	Difference
Max Drawdown Largest peak-to-trough decline	-92.90%	-81.70%	-11.20%
Max Drawdown (1Y) Largest decline over 1 year	-14.32%	-19.31%	+4.99%
Max Drawdown (3Y) Largest decline over 3 years	-30.86%	-31.62%	+0.76%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-40.18%	+4.25%
Max Drawdown (10Y) Largest decline over 10 years	-70.07%	-63.13%	-6.94%
Current Drawdown Current decline from peak	-92.90%	0.00%	-92.90%
Average Drawdown Average peak-to-trough decline	-66.59%	-17.20%	-49.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.65%	5.24%	+3.41%

Volatility

DOG vs. DDM - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 3.81%, while ProShares Ultra Dow30 (DDM) has a volatility of 7.60%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than DDM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	DDM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.81%	7.60%	-3.79%
Volatility (6M) Calculated over the trailing 6-month period	10.01%	19.83%	-9.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	25.07%	-12.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	29.64%	-14.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.50%	34.77%	-17.27%

DOG vs. DDM - Expense Ratio Comparison

Both DOG and DDM have an expense ratio of 0.95%.

Dividends

DOG vs. DDM - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.43%, more than DDM's 0.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DDM ProShares Ultra Dow30	0.91%	0.94%	1.00%	0.27%	0.83%	0.18%	0.31%	0.62%	0.89%	0.68%	1.08%	1.23%
DOG ProShares Short Dow30	3.43%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DOG and DDM in my portfolio?

DOG and DDM have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOG or DDM?

DDM has higher volatility (7.60%) compared to DOG (3.81%). In terms of maximum drawdown, DOG dropped -92.90% vs DDM's -81.70%.

Which ETF is better, DOG or DDM?

On 10-year performance, DDM leads with 19.57% vs -11.12% for DOG. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOG or DDM?

Over the 10-year period, DDM has performed better with a 19.57% return vs -11.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or DDM?

DOG and DDM have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DOG or DDM?

DOG has the higher dividend yield at 3.43%, compared with 0.91% for DDM.

What is the main difference between DOG and DDM?

DOG is categorized as Inverse Equities, while DDM is Leveraged Equities. DOG tracks DJ Industrial Average (-100%), while DDM tracks Dow Jones Industrial Average Index (200%).

Which has better risk-adjusted returns?

DDM currently has the higher Sharpe Ratio (1.72 vs -1.20), 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.