DOG vs. MSDD

Last updated Jun 23, 2026

DOG (ProShares Short Dow30) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. DOG is passively managed, while MSDD is actively managed. Over the past year, DOG returned -15.17% vs 71.30% for MSDD. At a 0.32 correlation, their price movements are largely independent. DOG charges 0.95%/yr vs 1.50%/yr for MSDD.

Performance

DOG vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and GraniteShares 2x Short MSTR Daily ETF (MSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOG achieves a -5.82% return, which is significantly higher than MSDD's -48.72% 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%

MSDD

• 1D: 0.02%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -40.28%
• 1Y: 71.30%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DOG vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
DOG ProShares Short Dow30	-5.82%	-8.56%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between DOG and MSDD is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	0.32

DOG vs. MSDD - Sectors Allocation Comparison

Sectors	DOG	MSDD
Financial Services	82.9%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	200.1%
Utilities	-	-

Return for Risk

DOG vs. MSDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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

MSDD

MSDD Risk / Return Rank: 23
MSDD Sharpe Ratio Rank: 16
MSDD Sortino Ratio Rank: 31
MSDD Omega Ratio Rank: 32
MSDD Calmar Ratio Rank: 19
MSDD Martin Ratio Rank: 16

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. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	0.50	-1.73
Sortino ratio: Return per unit of downside risk	-1.67	1.62	-3.29
Omega ratio: Gain probability vs. loss probability	0.81	1.21	-0.40
Calmar ratio: Return relative to maximum drawdown	-1.02	0.84	-1.86
Martin ratio: Return relative to average drawdown	-1.76	1.66	-3.42

DOG vs. MSDD - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.22, which is lower than the MSDD Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of DOG and MSDD, 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. MSDD - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.79%, which is greater than MSDD's maximum drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for DOG and MSDD.

Drawdown Indicators

	DOG	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-92.79%	-84.91%	-7.88%
Max Drawdown (1Y) Largest decline over 1 year	-14.95%	-84.91%	+69.96%
Max Drawdown (3Y) Largest decline over 3 years	-29.71%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-34.86%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.17%	—	—
Current Drawdown Current decline from peak	-92.74%	-68.63%	-24.11%
Average Drawdown Average peak-to-trough decline	-66.44%	-30.97%	-35.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.43%	42.70%	-33.27%

Volatility

DOG vs. MSDD - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 4.17%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.32%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.17%	32.32%	-28.15%
Volatility (6M) Calculated over the trailing 6-month period	9.86%	124.98%	-115.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.47%	140.96%	-128.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.84%	139.39%	-124.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.52%	139.39%	-121.87%

DOG vs. MSDD - Expense Ratio Comparison

DOG has a 0.95% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

DOG vs. MSDD - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.55%, while MSDD has not paid dividends to shareholders.

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%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DOG and MSDD in my portfolio?

DOG and MSDD have a correlation of 0.32, 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 MSDD?

MSDD has higher volatility (32.32%) compared to DOG (4.17%). In terms of maximum drawdown, DOG dropped -92.79% vs MSDD's -84.91%.

Which ETF is better, DOG or MSDD?

On 1-year performance, MSDD leads with 71.30% vs -15.17% for DOG. On fees, DOG is cheaper at 0.95% per year. 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.

Which ETF has performed better, DOG or MSDD?

Over the 1-year period, MSDD has performed better with a 71.30% return vs -15.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or MSDD?

DOG is cheaper with a 0.95% expense ratio, compared with 1.50% for MSDD.

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

DOG has the higher dividend yield at 3.55%, compared with 0.00% for MSDD.

What is the main difference between DOG and MSDD?

They also come from different issuers: ProShares and GraniteShares. Their fees differ too: 0.95% for DOG and 1.50% for MSDD.

Which has better risk-adjusted returns?

MSDD currently has the higher Sharpe Ratio (0.50 vs -1.22), 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.