DOG vs. SH

Last updated Aug 2, 2026

DOG (ProShares Short Dow30) and SH (ProShares Short S&P500) are both Inverse Equities funds from ProShares - DOG tracks the DJ Industrial Average (-100%) while SH tracks the S&P 500 Index (-100% daily). Both are passively managed. Over the past 10 years, DOG returned -11.12%/yr vs -12.47%/yr for SH. Their correlation of 0.92 means they have usually moved in the same direction. DOG charges 0.95%/yr vs 0.89%/yr for SH.

Performance

DOG vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with DOG having a -6.75% return and SH slightly higher at -6.65%. Over the past 10 years, DOG has outperformed SH with an annualized return of -11.12%, while SH has yielded a comparatively lower -12.47% annualized return.

DOG

• 1D: -0.51%
• 1M: 1.03%
• 6M: -5.42%
• YTD: -6.75%
• 1Y: -13.86%
• 3Y*: -7.85%
• 5Y*: -5.65%
• 10Y*: -11.12%
• ALL TIME*: -10.34%

SH

• 1D: -0.69%
• 1M: 0.12%
• 6M: -5.73%
• YTD: -6.65%
• 1Y: -13.19%
• 3Y*: -10.94%
• 5Y*: -8.01%
• 10Y*: -12.47%
• ALL TIME*: -11.29%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DOG ProShares Short Dow30	$40.27M	$36.96M	$41.35M
SH ProShares Short S&P500	$271.72M	$244.09M	$301.56M

DOG vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	-6.75%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%
SH ProShares Short S&P500	-6.65%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between DOG and SH is 0.80, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.80
Correlation (3Y) Balances recent behavior with more history.	0.82
Correlation (5Y) Shows whether the relationship held over a longer period.	0.87
Correlation (10Y) Provides a long-term view across more market conditions.	0.89
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.92

The correlation between DOG and SH shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

DOG vs. SH - Sectors Allocation Comparison

Sectors	DOG	SH
Financial Services	82.8%	81.2%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DOG vs. SH — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

DOG

DOG Risk / Return Rank: 2
DOG Sharpe Ratio Rank: 1
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 2
DOG Martin Ratio Rank: 0

SH

SH Risk / Return Rank: 2
SH Sharpe Ratio Rank: 2
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 3
SH Calmar Ratio Rank: 3
SH Martin Ratio Rank: 2

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

DOG vs. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares Short S&P500 (SH). 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	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	-0.92	-0.09
Sortino ratio: Return per unit of downside risk	-1.38	-1.29	-0.09
Omega ratio: Gain probability vs. loss probability	0.85	0.86	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.73	-0.11
Martin ratio: Return relative to average drawdown	-1.48	-1.30	-0.17

DOG vs. SH - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.01, which is comparable to the SH Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of DOG and SH, 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. SH - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.90%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for DOG and SH.

Drawdown Indicators

	DOG	SH	Difference
Max Drawdown Largest peak-to-trough decline	-92.90%	-94.66%	+1.76%
Max Drawdown (1Y) Largest decline over 1 year	-15.02%	-16.06%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-30.86%	-38.82%	+7.96%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-44.53%	+8.60%
Max Drawdown (10Y) Largest decline over 10 years	-70.07%	-74.80%	+4.73%
Current Drawdown Current decline from peak	-92.81%	-94.54%	+1.73%
Average Drawdown Average peak-to-trough decline	-66.59%	-67.93%	+1.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	9.03%	-0.43%

Volatility

DOG vs. SH - Volatility Comparison

ProShares Short Dow30 (DOG) has a higher volatility of 3.74% compared to ProShares Short S&P500 (SH) at 3.51%. This indicates that DOG's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.74%	3.51%	+0.23%
Volatility (6M) Calculated over the trailing 6-month period	9.94%	10.08%	-0.14%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	12.81%	-0.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	16.96%	-2.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.49%	18.02%	-0.53%

DOG vs. SH - Expense Ratio Comparison

DOG has a 0.95% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

DOG vs. SH - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.38%, less than SH's 4.19% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	3.38%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%
SH ProShares Short S&P500	4.19%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both DOG and SH in my portfolio?

DOG and SH have a correlation of 0.80, 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 SH?

DOG has higher volatility (3.74%) compared to SH (3.51%). In terms of maximum drawdown, DOG dropped -92.90% vs SH's -94.66%.

Which ETF is better, DOG or SH?

On 10-year performance, DOG leads with -11.12% vs -12.47% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 3.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOG or SH?

Over the 10-year period, DOG has performed better with a -11.12% return vs -12.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or SH?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for DOG.

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

SH has the higher dividend yield at 4.19%, compared with 3.38% for DOG.

What is the main difference between DOG and SH?

DOG tracks DJ Industrial Average (-100%), while SH tracks S&P 500 Index (-100% daily). Their fees differ too: 0.95% for DOG and 0.89% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-0.92 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.