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 -11.50%/yr vs -42.08%/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 -5.77% return, which is significantly higher than SPXS's -20.76% return. Over the past 10 years, DOG has outperformed SPXS with an annualized return of -11.50%, while SPXS has yielded a comparatively lower -42.08% 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%
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
DOG vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -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 0.81, 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 | 0.81 |
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 19, 2008 | 0.92 |
The correlation between DOG and SPXS shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.
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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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.79 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.94 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.82 | -1.63 | -0.19 |
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Drawdowns
DOG vs. SPXS - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.79%, 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 | -92.79% | -100.00% | +7.21% |
Max Drawdown (1Y)Largest decline over 1 year | -14.12% | -46.94% | +32.82% |
Max Drawdown (3Y)Largest decline over 3 years | -29.71% | -84.13% | +54.42% |
Max Drawdown (5Y)Largest decline over 5 years | -34.86% | -90.11% | +55.25% |
Max Drawdown (10Y)Largest decline over 10 years | -71.17% | -99.63% | +28.46% |
Current DrawdownCurrent decline from peak | -92.73% | -100.00% | +7.27% |
Average DrawdownAverage peak-to-trough decline | -66.45% | -96.29% | +29.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.69% | 29.25% | -20.56% |
Volatility
DOG vs. SPXS - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 4.15%, while Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a volatility of 14.08%. 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 | 4.15% | 14.08% | -9.93% |
Volatility (6M)Calculated over the trailing 6-month period | 9.86% | 29.38% | -19.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.45% | 37.37% | -24.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 50.68% | -35.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 53.59% | -36.10% |
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 3.55%, less than SPXS's 4.62% 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.62% | 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 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.08%) compared to DOG (4.15%). In terms of maximum drawdown, DOG dropped -92.79% vs SPXS's -100.00%.
On 10-year performance, DOG leads with -11.50% vs -42.08% for SPXS. On fees, DOG is cheaper at 0.95% 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 -42.08%. 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 4.62%, compared with 3.55% 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 (-1.16 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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