DOG vs. UVXY
DOG (ProShares Short Dow30) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, DOG returned -11.12%/yr vs -71.50%/yr for UVXY. Their 0.72 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
DOG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, DOG achieves a -6.75% return, which is significantly higher than UVXY's -35.24% return. Over the past 10 years, DOG has outperformed UVXY with an annualized return of -11.12%, while UVXY has yielded a comparatively lower -71.50% annualized return.
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
UVXY
- 1D
- -4.24%
- 1M
- -6.17%
- 6M
- -37.50%
- YTD
- -35.24%
- 1Y
- -73.24%
- 3Y*
- -61.42%
- 5Y*
- -68.18%
- 10Y*
- -71.50%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.27M | $36.96M | $41.35M | |
| $190.03M | $191.90M | $239.87M |
DOG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | -6.75% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -35.24% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between DOG and UVXY is 0.73, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.73 |
Correlation (3Y) Balances recent behavior with more history. | 0.67 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.69 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.69 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.72 |
The correlation between DOG and UVXY has been stable across timeframes, ranging from 0.67 to 0.73 - a consistent structural relationship.
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Return for Risk
DOG vs. UVXY — Risk / Return Rank
DOG
UVXY
DOG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.85 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.95 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.35 | -0.12 |
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Drawdowns
DOG vs. UVXY - Drawdown Comparison
The maximum DOG drawdown since its inception was -92.90%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DOG and UVXY.
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Drawdown Indicators
| DOG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.90% | -100.00% | +7.10% |
Max Drawdown (1Y)Largest decline over 1 year | -15.02% | -73.88% | +58.86% |
Max Drawdown (3Y)Largest decline over 3 years | -30.86% | -95.42% | +64.56% |
Max Drawdown (5Y)Largest decline over 5 years | -35.93% | -99.68% | +63.75% |
Max Drawdown (10Y)Largest decline over 10 years | -70.07% | -100.00% | +29.93% |
Current DrawdownCurrent decline from peak | -92.81% | -100.00% | +7.19% |
Average DrawdownAverage peak-to-trough decline | -66.59% | -98.76% | +32.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.60% | 51.60% | -43.00% |
Volatility
DOG vs. UVXY - Volatility Comparison
The current volatility for ProShares Short Dow30 (DOG) is 3.74%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DOG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.74% | 22.30% | -18.56% |
Volatility (6M)Calculated over the trailing 6-month period | 9.94% | 65.55% | -55.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.59% | 87.28% | -74.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.83% | 103.39% | -88.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.49% | 112.09% | -94.60% |
DOG vs. UVXY - Expense Ratio Comparison
Both DOG and UVXY have an expense ratio of 0.95%.
Dividends
DOG vs. UVXY - Dividend Comparison
DOG's dividend yield for the trailing twelve months is around 3.38%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.38% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DOG and UVXY have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to DOG (3.74%). In terms of maximum drawdown, DOG dropped -92.90% vs UVXY's -100.00%.
On 10-year performance, DOG leads with -11.12% vs -71.50% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 3.74%. 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 -11.12% return vs -71.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG and UVXY have the same expense ratio: 0.95% per year.
DOG has the higher dividend yield at 3.38%, compared with 0.00% for UVXY.
DOG is categorized as Inverse Equities, while UVXY is Volatility. DOG tracks DJ Industrial Average (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.80 vs -1.01), 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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