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PSQ vs. DOG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PSQ vs. DOG

Last updated Jul 26, 2026
Documentation

PSQ (ProShares Short QQQ) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, PSQ returned -18.24%/yr vs -10.95%/yr for DOG. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

PSQ vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and ProShares Short Dow30 (DOG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, PSQ achieves a -9.40% return, which is significantly lower than DOG's -5.76% return. Over the past 10 years, PSQ has underperformed DOG with an annualized return of -18.24%, while DOG has yielded a comparatively higher -10.95% annualized return.

PSQ

1D
1.24%
1M
3.29%
6M
-8.43%
YTD
-9.40%
1Y
-14.90%
3Y*
-15.13%
5Y*
-11.48%
10Y*
-18.24%
ALL TIME*
-16.37%

DOG

1D
-0.41%
1M
0.00%
6M
-3.96%
YTD
-5.76%
1Y
-10.14%
3Y*
-7.62%
5Y*
-5.39%
10Y*
-10.95%
ALL TIME*
-10.30%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DOG

ProShares Short Dow30
$37.92M$36.15M$41.73M

PSQ

ProShares Short QQQ
$226.69M$197.67M$213.88M

PSQ vs. DOG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
PSQ
ProShares Short QQQ		-9.40%-15.51%-15.68%-32.01%36.40%-24.84%-41.23%-27.49%-2.34%-24.77%
DOG
ProShares Short Dow30		-5.76%-8.40%-5.62%-7.05%5.67%-19.21%-20.45%-18.43%3.55%-21.51%

Correlation

The correlation between PSQ and DOG is 0.63, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.63

Correlation (3Y)
Balances recent behavior with more history.

0.65

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.71

Correlation (10Y)
Provides a long-term view across more market conditions.

0.71

Correlation (All Time)
Calculated using the full available price history since Jun 21, 2006

0.76

The correlation between PSQ and DOG shifts across timeframes, from 0.63 (1 year) to 0.76 (all time), reflecting how their relationship changes across market environments.

PSQ vs. DOG - Sectors Allocation Comparison

Sectors
PSQ
DOG

Financial Services

63.0%
96.3%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

PSQ
63.0%
DOG
96.3%

Basic Materials

PSQ

-

DOG

-

Communication Services

PSQ

-

DOG

-

Consumer Cyclical

PSQ

-

DOG

-

Consumer Defensive

PSQ

-

DOG

-

Energy

PSQ

-

DOG

-

Healthcare

PSQ

-

DOG

-

Industrials

PSQ

-

DOG

-

Real Estate

PSQ

-

DOG

-

Technology

PSQ

-

DOG

-

Utilities

PSQ

-

DOG

-

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ProShares Short QQQ

ProShares Short Dow30

Often compared with PSQ:
PSQ vs. SQQQPSQ vs. QQQPSQ vs. QIDPSQ vs. SPXUPSQ vs. TQQQPSQ vs. SPYPSQ vs. QLD
Often compared with DOG:
DOG vs. DXDDOG vs. SHDOG vs. DIADOG vs. UDOWDOG vs. TZADOG vs. SPYDOG vs. SDOW

Return for Risk

PSQ vs. DOG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PSQ
PSQ Risk / Return Rank: 44
Overall Rank
PSQ Sharpe Ratio Rank: 33
Sharpe Ratio Rank
PSQ Sortino Ratio Rank: 44
Sortino Ratio Rank
PSQ Omega Ratio Rank: 44
Omega Ratio Rank
PSQ Calmar Ratio Rank: 55
Calmar Ratio Rank
PSQ Martin Ratio Rank: 44
Martin Ratio Rank
DOG
DOG Risk / Return Rank: 33
Overall Rank
DOG Sharpe Ratio Rank: 33
Sharpe Ratio Rank
DOG Sortino Ratio Rank: 33
Sortino Ratio Rank
DOG Omega Ratio Rank: 44
Omega Ratio Rank
DOG Calmar Ratio Rank: 44
Calmar Ratio Rank
DOG Martin Ratio Rank: 33
Martin Ratio Rank
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.

PSQ vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) 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.

PSQDOGDifference
Sharpe ratioReturn per unit of total volatility
-0.80
-0.86

+0.06

Sortino ratioReturn per unit of downside risk
-1.09
-1.13

+0.04

Omega ratioGain probability vs. loss probability

0.88

0.87

+0.01

Calmar ratioReturn relative to maximum drawdown

-0.61

-0.70

+0.09

Martin ratioReturn relative to average drawdown

-1.21

-1.25

+0.05

PSQ vs. DOG - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -0.80, which is comparable to the DOG Sharpe Ratio of -0.86. The chart below compares the historical Sharpe Ratios of PSQ 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.

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Drawdowns

PSQ vs. DOG - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, which is greater than DOG's maximum drawdown of -92.90%. Use the drawdown chart below to compare losses from any high point for PSQ and DOG.

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Drawdown Indicators

PSQDOGDifference

Max Drawdown

Largest peak-to-trough decline

-98.26%

-92.90%

-5.36%

Max Drawdown (1Y)

Largest decline over 1 year

-24.83%

-15.02%

-9.81%

Max Drawdown (3Y)

Largest decline over 3 years

-49.65%

-30.86%

-18.79%

Max Drawdown (5Y)

Largest decline over 5 years

-60.91%

-35.93%

-24.98%

Max Drawdown (10Y)

Largest decline over 10 years

-87.66%

-70.07%

-17.59%

Current Drawdown

Current decline from peak

-98.10%

-92.73%

-5.37%

Average Drawdown

Average peak-to-trough decline

-74.13%

-66.56%

-7.57%

Ulcer Index

Depth and duration of drawdowns from previous peaks

12.49%

8.39%

+4.10%

Volatility

PSQ vs. DOG - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 6.79% compared to ProShares Short Dow30 (DOG) at 2.63%. This indicates that PSQ'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

PSQDOGDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.79%

2.63%

+4.16%

Volatility (6M)

Calculated over the trailing 6-month period

15.54%

9.62%

+5.92%

Volatility (1Y)

Calculated over the trailing 1-year period

18.94%

12.32%

+6.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.86%

14.78%

+8.08%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

22.42%

17.47%

+4.95%

PSQ vs. DOG - Expense Ratio Comparison

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

Dividends

PSQ vs. DOG - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.23%, more than DOG's 3.35% yield.

PositionTTM202520242023202220212020201920182017
DOG
ProShares Short Dow30		3.35%3.65%5.72%4.54%0.41%0.00%0.14%1.54%0.86%0.04%
PSQ
ProShares Short QQQ		4.23%4.97%7.15%6.01%0.35%0.00%0.31%1.75%0.95%0.02%

Frequently Asked Questions

PSQ and DOG have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

PSQ has higher volatility (6.79%) compared to DOG (2.63%). In terms of maximum drawdown, PSQ dropped -98.26% vs DOG's -92.90%.

On 10-year performance, DOG leads with -10.95% vs -18.24% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 2.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, DOG has performed better with a -10.95% return vs -18.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

PSQ has the higher dividend yield at 4.23%, compared with 3.35% for DOG.

PSQ tracks NASDAQ-100 Index (-100%), while DOG tracks DJ Industrial Average (-100%).

PSQ currently has the higher Sharpe Ratio (-0.80 vs -0.86), 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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