DOG vs. MUD

Last updated Jun 4, 2026

DOG (ProShares Short Dow30) and MUD (Direxion Daily MU Bear 1X Shares) are both Inverse Equities funds. DOG is passively managed, while MUD is actively managed. Over the past year, DOG returned -12.72% vs -93.79% for MUD. At a 0.34 correlation, their price movements are largely independent. DOG charges 0.95%/yr vs 0.97%/yr for MUD.

Performance

DOG vs. MUD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and Direxion Daily MU Bear 1X Shares (MUD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOG achieves a -4.15% return, which is significantly higher than MUD's -79.28% 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%

MUD

• 1D: -2.75%
• 1M: -54.21%
• YTD: -79.28%
• 6M: -83.14%
• 1Y: -93.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DOG vs. MUD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DOG ProShares Short Dow30	-4.15%	-8.40%	0.92%
MUD Direxion Daily MU Bear 1X Shares	-79.28%	-78.75%	19.12%

Correlation

The correlation between DOG and MUD is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (All Time) Calculated using the full available price history since Oct 11, 2024	0.34

Return for Risk

DOG vs. MUD — 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: 1
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 1
DOG Martin Ratio Rank: 1

MUD

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

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. MUD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and Direxion Daily MU Bear 1X Shares (MUD). 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.

	DOG	MUD	Difference
Sharpe ratio Return per unit of total volatility	-1.05	-1.42	+0.37
Sortino ratio Return per unit of downside risk	-1.42	-4.41	+2.99
Omega ratio Gain probability vs. loss probability	0.84	0.52	+0.32
Calmar ratio Return relative to maximum drawdown	-0.87	-1.00	+0.13
Martin ratio Return relative to average drawdown	-1.43	-1.50	+0.07
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. MUD - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.05, which is comparable to the MUD Sharpe Ratio of -1.42. The chart below compares the historical Sharpe Ratios of DOG and MUD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DOG	MUD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	-1.42	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.57	-1.25	+0.68

Drawdowns

DOG vs. MUD - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.69%, roughly equal to the maximum MUD drawdown of -96.19%. Use the drawdown chart below to compare losses from any high point for DOG and MUD.

Drawdown Indicators

	DOG	MUD	Difference
Max Drawdown Largest peak-to-trough decline	-92.69%	-96.19%	+3.50%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-93.53%	+78.90%
Max Drawdown (3Y) Largest decline over 3 years	-28.77%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-70.79%	—	—
Current Drawdown Current decline from peak	-92.61%	-96.19%	+3.58%
Average Drawdown Average peak-to-trough decline	-66.39%	-50.21%	-16.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.89%	62.67%	-53.78%

Volatility

DOG vs. MUD - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 2.98%, while Direxion Daily MU Bear 1X Shares (MUD) has a volatility of 32.00%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than MUD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	MUD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	32.00%	-29.02%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	56.32%	-46.95%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	66.05%	-53.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.79%	67.13%	-52.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	67.13%	-49.64%

DOG vs. MUD - Expense Ratio Comparison

DOG has a 0.95% expense ratio, which is lower than MUD's 0.97% expense ratio.

Dividends

DOG vs. MUD - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.49%, less than MUD's 28.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	3.49%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%
MUD Direxion Daily MU Bear 1X Shares	28.45%	9.21%	0.47%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DOG and MUD in my portfolio?

DOG and MUD have a correlation of 0.26, 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 MUD?

MUD has higher volatility (32.00%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs MUD's -96.19%.

Which ETF is better, DOG or MUD?

On 1-year performance, DOG leads with -12.72% vs -93.79% for MUD. On fees, DOG is cheaper at 0.95% per year. 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.

Which ETF has performed better, DOG or MUD?

Over the 1-year period, DOG has performed better with a -12.72% return vs -93.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or MUD?

DOG is cheaper with a 0.95% expense ratio, compared with 0.97% for MUD.

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

MUD has the higher dividend yield at 28.45%, compared with 3.49% for DOG.

What is the main difference between DOG and MUD?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DOG and 0.97% for MUD.

Which has better risk-adjusted returns?

DOG currently has the higher Sharpe Ratio (-1.05 vs -1.42), 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.