SDD vs. DOG
SDD (ProShares UltraShort SmallCap600) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - SDD tracks the S&P Small Cap 600 (-200%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, SDD returned -27.79%/yr vs -11.50%/yr for DOG. A 0.77 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
SDD vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -30.11% return, which is significantly lower than DOG's -5.82% return. Over the past 10 years, SDD has underperformed DOG with an annualized return of -27.79%, while DOG has yielded a comparatively higher -11.50% annualized return.
SDD
- 1D
- -0.48%
- 1M
- -8.66%
- YTD
- -30.11%
- 6M
- -26.49%
- 1Y
- -46.17%
- 3Y*
- -26.64%
- 5Y*
- -16.61%
- 10Y*
- -27.79%
DOG
- 1D
- -0.27%
- 1M
- -2.05%
- YTD
- -5.82%
- 6M
- -5.09%
- 1Y
- -15.17%
- 3Y*
- -8.99%
- 5Y*
- -6.11%
- 10Y*
- -11.50%
SDD vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -30.11% | -14.69% | -13.60% | -25.99% | 20.50% | -46.57% | -55.11% | -36.30% | 14.10% | -25.45% |
DOG ProShares Short Dow30 | -5.82% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between SDD and DOG is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.78 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.75 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007 | 0.77 |
The correlation between SDD and DOG has been stable across timeframes, ranging from 0.75 to 0.81 - a consistent structural relationship.
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Return for Risk
SDD vs. DOG — Risk / Return Rank
SDD
DOG
SDD vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.81 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.03 | -1.02 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.77 | -1.76 | -0.01 |
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Drawdowns
SDD vs. DOG - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than DOG's maximum drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for SDD and DOG.
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Drawdown Indicators
| SDD | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -92.79% | -7.14% |
Max Drawdown (1Y)Largest decline over 1 year | -44.75% | -14.95% | -29.80% |
Max Drawdown (3Y)Largest decline over 3 years | -66.92% | -29.71% | -37.21% |
Max Drawdown (5Y)Largest decline over 5 years | -69.23% | -34.86% | -34.37% |
Max Drawdown (10Y)Largest decline over 10 years | -96.39% | -71.17% | -25.22% |
Current DrawdownCurrent decline from peak | -99.93% | -92.74% | -7.19% |
Average DrawdownAverage peak-to-trough decline | -86.93% | -66.44% | -20.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.82% | 9.43% | +18.39% |
Volatility
SDD vs. DOG - Volatility Comparison
ProShares UltraShort SmallCap600 (SDD) has a higher volatility of 9.33% compared to ProShares Short Dow30 (DOG) at 4.17%. This indicates that SDD'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
| SDD | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.33% | 4.17% | +5.16% |
Volatility (6M)Calculated over the trailing 6-month period | 24.62% | 9.86% | +14.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.33% | 12.47% | +23.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.19% | 14.84% | +28.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.18% | 17.52% | +27.66% |
SDD vs. DOG - Expense Ratio Comparison
Both SDD and DOG have an expense ratio of 0.95%.
Dividends
SDD vs. DOG - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.65%, more than DOG's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.55% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
SDD ProShares UltraShort SmallCap600 | 6.65% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% | 0.00% |
Frequently Asked Questions
SDD and DOG have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SDD has higher volatility (9.33%) compared to DOG (4.17%). In terms of maximum drawdown, SDD dropped -99.93% vs DOG's -92.79%.
On 10-year performance, DOG leads with -11.50% vs -27.79% for SDD. Both ETFs have the same 0.95% expense ratio. On volatility, DOG has been the lower-risk option at 4.17%. 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 -11.50% return vs -27.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD and DOG have the same expense ratio: 0.95% per year.
SDD has the higher dividend yield at 6.65%, compared with 3.55% for DOG.
SDD tracks S&P Small Cap 600 (-200%), while DOG tracks DJ Industrial Average (-100%).
DOG currently has the higher Sharpe Ratio (-1.22 vs -1.28), 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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