DOG vs. UDOW

Last updated Jul 14, 2026

DOG (ProShares Short Dow30) and UDOW (ProShares UltraPro Dow30) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while UDOW is a Leveraged Equities fund tracking the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 10 years, DOG returned -11.05%/yr vs 23.05%/yr for UDOW. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

DOG vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOG achieves a -6.96% return, which is significantly lower than UDOW's 22.83% return. Over the past 10 years, DOG has underperformed UDOW with an annualized return of -11.05%, while UDOW has yielded a comparatively higher 23.05% 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%

UDOW

• 1D: -0.77%
• 1M: 7.14%
• 6M: 12.30%
• YTD: 22.83%
• 1Y: 49.50%
• 3Y*: 34.70%
• 5Y*: 14.52%
• 10Y*: 23.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DOG vs. UDOW - 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%
UDOW ProShares UltraPro Dow30	22.83%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	75.24%	-23.86%	99.07%

Correlation

The correlation between DOG and UDOW is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-1.00
Correlation (All Time) Calculated using the full available price history since Feb 11, 2010	-0.99

The correlation between DOG and UDOW has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

DOG vs. UDOW - Sectors Allocation Comparison

Sectors	DOG	UDOW
Financial Services	90.0%	27.3%
Basic Materials	-	3.7%
Communication Services	-	1.8%
Consumer Cyclical	-	11.0%
Consumer Defensive	-	4.1%
Energy	-	2.2%
Healthcare	-	12.8%
Industrials	-	18.1%
Real Estate	-	-
Technology	-	19.1%
Utilities	-	-

Return for Risk

DOG vs. UDOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DOG

DOG Risk / Return Rank: 2
DOG Sharpe Ratio Rank: 2
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 2
DOG Martin Ratio Rank: 1

UDOW

UDOW Risk / Return Rank: 47
UDOW Sharpe Ratio Rank: 49
UDOW Sortino Ratio Rank: 49
UDOW Omega Ratio Rank: 46
UDOW Calmar Ratio Rank: 44
UDOW Martin Ratio Rank: 47

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DOG vs. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares UltraPro Dow30 (UDOW). 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	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	-0.99	1.36	-2.35
Sortino ratio: Return per unit of downside risk	-1.33	1.96	-3.29
Omega ratio: Gain probability vs. loss probability	0.85	1.24	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.81	1.77	-2.59
Martin ratio: Return relative to average drawdown	-1.52	6.29	-7.81

DOG vs. UDOW - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -0.99, which is lower than the UDOW Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of DOG and UDOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DOG vs. UDOW - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.90%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for DOG and UDOW.

Drawdown Indicators

	DOG	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-92.90%	-80.29%	-12.61%
Max Drawdown (1Y) Largest decline over 1 year	-15.02%	-28.07%	+13.05%
Max Drawdown (3Y) Largest decline over 3 years	-30.86%	-44.83%	+13.97%
Max Drawdown (5Y) Largest decline over 5 years	-35.93%	-55.79%	+19.86%
Max Drawdown (10Y) Largest decline over 10 years	-70.07%	-80.29%	+10.22%
Current Drawdown Current decline from peak	-92.82%	-3.36%	-89.46%
Average Drawdown Average peak-to-trough decline	-66.51%	-14.31%	-52.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	7.90%	+0.09%

Volatility

DOG vs. UDOW - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 3.11%, while ProShares UltraPro Dow30 (UDOW) has a volatility of 8.99%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.11%	8.99%	-5.88%
Volatility (6M) Calculated over the trailing 6-month period	9.78%	28.79%	-19.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.36%	36.73%	-24.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.83%	44.30%	-29.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.47%	51.69%	-34.22%

DOG vs. UDOW - Expense Ratio Comparison

Both DOG and UDOW have an expense ratio of 0.95%.

Dividends

DOG vs. UDOW - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.39%, more than UDOW's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOG ProShares Short Dow30	3.39%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%	0.00%	0.00%
UDOW ProShares UltraPro Dow30	1.09%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both DOG and UDOW in my portfolio?

DOG and UDOW have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOG or UDOW?

UDOW has higher volatility (8.99%) compared to DOG (3.11%). In terms of maximum drawdown, DOG dropped -92.90% vs UDOW's -80.29%.

Which ETF is better, DOG or UDOW?

On 10-year performance, UDOW leads with 23.05% vs -11.05% for DOG. Both ETFs have the same 0.95% expense ratio. 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.

Which ETF has performed better, DOG or UDOW?

Over the 10-year period, UDOW has performed better with a 23.05% return vs -11.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or UDOW?

DOG and UDOW have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, DOG or UDOW?

DOG has the higher dividend yield at 3.39%, compared with 1.09% for UDOW.

What is the main difference between DOG and UDOW?

DOG is categorized as Inverse Equities, while UDOW is Leveraged Equities. DOG tracks DJ Industrial Average (-100%), while UDOW tracks Dow Jones Industrial Average (300%).

Which has better risk-adjusted returns?

UDOW currently has the higher Sharpe Ratio (1.36 vs -0.99), 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.