DXD vs. RAFE

Last updated Jun 5, 2026

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 -15.22%/yr vs 10.89%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Dow30 (DXD) and PIMCO RAFI ESG U.S. ETF (RAFE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DXD achieves a -12.68% return, which is significantly lower than RAFE's 14.19% return.

DXD

• 1D: -3.26%
• 1M: -8.53%
• YTD: -12.68%
• 6M: -12.95%
• 1Y: -29.82%
• 3Y*: -21.86%
• 5Y*: -15.22%
• 10Y*: -24.78%

RAFE

• 1D: 0.74%
• 1M: 7.08%
• YTD: 14.19%
• 6M: 15.21%
• 1Y: 32.60%
• 3Y*: 20.03%
• 5Y*: 10.89%
• 10Y*: —

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

DXD vs. RAFE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
DXD ProShares UltraShort Dow30	-12.68%	-21.11%	-16.07%	-18.77%	7.09%	-35.18%	-44.57%	-0.83%
RAFE PIMCO RAFI ESG U.S. ETF	14.19%	17.60%	13.81%	18.80%	-13.76%	30.16%	5.29%	0.55%

Correlation

The correlation between DXD and RAFE is -0.90, 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	-0.90
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 20, 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.

DXD vs. RAFE - Sectors Allocation Comparison

Sectors	DXD	RAFE
Financial Services	85.4%	13.3%
Basic Materials	-	4.2%
Communication Services	-	7.2%
Consumer Cyclical	-	6.5%
Consumer Defensive	-	7.7%
Energy	-	-
Healthcare	-	23.1%
Industrials	-	5.0%
Real Estate	-	2.7%
Technology	-	29.8%
Utilities	-	0.6%

Return for Risk

DXD vs. RAFE — 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: 1
DXD Sortino Ratio Rank: 1
DXD Omega Ratio Rank: 1
DXD Calmar Ratio Rank: 1
DXD Martin Ratio Rank: 1

RAFE

RAFE Risk / Return Rank: 86
RAFE Sharpe Ratio Rank: 88
RAFE Sortino Ratio Rank: 89
RAFE Omega Ratio Rank: 85
RAFE Calmar Ratio Rank: 83
RAFE Martin Ratio Rank: 84

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. 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.

	DXD	RAFE	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	2.89	-4.11
Sortino ratio: Return per unit of downside risk	-1.75	4.02	-5.77
Omega ratio: Gain probability vs. loss probability	0.80	1.51	-0.71
Calmar ratio: Return relative to maximum drawdown	-0.97	4.39	-5.36
Martin ratio: Return relative to average drawdown	-1.59	17.14	-18.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DXD vs. RAFE - Sharpe Ratio Comparison

The current DXD Sharpe Ratio is -1.22, which is lower than the RAFE Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of DXD and RAFE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DXD	RAFE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	2.89	-4.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.52	0.73	-1.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.71	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.65	0.65	-1.30

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.

Drawdown Indicators

	DXD	RAFE	Difference
Max Drawdown Largest peak-to-trough decline	-99.71%	-35.74%	-63.97%
Max Drawdown (1Y) Largest decline over 1 year	-30.82%	-7.46%	-23.36%
Max Drawdown (3Y) Largest decline over 3 years	-56.86%	-16.36%	-40.50%
Max Drawdown (5Y) Largest decline over 5 years	-65.36%	-24.28%	-41.08%
Max Drawdown (10Y) Largest decline over 10 years	-94.66%	—	—
Current Drawdown Current decline from peak	-99.71%	0.00%	-99.71%
Average Drawdown Average peak-to-trough decline	-82.31%	-6.21%	-76.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.74%	1.91%	+16.83%

Volatility

DXD vs. RAFE - Volatility Comparison

ProShares UltraShort Dow30 (DXD) has a higher volatility of 6.61% compared to PIMCO RAFI ESG U.S. ETF (RAFE) at 2.89%. 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.

Volatility by Period

	DXD	RAFE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.61%	2.89%	+3.72%
Volatility (6M) Calculated over the trailing 6-month period	19.06%	8.27%	+10.79%
Volatility (1Y) Calculated over the trailing 1-year period	24.48%	11.34%	+13.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.52%	15.09%	+14.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.92%	19.43%	+15.49%

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 4.24%, more than RAFE's 1.49% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DXD ProShares UltraShort Dow30	4.24%	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	1.49%	1.67%	1.79%	1.81%	2.22%	1.42%	2.36%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DXD and RAFE in my portfolio?

DXD and RAFE have a correlation of -0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DXD or RAFE?

DXD has higher volatility (6.61%) compared to RAFE (2.89%). In terms of maximum drawdown, DXD dropped -99.71% vs RAFE's -35.74%.

Which ETF is better, DXD or RAFE?

On 5-year performance, RAFE leads with 10.89% vs -15.22% for DXD. On fees, RAFE is cheaper at 0.30% per year. On volatility, RAFE has been the lower-risk option at 2.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DXD or RAFE?

Over the 5-year period, RAFE has performed better with a 10.89% return vs -15.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DXD or RAFE?

RAFE is cheaper with a 0.30% expense ratio, compared with 0.95% for DXD.

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

DXD has the higher dividend yield at 4.24%, compared with 1.49% for RAFE.

What is the main difference between DXD and 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.

Which has better risk-adjusted returns?

RAFE currently has the higher Sharpe Ratio (2.89 vs -1.22), 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.