DOG vs. GLD
DOG (ProShares Short Dow30) and GLD (SPDR Gold Shares) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, DOG returned -11.31%/yr vs 12.15%/yr for GLD. At a correlation of -0.04, they often move in opposite directions. DOG charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
DOG vs. GLD - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -4.92% return, which is significantly lower than GLD's -2.47% return. Over the past 10 years, DOG has underperformed GLD with an annualized return of -11.31%, while GLD has yielded a comparatively higher 12.15% annualized return.
DOG
- 1D
- -0.63%
- 1M
- -2.03%
- YTD
- -4.92%
- 6M
- -3.86%
- 1Y
- -14.29%
- 3Y*
- -8.19%
- 5Y*
- -5.62%
- 10Y*
- -11.31%
GLD
- 1D
- 0.06%
- 1M
- -9.52%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
DOG vs. GLD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -4.92% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between DOG and GLD is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006 | -0.04 |
The correlation between DOG and GLD shifts across timeframes, from -0.22 (1 year) to -0.04 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
DOG vs. GLD — Risk / Return Rank
DOG
GLD
DOG vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.18 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 0.98 | -1.82 |
| Martin ratioReturn relative to average drawdown | -1.38 | 2.81 | -4.19 |
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Drawdowns
DOG vs. GLD - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.73%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for DOG and GLD.
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Drawdown Indicators
| DOG | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.73% | -45.56% | -47.17% |
Max Drawdown (1Y)Largest decline over 1 year | -15.09% | -24.46% | +9.37% |
Max Drawdown (3Y)Largest decline over 3 years | -29.16% | -24.46% | -4.70% |
Max Drawdown (5Y)Largest decline over 5 years | -34.35% | -24.46% | -9.89% |
Max Drawdown (10Y)Largest decline over 10 years | -70.95% | -24.46% | -46.49% |
Current DrawdownCurrent decline from peak | -92.67% | -22.05% | -70.62% |
Average DrawdownAverage peak-to-trough decline | -66.41% | -16.16% | -50.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.18% | 8.49% | +0.69% |
Volatility
DOG vs. GLD - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 4.36%, while SPDR Gold Shares (GLD) has a volatility of 7.79%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.36% | 7.79% | -3.43% |
Volatility (6M)Calculated over the trailing 6-month period | 9.87% | 24.10% | -14.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.56% | 27.37% | -14.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.86% | 18.22% | -3.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.51% | 16.08% | +1.43% |
DOG vs. GLD - Expense Ratio Comparison
DOG has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
DOG vs. GLD - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.52%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.52% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DOG and GLD have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (7.79%) compared to DOG (4.36%). In terms of maximum drawdown, DOG dropped -92.73% vs GLD's -45.56%.
On 10-year performance, GLD leads with 12.15% vs -11.31% for DOG. On fees, GLD is cheaper at 0.40% per year. On volatility, DOG has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for DOG.
DOG has the higher dividend yield at 3.52%, compared with 0.00% for GLD.
DOG is categorized as Inverse Equities, while GLD is Gold. DOG tracks DJ Industrial Average (-100%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for DOG and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.87 vs -1.01), 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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