OILD vs. DOG

Last updated Jul 16, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and DOG (ProShares Short Dow30) are both Inverse Equities funds - OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 3 years, OILD returned -44.47%/yr vs -8.85%/yr for DOG. At a 0.34 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

OILD vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -57.86% return, which is significantly lower than DOG's -7.18% return.

OILD

• 1D: 2.48%
• 1M: -7.04%
• 6M: -47.85%
• YTD: -57.86%
• 1Y: -65.56%
• 3Y*: -44.47%
• 5Y*: —
• 10Y*: —

DOG

• 1D: -0.23%
• 1M: -1.31%
• 6M: -5.20%
• YTD: -7.18%
• 1Y: -13.09%
• 3Y*: -8.85%
• 5Y*: -5.91%
• 10Y*: -11.07%

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

OILD vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-57.86%	-41.67%	-14.58%	-19.58%	-90.32%	3.83%
DOG ProShares Short Dow30	-7.18%	-8.40%	-5.62%	-7.05%	5.67%	-0.60%

Correlation

The correlation between OILD and DOG is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.34

The correlation between OILD and DOG shifts across timeframes, from -0.06 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

OILD vs. DOG - Sectors Allocation Comparison

Sectors	OILD	DOG
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	90.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

OILD vs. DOG — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 1
OILD Omega Ratio Rank: 1
OILD Calmar Ratio Rank: 2
OILD Martin Ratio Rank: 2

DOG

DOG Risk / Return Rank: 1
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) 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.

OILD vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.07	+0.03
Sortino ratio: Return per unit of downside risk	-1.91	-1.44	-0.47
Omega ratio: Gain probability vs. loss probability	0.80	0.84	-0.03
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.87	-0.01
Martin ratio: Return relative to average drawdown	-1.39	-1.62	+0.23

OILD vs. DOG - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.04, which is comparable to the DOG Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of OILD 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

OILD vs. DOG - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, which is greater than DOG's maximum drawdown of -92.90%. Use the drawdown chart below to compare losses from any high point for OILD and DOG.

Drawdown Indicators

	OILD	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-92.90%	-6.00%
Max Drawdown (1Y) Largest decline over 1 year	-74.53%	-15.02%	-59.51%
Max Drawdown (3Y) Largest decline over 3 years	-86.29%	-30.86%	-55.43%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.07%	—
Current Drawdown Current decline from peak	-98.63%	-92.84%	-5.79%
Average Drawdown Average peak-to-trough decline	-88.80%	-66.52%	-22.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.08%	8.09%	+38.99%

Volatility

OILD vs. DOG - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 22.10% compared to ProShares Short Dow30 (DOG) at 2.57%. This indicates that OILD'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

	OILD	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.10%	2.57%	+19.53%
Volatility (6M) Calculated over the trailing 6-month period	50.10%	9.77%	+40.33%
Volatility (1Y) Calculated over the trailing 1-year period	63.18%	12.34%	+50.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.25%	14.83%	+64.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.25%	17.47%	+61.78%

OILD vs. DOG - Expense Ratio Comparison

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

Dividends

OILD vs. DOG - Dividend Comparison

OILD has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DOG ProShares Short Dow30	3.40%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	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 OILD and DOG in my portfolio?

OILD and DOG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or DOG?

OILD has higher volatility (22.10%) compared to DOG (2.57%). In terms of maximum drawdown, OILD dropped -98.90% vs DOG's -92.90%.

Which ETF is better, OILD or DOG?

On 3-year performance, DOG leads with -8.85% vs -44.47% for OILD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or DOG?

Over the 3-year period, DOG has performed better with a -8.85% return vs -44.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or DOG?

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

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

DOG has the higher dividend yield at 3.40%, compared with 0.00% for OILD.

What is the main difference between OILD and DOG?

OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: REX and ProShares.

Which has better risk-adjusted returns?

OILD currently has the higher Sharpe Ratio (-1.04 vs -1.07), 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.