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DOG vs. EUM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DOG vs. EUM

Last updated Jun 4, 2026

DOG (ProShares Short Dow30) and EUM (ProShares Short MSCI Emerging Markets) are both Inverse Equities funds from ProShares - DOG tracks the DJ Industrial Average (-100%) while EUM tracks the MSCI Emerging Markets Index (-100%). Both are passively managed. Over the past 10 years, DOG returned -11.18%/yr vs -10.53%/yr for EUM. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

DOG vs. EUM - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, DOG achieves a -4.15% return, which is significantly higher than EUM's -23.23% return. Over the past 10 years, DOG has underperformed EUM with an annualized return of -11.18%, while EUM has yielded a comparatively higher -10.53% annualized return.

DOG

1D
1.13%
1M
-3.36%
YTD
-4.15%
6M
-4.06%
1Y
-12.72%
3Y*
-8.28%
5Y*
-5.31%
10Y*
-11.18%

EUM

1D
-0.87%
1M
-9.50%
YTD
-23.23%
6M
-24.48%
1Y
-35.40%
3Y*
-16.53%
5Y*
-5.73%
10Y*
-10.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DOG vs. EUM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DOG
ProShares Short Dow30		-4.15%-8.40%-5.62%-7.05%5.67%-19.21%-20.45%-18.43%3.55%-21.51%
EUM
ProShares Short MSCI Emerging Markets		-23.23%-22.61%-0.83%-3.89%21.11%-1.32%-24.37%-15.27%14.60%-28.08%

Correlation

The correlation between DOG and EUM is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.57

Correlation (3Y)
Calculated over the trailing 3-year period

0.52

Correlation (5Y)
Calculated over the trailing 5-year period

0.56

Correlation (10Y)
Calculated over the trailing 10-year period

0.60

Correlation (All Time)
Calculated using the full available price history since Nov 2, 2007

0.69

The correlation between DOG and EUM shifts across timeframes, from 0.52 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.

DOG vs. EUM - Sectors Allocation Comparison

Sectors
DOG
EUM

Financial Services

81.2%
47.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

DOG
81.2%
EUM
47.1%

Basic Materials

DOG

-

EUM

-

Communication Services

DOG

-

EUM

-

Consumer Cyclical

DOG

-

EUM

-

Consumer Defensive

DOG

-

EUM

-

Energy

DOG

-

EUM

-

Healthcare

DOG

-

EUM

-

Industrials

DOG

-

EUM

-

Real Estate

DOG

-

EUM

-

Technology

DOG

-

EUM

-

Utilities

DOG

-

EUM

-

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ProShares Short Dow30

ProShares Short MSCI Emerging Markets

Often compared with DOG:
DOG vs. DXDDOG vs. SHDOG vs. PSQDOG vs. DIADOG vs. UDOWDOG vs. TZADOG vs. SPY
Often compared with EUM:
EUM vs. QQQEUM vs. SPYEUM vs. MSFDEUM vs. TQQQEUM vs. CARDEUM vs. MSTZEUM vs. FSKAX

Return for Risk

DOG vs. EUM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DOG
DOG Risk / Return Rank: 11
Overall Rank
DOG Sharpe Ratio Rank: 11
Sharpe Ratio Rank
DOG Sortino Ratio Rank: 22
Sortino Ratio Rank
DOG Omega Ratio Rank: 22
Omega Ratio Rank
DOG Calmar Ratio Rank: 11
Calmar Ratio Rank
DOG Martin Ratio Rank: 11
Martin Ratio Rank
EUM
EUM Risk / Return Rank: 00
Overall Rank
EUM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
EUM Sortino Ratio Rank: 00
Sortino Ratio Rank
EUM Omega Ratio Rank: 00
Omega Ratio Rank
EUM Calmar Ratio Rank: 00
Calmar Ratio Rank
EUM Martin Ratio Rank: 00
Martin Ratio Rank
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. EUM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares Short MSCI Emerging Markets (EUM). 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.

DOGEUMDifference

Sharpe ratio

Return per unit of total volatility

-1.05

-1.74

+0.69

Sortino ratio

Return per unit of downside risk

-1.42

-2.66

+1.24

Omega ratio

Gain probability vs. loss probability

0.84

0.69

+0.15

Calmar ratio

Return relative to maximum drawdown

-0.87

-1.01

+0.14

Martin ratio

Return relative to average drawdown

-1.43

-1.97

+0.54

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. EUM - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.05, which is higher than the EUM Sharpe Ratio of -1.74. The chart below compares the historical Sharpe Ratios of DOG and EUM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DOGEUMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.05

-1.74

+0.69

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.36

-0.30

-0.06

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.64

-0.51

-0.13

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.57

-0.36

-0.21

Drawdowns

DOG vs. EUM - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.69%, roughly equal to the maximum EUM drawdown of -93.07%. Use the drawdown chart below to compare losses from any high point for DOG and EUM.

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Drawdown Indicators

DOGEUMDifference

Max Drawdown

Largest peak-to-trough decline

-92.69%

-93.07%

+0.38%

Max Drawdown (1Y)

Largest decline over 1 year

-14.63%

-35.35%

+20.72%

Max Drawdown (3Y)

Largest decline over 3 years

-28.77%

-47.06%

+18.29%

Max Drawdown (5Y)

Largest decline over 5 years

-33.99%

-50.02%

+16.03%

Max Drawdown (10Y)

Largest decline over 10 years

-70.79%

-68.27%

-2.52%

Current Drawdown

Current decline from peak

-92.61%

-93.07%

+0.46%

Average Drawdown

Average peak-to-trough decline

-66.39%

-77.16%

+10.77%

Ulcer Index

Depth and duration of drawdowns from previous peaks

8.89%

18.22%

-9.33%

Volatility

DOG vs. EUM - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 2.98%, while ProShares Short MSCI Emerging Markets (EUM) has a volatility of 8.62%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than EUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DOGEUMDifference

Volatility (1M)

Calculated over the trailing 1-month period

2.98%

8.62%

-5.64%

Volatility (6M)

Calculated over the trailing 6-month period

9.37%

17.83%

-8.46%

Volatility (1Y)

Calculated over the trailing 1-year period

12.13%

20.37%

-8.24%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

14.79%

19.13%

-4.34%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.49%

20.54%

-3.05%

DOG vs. EUM - Expense Ratio Comparison

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

Dividends

DOG vs. EUM - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.49%, less than EUM's 4.65% yield.

PositionTTM202520242023202220212020201920182017
DOG
ProShares Short Dow30		3.49%3.65%5.72%4.54%0.41%0.00%0.14%1.54%0.86%0.04%
EUM
ProShares Short MSCI Emerging Markets		4.65%3.98%4.22%3.86%0.82%0.00%0.15%1.35%0.88%0.00%

Frequently Asked Questions

DOG and EUM have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EUM has higher volatility (8.62%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs EUM's -93.07%.

On 10-year performance, EUM leads with -10.53% vs -11.18% for DOG. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, EUM has performed better with a -10.53% return vs -11.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

EUM has the higher dividend yield at 4.65%, compared with 3.49% for DOG.

DOG tracks DJ Industrial Average (-100%), while EUM tracks MSCI Emerging Markets Index (-100%).

DOG currently has the higher Sharpe Ratio (-1.05 vs -1.74), 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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