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 -11.05%/yr vs -12.22%/yr for SPDN. Their correlation of 0.88 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
The year-to-date returns for both investments are quite close, with DOG having a -6.96% return and SPDN slightly higher at -6.85%. Over the past 10 years, DOG has outperformed SPDN with an annualized return of -11.05%, while SPDN has yielded a comparatively lower -12.22% annualized return.
DOG
- 1D
- 0.28%
- 1M
- -2.15%
- 6M
- -4.11%
- YTD
- -6.96%
- 1Y
- -12.16%
- 3Y*
- -8.78%
- 5Y*
- -5.73%
- 10Y*
- -11.05%
SPDN
- 1D
- 0.93%
- 1M
- -0.80%
- 6M
- -5.24%
- YTD
- -6.85%
- 1Y
- -12.68%
- 3Y*
- -11.24%
- 5Y*
- -8.03%
- 10Y*
- -12.22%
DOG vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -6.96% | -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 | -6.85% | -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 0.79, 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 | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.87 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.88 |
The correlation between DOG and SPDN has been stable across timeframes, ranging from 0.79 to 0.88 - 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 | +0.01 | ||
| Sortino ratioReturn per unit of downside risk | +0.08 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.81 | -0.80 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.52 | -1.53 | +0.01 |
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Drawdowns
DOG vs. SPDN - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.90%, 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 | -92.90% | -75.31% | -17.59% |
Max Drawdown (1Y)Largest decline over 1 year | -15.02% | -15.93% | +0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -30.86% | -38.24% | +7.38% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | -43.85% | +7.92% |
Max Drawdown (10Y)Largest decline over 10 years | -70.07% | -73.97% | +3.90% |
Current DrawdownCurrent decline from peak | -92.82% | -74.91% | -17.91% |
Average DrawdownAverage peak-to-trough decline | -66.51% | -48.79% | -17.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.99% | 8.28% | -0.29% |
Volatility
DOG vs. SPDN - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 3.11%, while Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a volatility of 4.18%. 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 | 3.11% | 4.18% | -1.07% |
Volatility (6M)Calculated over the trailing 6-month period | 9.78% | 10.08% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.36% | 12.73% | -0.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 16.97% | -2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 18.01% | -0.54% |
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 3.39%, more than SPDN's 3.33% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.39% | 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 | 3.33% | 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 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (4.18%) compared to DOG (3.11%). In terms of maximum drawdown, DOG dropped -92.90% vs SPDN's -75.31%.
On 10-year performance, DOG leads with -11.05% vs -12.22% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, DOG has been the lower-risk option at 3.11%. 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 -11.05% return vs -12.22%. 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.
DOG has the higher dividend yield at 3.39%, compared with 3.33% for SPDN.
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 (-0.99 vs -1.00), 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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