GDXD vs. DOG

Last updated Aug 2, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and DOG (ProShares Short Dow30) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 5 years, GDXD returned -73.29%/yr vs -5.65%/yr for DOG. Their 0.29 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

GDXD vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) 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, GDXD achieves a -42.32% return, which is significantly lower than DOG's -6.75% return.

GDXD

• 1D: 10.48%
• 1M: 10.38%
• 6M: -10.42%
• YTD: -42.32%
• 1Y: -91.93%
• 3Y*: -83.55%
• 5Y*: -73.29%
• 10Y*: —
• ALL TIME*: -70.78%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DOG ProShares Short Dow30	$40.27M	$36.96M	$41.35M
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040	$19.58M	$21.95M	$29.87M

GDXD vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040	-42.32%	-97.53%	-57.78%	-52.35%	-52.56%	-19.71%	-13.10%
DOG ProShares Short Dow30	-6.75%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-2.44%

Correlation

The correlation between GDXD and DOG is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.27
Correlation (5Y) Shows whether the relationship held over a longer period.	0.28
Correlation (All Time) Calculated using the full available price history since Dec 3, 2020	0.29

The correlation between GDXD and DOG shifts across timeframes, from 0.27 (3 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

GDXD vs. DOG - Sectors Allocation Comparison

Sectors	GDXD	DOG
Basic Materials	100.0%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	82.8%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

GDXD vs. DOG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GDXD

GDXD Risk / Return Rank: 2
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 0
GDXD Martin Ratio Rank: 4

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: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GDXD vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) 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.

	GDXD	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	-1.01	+0.38
Sortino ratio: Return per unit of downside risk	-1.50	-1.38	-0.12
Omega ratio: Gain probability vs. loss probability	0.84	0.85	0.00
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.85	-0.11
Martin ratio: Return relative to average drawdown	-1.11	-1.48	+0.37

GDXD vs. DOG - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.63, which is higher than the DOG Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of GDXD 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

GDXD vs. DOG - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than DOG's maximum drawdown of -92.90%. Use the drawdown chart below to compare losses from any high point for GDXD and DOG.

Drawdown Indicators

	GDXD	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-92.90%	-7.06%
Max Drawdown (1Y) Largest decline over 1 year	-95.95%	-15.02%	-80.93%
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	-30.86%	-69.00%
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	-35.93%	-64.03%
Max Drawdown (10Y) Largest decline over 10 years	—	-70.07%	—
Current Drawdown Current decline from peak	-99.92%	-92.81%	-7.11%
Average Drawdown Average peak-to-trough decline	-72.59%	-66.59%	-6.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	83.56%	8.60%	+74.96%

Volatility

GDXD vs. DOG - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to ProShares Short Dow30 (DOG) at 3.74%. This indicates that GDXD'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

	GDXD	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.76%	3.74%	+37.02%
Volatility (6M) Calculated over the trailing 6-month period	118.25%	9.94%	+108.31%
Volatility (1Y) Calculated over the trailing 1-year period	146.68%	12.59%	+134.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.62%	14.83%	+97.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.97%	17.49%	+93.48%

GDXD vs. DOG - Expense Ratio Comparison

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

Dividends

GDXD vs. DOG - Dividend Comparison

GDXD has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.38%.

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%
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDXD and DOG in my portfolio?

GDXD and DOG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or DOG?

GDXD has higher volatility (40.76%) compared to DOG (3.74%). In terms of maximum drawdown, GDXD dropped -99.96% vs DOG's -92.90%.

Which ETF is better, GDXD or DOG?

On 5-year performance, DOG leads with -5.65% vs -73.29% for GDXD. 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.

Which ETF has performed better, GDXD or DOG?

Over the 5-year period, DOG has performed better with a -5.65% return vs -73.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or DOG?

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

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

DOG has the higher dividend yield at 3.38%, compared with 0.00% for GDXD.

What is the main difference between GDXD and DOG?

GDXD tracks S-Network MicroSectors Gold Miners Index, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

GDXD currently has the higher Sharpe Ratio (-0.63 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.