DOG vs. XLU

Last updated Jun 14, 2026

DOG (ProShares Short Dow30) and XLU (State Street Utilities Select Sector SPDR ETF) are both exchange-traded funds - DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%), while XLU is a Utilities Equities fund tracking the Utilities Select Sector Index. Both are passively managed. Over the past 10 years, DOG returned -11.31%/yr vs 9.20%/yr for XLU. At a correlation of -0.49, they often move in opposite directions. DOG charges 0.95%/yr vs 0.08%/yr for XLU.

Performance

DOG vs. XLU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Dow30 (DOG) and State Street Utilities Select Sector SPDR ETF (XLU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOG achieves a -4.92% return, which is significantly lower than XLU's 5.04% return. Over the past 10 years, DOG has underperformed XLU with an annualized return of -11.31%, while XLU has yielded a comparatively higher 9.20% annualized return.

DOG

• 1D: -0.63%
• 1M: -2.03%
• YTD: -4.92%
• 6M: -3.86%
• 1Y: -14.29%
• 3Y*: -8.19%
• 5Y*: -5.62%
• 10Y*: -11.31%

XLU

• 1D: 1.09%
• 1M: -0.82%
• YTD: 5.04%
• 6M: 5.48%
• 1Y: 12.50%
• 3Y*: 13.79%
• 5Y*: 9.41%
• 10Y*: 9.20%

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

DOG vs. XLU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	-4.92%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%
XLU State Street Utilities Select Sector SPDR ETF	5.04%	16.03%	23.31%	-7.18%	1.44%	17.70%	0.51%	25.93%	3.94%	12.05%

Correlation

The correlation between DOG and XLU is -0.26, 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	-0.26
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (5Y) Calculated over the trailing 5-year period	-0.44
Correlation (10Y) Calculated over the trailing 10-year period	-0.39
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	-0.49

Over the past year, the inverse relationship between DOG and XLU has weakened: their correlation has moved from -0.49 to -0.26, meaning they move in opposite directions less often than they have historically.

DOG vs. XLU - Sectors Allocation Comparison

Sectors	DOG	XLU
Financial Services	91.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	100.0%

Return for Risk

DOG vs. XLU — 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: 1
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 2
DOG Martin Ratio Rank: 2

XLU

XLU Risk / Return Rank: 26
XLU Sharpe Ratio Rank: 26
XLU Sortino Ratio Rank: 24
XLU Omega Ratio Rank: 24
XLU Calmar Ratio Rank: 30
XLU Martin Ratio Rank: 24

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. XLU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Dow30 (DOG) and State Street Utilities Select Sector SPDR ETF (XLU). 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	XLU	Difference
Sharpe ratio: Return per unit of total volatility	-1.01	0.81	-1.83
Sortino ratio: Return per unit of downside risk	-1.37	1.18	-2.55
Omega ratio: Gain probability vs. loss probability	0.85	1.15	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.84	1.30	-2.14
Martin ratio: Return relative to average drawdown	-1.38	2.80	-4.18

DOG vs. XLU - Sharpe Ratio Comparison

The current DOG Sharpe Ratio is -1.01, which is lower than the XLU Sharpe Ratio of 0.81. The chart below compares the historical Sharpe Ratios of DOG and XLU, 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. XLU - Drawdown Comparison

The maximum DOG drawdown since its inception was -92.73%, which is greater than XLU's maximum drawdown of -51.98%. Use the drawdown chart below to compare losses from any high point for DOG and XLU.

Drawdown Indicators

	DOG	XLU	Difference
Max Drawdown Largest peak-to-trough decline	-92.73%	-51.98%	-40.75%
Max Drawdown (1Y) Largest decline over 1 year	-15.09%	-9.18%	-5.91%
Max Drawdown (3Y) Largest decline over 3 years	-29.16%	-17.26%	-11.90%
Max Drawdown (5Y) Largest decline over 5 years	-34.35%	-25.26%	-9.09%
Max Drawdown (10Y) Largest decline over 10 years	-70.95%	-36.07%	-34.88%
Current Drawdown Current decline from peak	-92.67%	-6.05%	-86.62%
Average Drawdown Average peak-to-trough decline	-66.41%	-10.22%	-56.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.18%	4.25%	+4.93%

Volatility

DOG vs. XLU - Volatility Comparison

The current volatility for ProShares Short Dow30 (DOG) is 4.36%, while State Street Utilities Select Sector SPDR ETF (XLU) has a volatility of 5.59%. This indicates that DOG experiences smaller price fluctuations and is considered to be less risky than XLU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOG	XLU	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.36%	5.59%	-1.23%
Volatility (6M) Calculated over the trailing 6-month period	9.87%	11.68%	-1.81%
Volatility (1Y) Calculated over the trailing 1-year period	12.56%	14.66%	-2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.86%	17.34%	-2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.51%	19.27%	-1.76%

DOG vs. XLU - Expense Ratio Comparison

DOG has a 0.95% expense ratio, which is higher than XLU's 0.08% expense ratio.

Dividends

DOG vs. XLU - Dividend Comparison

DOG's dividend yield for the trailing twelve months is around 3.52%, more than XLU's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOG ProShares Short Dow30	3.52%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%	0.00%	0.00%
XLU State Street Utilities Select Sector SPDR ETF	2.67%	2.71%	2.96%	3.39%	2.92%	2.79%	3.14%	2.95%	3.33%	3.33%	3.41%	3.67%

Frequently Asked Questions

Can I hold both DOG and XLU in my portfolio?

DOG and XLU have a correlation of -0.26, 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 XLU?

XLU has higher volatility (5.59%) compared to DOG (4.36%). In terms of maximum drawdown, DOG dropped -92.73% vs XLU's -51.98%.

Which ETF is better, DOG or XLU?

On 10-year performance, XLU leads with 9.20% vs -11.31% for DOG. On fees, XLU is cheaper at 0.08% per year. On volatility, DOG has been the lower-risk option at 4.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DOG or XLU?

Over the 10-year period, XLU has performed better with a 9.20% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DOG or XLU?

XLU is cheaper with a 0.08% expense ratio, compared with 0.95% for DOG.

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

DOG has the higher dividend yield at 3.52%, compared with 2.67% for XLU.

What is the main difference between DOG and XLU?

DOG is categorized as Inverse Equities, while XLU is Utilities Equities. DOG tracks DJ Industrial Average (-100%), while XLU tracks Utilities Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for DOG and 0.08% for XLU.

Which has better risk-adjusted returns?

XLU currently has the higher Sharpe Ratio (0.81 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.