DXD vs. DOG

Last updated Jun 24, 2026

DXD (ProShares UltraShort Dow30) and DOG (ProShares Short Dow30) are both exchange-traded funds - DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%), while DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, DXD returned -25.21%/yr vs -11.50%/yr for DOG. With a 0.99 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

DXD vs. DOG - Performance Comparison

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

Returns By Period

In the year-to-date period, DXD achieves a -13.08% return, which is significantly lower than DOG's -5.77% return. Over the past 10 years, DXD has underperformed DOG with an annualized return of -25.21%, while DOG has yielded a comparatively higher -11.50% annualized return.

DXD

• 1D: 0.11%
• 1M: -4.27%
• YTD: -13.08%
• 6M: -11.52%
• 1Y: -29.87%
• 3Y*: -21.88%
• 5Y*: -15.78%
• 10Y*: -25.21%

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%

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

DXD vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	-13.08%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-35.33%	3.07%	-38.64%
DOG ProShares Short Dow30	-5.77%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%

Correlation

The correlation between DXD and DOG is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Jul 13, 2006	0.99

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

DXD vs. DOG - Sectors Allocation Comparison

Sectors	DXD	DOG
Financial Services	94.2%	82.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DXD vs. DOG — Risk / Return Rank

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

DXD

DXD Risk / Return Rank: 1
DXD Sharpe Ratio Rank: 0
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 0
DXD Martin Ratio Rank: 0

DOG

DOG Risk / Return Rank: 1
DOG Sharpe Ratio Rank: 1
DOG Sortino Ratio Rank: 1
DOG Omega Ratio Rank: 1
DOG Calmar Ratio Rank: 0
DOG Martin Ratio Rank: 0

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.

DXD vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and ProShares Short Dow30 (DOG). 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.

	DXD	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	-1.16	-0.05
Sortino ratio: Return per unit of downside risk	-1.72	-1.57	-0.15
Omega ratio: Gain probability vs. loss probability	0.81	0.82	-0.02
Calmar ratio: Return relative to maximum drawdown	-1.02	-1.02	0.00
Martin ratio: Return relative to average drawdown	-1.76	-1.82	+0.06

DXD vs. DOG - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.20, which is comparable to the DOG Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of DXD and DOG, 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

DXD vs. DOG - Drawdown Comparison

The maximum DXD drawdown since its inception was -99.71%, which is greater than DOG's maximum drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for DXD and DOG.

Drawdown Indicators

	DXD	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-92.79%	-6.92%
Max Drawdown (1Y) Largest decline over 1 year	-29.50%	-14.12%	-15.38%
Max Drawdown (3Y) Largest decline over 3 years	-57.68%	-29.71%	-27.97%
Max Drawdown (5Y) Largest decline over 5 years	-66.02%	-34.86%	-31.16%
Max Drawdown (10Y) Largest decline over 10 years	-94.76%	-71.17%	-23.59%
Current Drawdown Current decline from peak	-99.71%	-92.73%	-6.98%
Average Drawdown Average peak-to-trough decline	-82.33%	-66.45%	-15.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.49%	8.69%	+9.80%

Volatility

DXD vs. DOG - Volatility Comparison

ProShares UltraShort Dow30 (DXD) has a higher volatility of 8.30% compared to ProShares Short Dow30 (DOG) at 4.15%. This indicates that DXD's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DXD	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.30%	4.15%	+4.15%
Volatility (6M) Calculated over the trailing 6-month period	19.74%	9.86%	+9.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.93%	12.45%	+12.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.60%	14.83%	+14.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.91%	17.49%	+17.42%

DXD vs. DOG - Expense Ratio Comparison

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

Dividends

DXD vs. DOG - Dividend Comparison

DXD's dividend yield for the trailing twelve months is around 4.26%, more than DOG's 3.55% 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%
DXD ProShares UltraShort Dow30	4.26%	4.25%	5.91%	3.87%	0.25%	0.00%	0.31%	1.76%	1.15%	0.12%

Frequently Asked Questions

Can I hold both DXD and DOG in my portfolio?

With a correlation of 1.00, DXD and DOG move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DXD or DOG?

DXD has higher volatility (8.30%) compared to DOG (4.15%). In terms of maximum drawdown, DXD dropped -99.71% vs DOG's -92.79%.

Which ETF is better, DXD or DOG?

On 10-year performance, DOG leads with -11.50% vs -25.21% for DXD. Both ETFs have the same 0.95% expense ratio. 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.

Which ETF has performed better, DXD or DOG?

Over the 10-year period, DOG has performed better with a -11.50% return vs -25.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or DOG?

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

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

DXD has the higher dividend yield at 4.26%, compared with 3.55% for DOG.

What is the main difference between DXD and DOG?

DXD is categorized as Leveraged Equities, while DOG is Inverse Equities. DXD tracks Dow Jones Industrial Average Index (-200%), while DOG tracks DJ Industrial Average (-100%).

Which has better risk-adjusted returns?

DOG currently has the higher Sharpe Ratio (-1.16 vs -1.20), 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.