DOG vs. SPXS
DOG (ProShares Short Dow30) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds - DOG tracks the DJ Industrial Average (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, DOG returned -11.18%/yr vs -42.01%/yr for SPXS. Their correlation of 0.92 suggests significant overlap in exposure. DOG charges 0.95%/yr vs 1.08%/yr for SPXS.
Performance
DOG vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -4.15% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, DOG has outperformed SPXS with an annualized return of -11.18%, while SPXS has yielded a comparatively lower -42.01% annualized 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%
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
DOG vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -4.15% | -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 | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between DOG and SPXS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.82 |
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 Nov 20, 2008 | 0.92 |
The correlation between DOG and SPXS has been stable across timeframes, ranging from 0.82 to 0.92 - a consistent structural relationship.
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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 | -1.05 | -1.38 | +0.32 |
Sortino ratioReturn per unit of downside risk | -1.42 | -2.31 | +0.88 |
Omega ratioGain probability vs. loss probability | 0.84 | 0.75 | +0.09 |
Calmar ratioReturn relative to maximum drawdown | -0.87 | -0.96 | +0.09 |
Martin ratioReturn relative to average drawdown | -1.43 | -1.62 | +0.19 |
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 | -1.05 | -1.38 | +0.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.36 | -0.69 | +0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.64 | -0.79 | +0.15 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | -0.83 | +0.27 |
Drawdowns
DOG vs. SPXS - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.69%, 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 | -92.69% | -100.00% | +7.31% |
Max Drawdown (1Y)Largest decline over 1 year | -14.63% | -50.77% | +36.14% |
Max Drawdown (3Y)Largest decline over 3 years | -28.77% | -84.13% | +55.36% |
Max Drawdown (5Y)Largest decline over 5 years | -33.99% | -90.11% | +56.12% |
Max Drawdown (10Y)Largest decline over 10 years | -70.79% | -99.63% | +28.84% |
Current DrawdownCurrent decline from peak | -92.61% | -100.00% | +7.39% |
Average DrawdownAverage peak-to-trough decline | -66.39% | -96.30% | +29.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.89% | 30.04% | -21.15% |
Volatility
DOG vs. SPXS - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 2.98%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 8.51%. 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 | 2.98% | 8.51% | -5.53% |
Volatility (6M)Calculated over the trailing 6-month period | 9.37% | 26.82% | -17.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.13% | 35.54% | -23.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.79% | 50.39% | -35.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 53.54% | -36.05% |
DOG vs. SPXS - Expense Ratio Comparison
DOG has a 0.95% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DOG vs. SPXS - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.49%, less than SPXS's 4.91% 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
DOG and SPXS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (8.51%) compared to DOG (2.98%). In terms of maximum drawdown, DOG dropped -92.69% vs SPXS's -100.00%.
On 10-year performance, DOG leads with -11.18% vs -42.01% for SPXS. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 2.98%. 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 -11.18% return vs -42.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 3.49% for DOG.
DOG tracks DJ Industrial Average (-100%), while SPXS tracks S&P 500 Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DOG and 1.08% for SPXS.
DOG currently has the higher Sharpe Ratio (-1.05 vs -1.38), 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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