DOG vs. SPDN
DOG (ProShares Short Dow30) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - DOG tracks the DJ Industrial Average (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, DOG returned -11.50%/yr vs -12.66%/yr for SPDN. Their correlation of 0.89 suggests significant overlap in exposure. DOG charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
DOG vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -5.77% return, which is significantly higher than SPDN's -6.10% return. Over the past 10 years, DOG has outperformed SPDN with an annualized return of -11.50%, while SPDN has yielded a comparatively lower -12.66% annualized return.
DOG
- 1D
- 0.05%
- 1M
- -2.00%
- YTD
- -5.77%
- 6M
- -4.85%
- 1Y
- -14.33%
- 3Y*
- -8.97%
- 5Y*
- -5.91%
- 10Y*
- -11.50%
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
DOG vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -5.77% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between DOG and SPDN is 0.80, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.89 |
The correlation between DOG and SPDN has been stable across timeframes, ranging from 0.80 to 0.89 - a consistent structural relationship.
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Return for Risk
DOG vs. SPDN — Risk / Return Rank
DOG
SPDN
DOG vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.13 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.93 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.75 | -0.07 |
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Drawdowns
DOG vs. SPDN - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.79%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for DOG and SPDN.
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Drawdown Indicators
| DOG | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.79% | -75.31% | -17.48% |
Max Drawdown (1Y)Largest decline over 1 year | -14.12% | -16.05% | +1.93% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -38.24% | +8.53% |
Max Drawdown (5Y)Largest decline over 5 years | -34.86% | -43.85% | +8.99% |
Max Drawdown (10Y)Largest decline over 10 years | -71.17% | -75.31% | +4.14% |
Current DrawdownCurrent decline from peak | -92.73% | -74.71% | -18.02% |
Average DrawdownAverage peak-to-trough decline | -66.45% | -48.66% | -17.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.69% | 9.44% | -0.75% |
Volatility
DOG vs. SPDN - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 4.15%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.51%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.15% | 4.51% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 9.82% | +0.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.45% | 12.59% | -0.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 16.95% | -2.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 18.04% | -0.55% |
DOG vs. SPDN - Expense Ratio Comparison
DOG has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
DOG vs. SPDN - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.55%, less than SPDN's 4.02% yield.
| 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
DOG and SPDN 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.
SPDN has higher volatility (4.51%) compared to DOG (4.15%). In terms of maximum drawdown, DOG dropped -92.79% vs SPDN's -75.31%.
On 10-year performance, DOG leads with -11.50% vs -12.66% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, DOG has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DOG has performed better with a -11.50% return vs -12.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for DOG.
SPDN has the higher dividend yield at 4.02%, compared with 3.55% for DOG.
DOG tracks DJ Industrial Average (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DOG and 0.50% for SPDN.
DOG currently has the higher Sharpe Ratio (-1.16 vs -1.19), 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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