DOG vs. DXD

Last updated Aug 2, 2026

DOG (ProShares Short Dow30) and DXD (ProShares UltraShort Dow30) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while DXD 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 -24.58%/yr for DXD. Their 0.99 correlation means they have historically moved very closely together. Both charge a 0.95% expense ratio.

Performance

DOG vs. DXD - Performance Comparison

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

Returns By Period

In the year-to-date period, DOG achieves a -6.75% return, which is significantly higher than DXD's -15.18% return. Over the past 10 years, DOG has outperformed DXD with an annualized return of -11.12%, while DXD has yielded a comparatively lower -24.58% 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%

DXD

• 1D: -0.87%
• 1M: 1.90%
• 6M: -12.58%
• YTD: -15.18%
• 1Y: -28.93%
• 3Y*: -19.87%
• 5Y*: -15.36%
• 10Y*: -24.58%
• ALL TIME*: -23.18%

*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)
DOG ProShares Short Dow30	$40.27M	$36.96M	$41.35M
DXD ProShares UltraShort Dow30	$10.42M	$10.89M	$30.28M

DOG vs. DXD - 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%
DXD ProShares UltraShort Dow30	-15.18%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%

Correlation

The correlation between DOG and DXD is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	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 Jul 13, 2006	0.99

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

DOG vs. DXD - Sectors Allocation Comparison

Sectors	DOG	DXD
Financial Services	82.8%	89.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DOG vs. DXD — Risk / Return Rank

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

DOG

DOG Risk / Return Rank: 2
DOG Sharpe Ratio Rank: 1
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 2
DOG Martin Ratio Rank: 0

DXD

DXD Risk / Return Rank: 1
DXD Sharpe Ratio Rank: 1
DXD Sortino Ratio Rank: 2
DXD Omega Ratio Rank: 2
DXD Calmar Ratio Rank: 2
DXD Martin Ratio Rank: 0

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. DXD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares UltraShort Dow30 (DXD). 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	DXD	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-1.08	+0.07
Sortino ratio: Return per unit of downside risk	-1.38	-1.52	+0.14
Omega ratio: Gain probability vs. loss probability	0.85	0.83	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.88	+0.04
Martin ratio: Return relative to average drawdown	-1.48	-1.49	+0.01

DOG vs. DXD - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.01, which is comparable to the DXD Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of DOG and DXD, 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. DXD - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.90%, smaller than the maximum DXD drawdown of -99.72%. Use the drawdown chart below to compare losses from any high point for DOG and DXD.

Drawdown Indicators

	DOG	DXD	Difference
Max Drawdown Largest peak-to-trough decline	-92.90%	-99.72%	+6.82%
Max Drawdown (1Y) Largest decline over 1 year	-15.02%	-30.71%	+15.69%
Max Drawdown (3Y) Largest decline over 3 years	-30.86%	-59.14%	+28.28%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-67.19%	+31.26%
Max Drawdown (10Y) Largest decline over 10 years	-70.07%	-94.35%	+24.28%
Current Drawdown Current decline from peak	-92.81%	-99.71%	+6.90%
Average Drawdown Average peak-to-trough decline	-66.59%	-82.43%	+15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	18.20%	-9.60%

Volatility

DOG vs. DXD - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 3.74%, while ProShares UltraShort Dow30 (DXD) has a volatility of 7.47%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than DXD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	DXD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	7.47%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	19.86%	-9.92%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	25.19%	-12.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	29.60%	-14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	34.91%	-17.42%

DOG vs. DXD - Expense Ratio Comparison

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

Dividends

DOG vs. DXD - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.38%, less than DXD's 4.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	3.38%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%
DXD ProShares UltraShort Dow30	4.01%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%

Frequently Asked Questions

Can I hold both DOG and DXD in my portfolio?

With a correlation of 1.00, DOG and DXD move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DOG or DXD?

DXD has higher volatility (7.47%) compared to DOG (3.74%). In terms of maximum drawdown, DOG dropped -92.90% vs DXD's -99.72%.

Which ETF is better, DOG or DXD?

On 10-year performance, DOG leads with -11.12% vs -24.58% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOG or DXD?

Over the 10-year period, DOG has performed better with a -11.12% return vs -24.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or DXD?

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

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

DXD has the higher dividend yield at 4.01%, compared with 3.38% for DOG.

What is the main difference between DOG and DXD?

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

Which has better risk-adjusted returns?

DOG currently has the higher Sharpe Ratio (-1.01 vs -1.08), 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.