DOG vs. SPXS
Compare and contrast key facts about ProShares Short Dow30 (DOG) and Direxion Daily S&P 500 Bear 3X Shares (SPXS).
DOG and SPXS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. DOG is a passively managed fund by ProShares that tracks the performance of the DJ Industrial Average (-100%). It was launched on Jun 19, 2006. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. Both DOG and SPXS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
DOG vs. SPXS - Performance Comparison
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DOG vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 4.40% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 15.24% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Returns By Period
In the year-to-date period, DOG achieves a 4.40% return, which is significantly lower than SPXS's 15.24% return. Over the past 10 years, DOG has outperformed SPXS with an annualized return of -10.49%, while SPXS has yielded a comparatively lower -39.79% annualized return.
DOG
- 1D
- -2.44%
- 1M
- 5.84%
- YTD
- 4.40%
- 6M
- 1.88%
- 1Y
- -6.66%
- 3Y*
- -5.84%
- 5Y*
- -4.72%
- 10Y*
- -10.49%
SPXS
- 1D
- -8.58%
- 1M
- 16.13%
- YTD
- 15.24%
- 6M
- 8.20%
- 1Y
- -41.31%
- 3Y*
- -36.25%
- 5Y*
- -31.30%
- 10Y*
- -39.79%
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DOG vs. SPXS - Expense Ratio Comparison
DOG has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Return for Risk
DOG vs. SPXS — Risk / Return Rank
DOG
SPXS
DOG vs. SPXS - 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 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.40 | -0.76 | +0.36 |
Sortino ratioReturn per unit of downside risk | -0.45 | -0.93 | +0.49 |
Omega ratioGain probability vs. loss probability | 0.94 | 0.87 | +0.07 |
Calmar ratioReturn relative to maximum drawdown | -0.34 | -0.65 | +0.32 |
Martin ratioReturn relative to average drawdown | -0.46 | -0.76 | +0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DOG | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.40 | -0.76 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.32 | -0.62 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.60 | -0.75 | +0.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.81 | +0.26 |
Correlation
The correlation between DOG and SPXS is 0.92, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
DOG vs. SPXS - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.21%, more than SPXS's 3.17% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.21% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 3.17% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Drawdowns
DOG vs. SPXS - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.59%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DOG and SPXS.
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Drawdown Indicators
| DOG | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.59% | -100.00% | +7.41% |
Max Drawdown (1Y)Largest decline over 1 year | -22.70% | -65.10% | +42.40% |
Max Drawdown (5Y)Largest decline over 5 years | -33.06% | -87.42% | +54.36% |
Max Drawdown (10Y)Largest decline over 10 years | -70.38% | -99.52% | +29.14% |
Current DrawdownCurrent decline from peak | -91.95% | -100.00% | +8.05% |
Average DrawdownAverage peak-to-trough decline | -66.16% | -96.27% | +30.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.48% | 55.70% | -39.22% |
Volatility
DOG vs. SPXS - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 5.00%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 16.04%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.00% | 16.04% | -11.04% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 28.28% | -19.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.82% | 54.62% | -37.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.73% | 50.42% | -35.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.46% | 53.50% | -36.04% |