DXD vs. RAFE
DXD (ProShares UltraShort Dow30) and RAFE (PIMCO RAFI ESG U.S. ETF) are both exchange-traded funds - DXD is a Leveraged Equities fund tracking the Dow Jones Industrial Average Index (-200%), while RAFE is a Large Cap Blend Equities fund tracking the RAFI ESG US Index. Both are passively managed. Over the past 5 years, DXD returned -15.77%/yr vs 11.13%/yr for RAFE. At a correlation of -0.91, they often move in opposite directions. DXD charges 0.95%/yr vs 0.30%/yr for RAFE.
Performance
DXD vs. RAFE - Performance Comparison
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Returns By Period
In the year-to-date period, DXD achieves a -14.35% return, which is significantly lower than RAFE's 13.50% return.
DXD
- 1D
- -1.47%
- 1M
- -5.67%
- YTD
- -14.35%
- 6M
- -11.86%
- 1Y
- -29.25%
- 3Y*
- -22.27%
- 5Y*
- -15.77%
- 10Y*
- -25.32%
RAFE
- 1D
- 0.04%
- 1M
- 2.27%
- YTD
- 13.50%
- 6M
- 12.30%
- 1Y
- 28.30%
- 3Y*
- 19.09%
- 5Y*
- 11.13%
- 10Y*
- —
DXD vs. RAFE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | -14.35% | -21.11% | -16.07% | -18.77% | 7.09% | -35.18% | -44.57% | -1.69% |
RAFE PIMCO RAFI ESG U.S. ETF | 13.50% | 17.60% | 13.81% | 18.80% | -13.76% | 30.16% | 5.29% | 0.43% |
Correlation
The correlation between DXD and RAFE is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.89 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2019 | -0.91 |
The correlation between DXD and RAFE has been stable across timeframes, ranging from -0.91 to -0.89 - a consistent structural relationship.
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Return for Risk
DXD vs. RAFE — Risk / Return Rank
DXD
RAFE
DXD vs. RAFE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Dow30 (DXD) and PIMCO RAFI ESG U.S. ETF (RAFE). 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 | RAFE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.66 | ||
| Sortino ratioReturn per unit of downside risk | -5.15 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.44 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.81 | -4.81 |
| Martin ratioReturn relative to average drawdown | -1.71 | 14.74 | -16.45 |
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Drawdowns
DXD vs. RAFE - Drawdown Comparison
The maximum DXD drawdown since its inception was -99.71%, which is greater than RAFE's maximum drawdown of -35.74%. Use the drawdown chart below to compare losses from any high point for DXD and RAFE.
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Drawdown Indicators
| DXD | RAFE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.71% | -35.74% | -63.97% |
Max Drawdown (1Y)Largest decline over 1 year | -29.50% | -7.46% | -22.04% |
Max Drawdown (3Y)Largest decline over 3 years | -57.68% | -16.36% | -41.32% |
Max Drawdown (5Y)Largest decline over 5 years | -66.02% | -24.28% | -41.74% |
Max Drawdown (10Y)Largest decline over 10 years | -94.76% | — | — |
Current DrawdownCurrent decline from peak | -99.71% | -1.21% | -98.50% |
Average DrawdownAverage peak-to-trough decline | -82.34% | -6.17% | -76.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.09% | 1.93% | +15.16% |
Volatility
DXD vs. RAFE - Volatility Comparison
ProShares UltraShort Dow30 (DXD) has a higher volatility of 8.35% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 3.71%. This indicates that DXD's price experiences larger fluctuations and is considered to be riskier than RAFE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DXD | RAFE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.35% | 3.71% | +4.64% |
Volatility (6M)Calculated over the trailing 6-month period | 19.78% | 8.70% | +11.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.91% | 11.51% | +13.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 29.59% | 15.10% | +14.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.91% | 19.39% | +15.52% |
DXD vs. RAFE - Expense Ratio Comparison
DXD has a 0.95% expense ratio, which is higher than RAFE's 0.30% expense ratio.
Dividends
DXD vs. RAFE - Dividend Comparison
DXD's dividend yield for the trailing twelve months is around 4.32%, more than RAFE's 1.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DXD ProShares UltraShort Dow30 | 4.32% | 4.25% | 5.91% | 3.87% | 0.25% | 0.00% | 0.31% | 1.76% | 1.15% | 0.12% |
RAFE PIMCO RAFI ESG U.S. ETF | 1.50% | 1.67% | 1.79% | 1.81% | 2.22% | 1.42% | 2.36% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DXD and RAFE have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DXD has higher volatility (8.35%) compared to RAFE (3.71%). In terms of maximum drawdown, DXD dropped -99.71% vs RAFE's -35.74%.
On 5-year performance, RAFE leads with 11.13% vs -15.77% for DXD. On fees, RAFE is cheaper at 0.30% per year. On volatility, RAFE has been the lower-risk option at 3.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, RAFE has performed better with a 11.13% return vs -15.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAFE is cheaper with a 0.30% expense ratio, compared with 0.95% for DXD.
DXD has the higher dividend yield at 4.32%, compared with 1.50% for RAFE.
DXD is categorized as Leveraged Equities, while RAFE is Large Cap Blend Equities. DXD tracks Dow Jones Industrial Average Index (-200%), while RAFE tracks RAFI ESG US Index. They also come from different issuers: ProShares and PIMCO. Their fees differ too: 0.95% for DXD and 0.30% for RAFE.
RAFE currently has the higher Sharpe Ratio (2.48 vs -1.18), 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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