MSFD vs. DOG
MSFD (Direxion Daily MSFT Bear 1X Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 3 years, MSFD returned -7.16%/yr vs -8.28%/yr for DOG. At a 0.48 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 0.95%/yr for DOG.
Performance
MSFD vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a 10.43% return, which is significantly higher than DOG's -4.15% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
MSFD vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | -13.36% | -7.86% | -35.90% | 3.88% |
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.05% | -4.87% |
Correlation
The correlation between MSFD and DOG is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.48 |
The correlation between MSFD and DOG shifts across timeframes, from 0.31 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSFD vs. DOG — Risk / Return Rank
MSFD
DOG
MSFD vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) 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.
| MSFD | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.35 | ||
| Sortino ratioReturn per unit of downside risk | +2.06 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.84 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | -0.87 | +1.19 |
| Martin ratioReturn relative to average drawdown | 0.89 | -1.43 | +2.33 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSFD | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | -1.05 | +1.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.36 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.57 | +0.06 |
Drawdowns
MSFD vs. DOG - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum DOG drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for MSFD and DOG.
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Drawdown Indicators
| MSFD | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -92.69% | +32.79% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -14.63% | -8.62% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -28.77% | -11.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.99% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -50.20% | -92.61% | +42.41% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -66.39% | +24.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 8.89% | -0.49% |
Volatility
MSFD vs. DOG - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.12% compared to ProShares Short Dow30 (DOG) at 2.98%. This indicates that MSFD'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.
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Volatility by Period
| MSFD | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | 2.98% | +7.14% |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | 9.37% | +12.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 12.13% | +13.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 14.79% | +11.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 17.49% | +8.66% |
MSFD vs. DOG - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than DOG's 0.95% expense ratio.
Dividends
MSFD vs. DOG - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.83%, less than DOG's 3.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.49% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
MSFD Direxion Daily MSFT Bear 1X Shares | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSFD and DOG have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to DOG (2.98%). In terms of maximum drawdown, MSFD dropped -59.90% vs DOG's -92.69%.
On 3-year performance, MSFD leads with -7.16% vs -8.28% for DOG. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 2.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -7.16% return vs -8.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
DOG has the higher dividend yield at 3.49%, compared with 2.83% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MSFD and 0.95% for DOG.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.05), 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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