SH vs. DOG

Last updated Jun 24, 2026

SH (ProShares Short S&P500) and DOG (ProShares Short Dow30) are both Inverse Equities funds from ProShares - SH tracks the S&P 500 Index (-100% daily) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, SH returned -12.90%/yr vs -11.50%/yr for DOG. Their correlation of 0.92 suggests significant overlap in exposure. SH charges 0.89%/yr vs 0.95%/yr for DOG.

Performance

SH vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short S&P500 (SH) and ProShares Short Dow30 (DOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with SH having a -5.55% return and DOG slightly lower at -5.77%. Over the past 10 years, SH has underperformed DOG with an annualized return of -12.90%, while DOG has yielded a comparatively higher -11.50% annualized return.

SH

• 1D: 1.41%
• 1M: 1.68%
• YTD: -5.55%
• 6M: -4.58%
• 1Y: -14.55%
• 3Y*: -11.90%
• 5Y*: -8.40%
• 10Y*: -12.90%

DOG

• 1D: 0.05%
• 1M: -2.00%
• YTD: -5.77%
• 6M: -4.85%
• 1Y: -14.33%
• 3Y*: -8.97%
• 5Y*: -5.91%
• 10Y*: -11.50%

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

SH vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SH ProShares Short S&P500	-5.55%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%
DOG ProShares Short Dow30	-5.77%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%

Correlation

The correlation between SH and DOG is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.87
Correlation (10Y) Calculated over the trailing 10-year period	0.89
Correlation (All Time) Calculated using the full available price history since Jun 21, 2006	0.92

The correlation between SH and DOG shifts across timeframes, from 0.81 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.

SH vs. DOG - Sectors Allocation Comparison

Sectors	SH	DOG
Financial Services	83.0%	82.9%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SH vs. DOG — Risk / Return Rank

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

SH

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

DOG

DOG Risk / Return Rank: 1
DOG Sharpe Ratio Rank: 1
DOG Sortino Ratio Rank: 1
DOG Omega Ratio Rank: 1
DOG Calmar Ratio Rank: 0
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.

SH vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) 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.

	SH	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.17	-1.16	-0.02
Sortino ratio: Return per unit of downside risk	-1.68	-1.57	-0.11
Omega ratio: Gain probability vs. loss probability	0.82	0.82	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.89	-1.02	+0.13
Martin ratio: Return relative to average drawdown	-1.67	-1.82	+0.15

SH vs. DOG - Sharpe Ratio Comparison

The current SH Sharpe Ratio is -1.17, which is comparable to the DOG Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of SH 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

SH vs. DOG - Drawdown Comparison

The maximum SH drawdown since its inception was -94.66%, roughly equal to the maximum DOG drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for SH and DOG.

Drawdown Indicators

	SH	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-94.66%	-92.79%	-1.87%
Max Drawdown (1Y) Largest decline over 1 year	-16.42%	-14.12%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-38.82%	-29.71%	-9.11%
Max Drawdown (5Y) Largest decline over 5 years	-44.53%	-34.86%	-9.67%
Max Drawdown (10Y) Largest decline over 10 years	-76.12%	-71.17%	-4.95%
Current Drawdown Current decline from peak	-94.48%	-92.73%	-1.75%
Average Drawdown Average peak-to-trough decline	-67.78%	-66.45%	-1.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.62%	8.69%	+0.93%

Volatility

SH vs. DOG - Volatility Comparison

ProShares Short S&P500 (SH) has a higher volatility of 4.80% compared to ProShares Short Dow30 (DOG) at 4.15%. This indicates that SH'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

	SH	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.80%	4.15%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	9.83%	9.86%	-0.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.46%	12.45%	+0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	14.83%	+2.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	17.49%	+0.54%

SH vs. DOG - Expense Ratio Comparison

SH has a 0.89% expense ratio, which is lower than DOG's 0.95% expense ratio.

Dividends

SH vs. DOG - Dividend Comparison

SH's dividend yield for the trailing twelve months is around 4.39%, 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%
SH ProShares Short S&P500	4.39%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both SH and DOG in my portfolio?

SH and DOG have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SH or DOG?

SH has higher volatility (4.80%) compared to DOG (4.15%). In terms of maximum drawdown, SH dropped -94.66% vs DOG's -92.79%.

Which ETF is better, SH or DOG?

On 10-year performance, DOG leads with -11.50% vs -12.90% for SH. On fees, SH is cheaper at 0.89% per year. On volatility, DOG has been the lower-risk option at 4.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SH or DOG?

Over the 10-year period, DOG has performed better with a -11.50% return vs -12.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SH or DOG?

SH is cheaper with a 0.89% expense ratio, compared with 0.95% for DOG.

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

SH has the higher dividend yield at 4.39%, compared with 3.55% for DOG.

What is the main difference between SH and DOG?

SH tracks S&P 500 Index (-100% daily), while DOG tracks DJ Industrial Average (-100%). Their fees differ too: 0.89% for SH and 0.95% for DOG.

Which has better risk-adjusted returns?

DOG currently has the higher Sharpe Ratio (-1.16 vs -1.17), 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.