DOG vs. DXD
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 -11.50%/yr vs -25.22%/yr for DXD. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
DOG vs. DXD - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -5.82% return, which is significantly higher than DXD's -13.17% return. Over the past 10 years, DOG has outperformed DXD with an annualized return of -11.50%, while DXD has yielded a comparatively lower -25.22% annualized return.
DOG
- 1D
- -0.27%
- 1M
- -2.05%
- YTD
- -5.82%
- 6M
- -5.09%
- 1Y
- -15.17%
- 3Y*
- -8.99%
- 5Y*
- -6.11%
- 10Y*
- -11.50%
DXD
- 1D
- -0.45%
- 1M
- -4.37%
- YTD
- -13.17%
- 6M
- -11.92%
- 1Y
- -31.21%
- 3Y*
- -21.91%
- 5Y*
- -16.12%
- 10Y*
- -25.22%
DOG vs. DXD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -5.82% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
DXD ProShares UltraShort Dow30 | -13.17% | -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 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | 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
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Energy
-
-
Healthcare
-
-
Industrials
-
-
Real Estate
-
-
Technology
-
-
Utilities
-
-
Financial Services
DOG
DXD
Basic Materials
DOG
-
DXD
-
Communication Services
DOG
-
DXD
-
Consumer Cyclical
DOG
-
DXD
-
Consumer Defensive
DOG
-
DXD
-
Energy
DOG
-
DXD
-
Healthcare
DOG
-
DXD
-
Industrials
DOG
-
DXD
-
Real Estate
DOG
-
DXD
-
Technology
DOG
-
DXD
-
Utilities
DOG
-
DXD
-
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Return for Risk
DOG vs. DXD — Risk / Return Rank
DOG
DXD
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 ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.80 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.01 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.76 | -1.70 | -0.06 |
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Drawdowns
DOG vs. DXD - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.79%, smaller than the maximum DXD drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for DOG and DXD.
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Drawdown Indicators
| DOG | DXD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.79% | -99.71% | +6.92% |
Max Drawdown (1Y)Largest decline over 1 year | -14.95% | -30.90% | +15.95% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -57.68% | +27.97% |
Max Drawdown (5Y)Largest decline over 5 years | -34.86% | -66.02% | +31.16% |
Max Drawdown (10Y)Largest decline over 10 years | -71.17% | -94.76% | +23.59% |
Current DrawdownCurrent decline from peak | -92.74% | -99.71% | +6.97% |
Average DrawdownAverage peak-to-trough decline | -66.44% | -82.33% | +15.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.43% | 19.75% | -10.32% |
Volatility
DOG vs. DXD - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 4.17%, while ProShares UltraShort Dow30 (DXD) has a volatility of 8.34%. 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.
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Volatility by Period
| DOG | DXD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.17% | 8.34% | -4.17% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 19.74% | -9.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.47% | 24.98% | -12.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.84% | 29.60% | -14.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.52% | 34.98% | -17.46% |
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 3.55%, less than DXD's 4.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.55% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
DXD ProShares UltraShort Dow30 | 4.26% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
Frequently Asked Questions
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.
DXD has higher volatility (8.34%) compared to DOG (4.17%). In terms of maximum drawdown, DOG dropped -92.79% vs DXD's -99.71%.
On 10-year performance, DOG leads with -11.50% vs -25.22% for DXD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DOG has performed better with a -11.50% return vs -25.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG and DXD have the same expense ratio: 0.95% per year.
DXD has the higher dividend yield at 4.26%, compared with 3.55% for DOG.
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%).
DOG currently has the higher Sharpe Ratio (-1.22 vs -1.26), 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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