DOG vs. RAFE

Last updated Jun 4, 2026

DOG (ProShares Short Dow30) and RAFE (PIMCO RAFI ESG U.S. ETF) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US Index. Both are passively managed. Over the past 5 years, DOG returned -5.31%/yr vs 10.73%/yr for RAFE. At a correlation of -0.91, they often move in opposite directions. DOG charges 0.95%/yr vs 0.30%/yr for RAFE.

Performance

DOG vs. RAFE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and PIMCO RAFI ESG U.S. ETF (RAFE). 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 lower than RAFE's 13.35% 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%

RAFE

• 1D: -0.44%
• 1M: 7.15%
• YTD: 13.35%
• 6M: 14.11%
• 1Y: 31.36%
• 3Y*: 19.54%
• 5Y*: 10.73%
• 10Y*: —

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

DOG vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DOG ProShares Short Dow30	-4.15%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-0.45%
RAFE PIMCO RAFI ESG U.S. ETF	13.35%	17.60%	13.81%	18.80%	-13.76%	30.16%	5.29%	0.55%

Correlation

The correlation between DOG and RAFE is -0.90, 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	-0.90
Correlation (3Y) Calculated over the trailing 3-year period	-0.89
Correlation (5Y) Calculated over the trailing 5-year period	-0.92
Correlation (All Time) Calculated using the full available price history since Dec 20, 2019	-0.91

The correlation between DOG and RAFE has been stable across timeframes, ranging from -0.92 to -0.89 - a consistent structural relationship.

DOG vs. RAFE - Sectors Allocation Comparison

Sectors	DOG	RAFE
Financial Services	81.2%	13.3%
Basic Materials	-	4.2%
Communication Services	-	7.2%
Consumer Cyclical	-	6.5%
Consumer Defensive	-	7.7%
Energy	-	-
Healthcare	-	23.1%
Industrials	-	5.0%
Real Estate	-	2.7%
Technology	-	29.8%
Utilities	-	0.6%

Return for Risk

DOG vs. RAFE — 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

RAFE

RAFE Risk / Return Rank: 83
RAFE Sharpe Ratio Rank: 84
RAFE Sortino Ratio Rank: 86
RAFE Omega Ratio Rank: 82
RAFE Calmar Ratio Rank: 81
RAFE Martin Ratio Rank: 82

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. RAFE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and PIMCO RAFI ESG U.S. ETF (RAFE). 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	RAFE	Difference
Sharpe ratio Return per unit of total volatility	-1.05	2.78	-3.84
Sortino ratio Return per unit of downside risk	-1.42	3.88	-5.31
Omega ratio Gain probability vs. loss probability	0.84	1.49	-0.65
Calmar ratio Return relative to maximum drawdown	-0.87	4.22	-5.10
Martin ratio Return relative to average drawdown	-1.43	16.49	-17.92
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. RAFE - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.05, which is lower than the RAFE Sharpe Ratio of 2.78. The chart below compares the historical Sharpe Ratios of DOG and RAFE, 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	RAFE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.05	2.78	-3.84
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.36	0.71	-1.08
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	0.65	-1.21

Drawdowns

DOG vs. RAFE - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.69%, which is greater than RAFE's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for DOG and RAFE.

Drawdown Indicators

	DOG	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-92.69%	-35.74%	-56.95%
Max Drawdown (1Y) Largest decline over 1 year	-14.63%	-7.46%	-7.17%
Max Drawdown (3Y) Largest decline over 3 years	-28.77%	-16.36%	-12.41%
Max Drawdown (5Y) Largest decline over 5 years	-33.99%	-24.28%	-9.71%
Max Drawdown (10Y) Largest decline over 10 years	-70.79%	—	—
Current Drawdown Current decline from peak	-92.61%	-0.44%	-92.17%
Average Drawdown Average peak-to-trough decline	-66.39%	-6.22%	-60.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.89%	1.91%	+6.98%

Volatility

DOG vs. RAFE - Volatility Comparison

ProShares Short Dow30 (DOG) and PIMCO RAFI ESG U.S. ETF (RAFE) have volatilities of 2.98% and 2.90%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.98%	2.90%	+0.08%
Volatility (6M) Calculated over the trailing 6-month period	9.37%	8.25%	+1.12%
Volatility (1Y) Calculated over the trailing 1-year period	12.13%	11.34%	+0.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.79%	15.09%	-0.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	19.43%	-1.94%

DOG vs. RAFE - Expense Ratio Comparison

DOG has a 0.95% expense ratio, which is higher than RAFE's 0.30% expense ratio.

Dividends

DOG vs. RAFE - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.49%, more than RAFE's 1.50% 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%
RAFE PIMCO RAFI ESG U.S. ETF	1.50%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DOG and RAFE in my portfolio?

DOG and RAFE have a correlation of -0.90, 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 RAFE?

DOG has higher volatility (2.98%) compared to RAFE (2.90%). In terms of maximum drawdown, DOG dropped -92.69% vs RAFE's -35.74%.

Which ETF is better, DOG or RAFE?

On 5-year performance, RAFE leads with 10.73% vs -5.31% for DOG. On fees, RAFE is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOG or RAFE?

Over the 5-year period, RAFE has performed better with a 10.73% return vs -5.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or RAFE?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.95% for DOG.

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

DOG has the higher dividend yield at 3.49%, compared with 1.50% for RAFE.

What is the main difference between DOG and RAFE?

DOG is categorized as Inverse Equities, while RAFE is Large Cap Blend Equities. DOG tracks DJ Industrial Average (-100%), while RAFE tracks RAFI ESG US Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for DOG and 0.30% for RAFE.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.78 vs -1.05), 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.