SMST.L vs. DOG

Last updated Jun 4, 2026

SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and DOG (ProShares Short Dow30) are both Inverse Equities funds. Over the past year, SMST.L returned 54.90% vs -12.11% for DOG. At a 0.24 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 0.95%/yr for DOG.

Performance

SMST.L vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and ProShares Short Dow30 (DOG). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMST.L is traded in GBP, while DOG is traded in USD. To make them comparable, the DOG values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMST.L achieves a -69.29% return, which is significantly lower than DOG's -3.79% return.

SMST.L

• 1D: 6.95%
• 1M: 96.31%
• YTD: -69.29%
• 6M: -56.28%
• 1Y: 54.90%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DOG

• 1D: 1.40%
• 1M: -2.58%
• YTD: -3.79%
• 6M: -4.57%
• 1Y: -12.11%
• 3Y*: -10.55%
• 5Y*: -4.30%
• 10Y*: -10.48%

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

SMST.L vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SMST.L Leverage Shares -3x Short MicroStrategy ETP	-69.29%	9,160.39%	-98.46%
DOG ProShares Short Dow30	-3.79%	-14.92%	7.74%

Correlation

The correlation between SMST.L and DOG is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (All Time) Calculated using the full available price history since Sep 27, 2024	0.24

Return for Risk

SMST.L vs. DOG — Risk / Return Rank

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

SMST.L

SMST.L Risk / Return Rank: 24
SMST.L Sharpe Ratio Rank: 13
SMST.L Sortino Ratio Rank: 37
SMST.L Omega Ratio Rank: 37
SMST.L Calmar Ratio Rank: 16
SMST.L Martin Ratio Rank: 15

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: 1
DOG Martin Ratio Rank: 1

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.

SMST.L vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) 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.

	SMST.L	DOG	Difference
Sharpe ratio Return per unit of total volatility	0.27	-0.79	+1.06
Sortino ratio Return per unit of downside risk	1.89	-1.02	+2.91
Omega ratio Gain probability vs. loss probability	1.24	0.88	+0.35
Calmar ratio Return relative to maximum drawdown	0.59	-0.81	+1.40
Martin ratio Return relative to average drawdown	1.15	-1.35	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SMST.L vs. DOG - Sharpe Ratio Comparison

The current SMST.L Sharpe Ratio is 0.27, which is higher than the DOG Sharpe Ratio of -0.79. The chart below compares the historical Sharpe Ratios of SMST.L 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.

Sharpe Ratios by Period

	SMST.L	DOG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	-0.79	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.22	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.36	+0.36

Drawdowns

SMST.L vs. DOG - Drawdown Comparison

The maximum SMST.L drawdown since its inception was -99.26%, which is greater than DOG's maximum drawdown of -92.53%. Use the drawdown chart below to compare losses from any high point for SMST.L and DOG.

Drawdown Indicators

	SMST.L	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.26%	-92.53%	-6.73%
Max Drawdown (1Y) Largest decline over 1 year	-93.24%	-15.00%	-78.24%
Max Drawdown (3Y) Largest decline over 3 years	—	-35.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.72%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.93%	—
Current Drawdown Current decline from peak	-92.32%	-92.41%	+0.09%
Average Drawdown Average peak-to-trough decline	-80.46%	-70.61%	-9.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.77%	9.01%	+38.76%

Volatility

SMST.L vs. DOG - Volatility Comparison

Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a higher volatility of 59.35% compared to ProShares Short Dow30 (DOG) at 3.97%. This indicates that SMST.L'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

	SMST.L	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	59.35%	3.97%	+55.38%
Volatility (6M) Calculated over the trailing 6-month period	180.31%	12.01%	+168.30%
Volatility (1Y) Calculated over the trailing 1-year period	203.88%	15.45%	+188.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19,155.72%	19.53%	+19,136.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19,155.72%	21.84%	+19,133.88%

SMST.L vs. DOG - Expense Ratio Comparison

SMST.L has a 0.75% expense ratio, which is lower than DOG's 0.95% expense ratio.

Dividends

SMST.L vs. DOG - Dividend Comparison

SMST.L has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.49%.

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%
SMST.L Leverage Shares -3x Short MicroStrategy ETP	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 SMST.L and DOG in my portfolio?

SMST.L and DOG have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMST.L or DOG?

On fees, SMST.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SMST.L or DOG?

SMST.L is cheaper with a 0.75% expense ratio, compared with 0.95% for DOG.

What is the main difference between SMST.L and DOG?

They also come from different issuers: Leverage Shares and ProShares. Their fees differ too: 0.75% for SMST.L and 0.95% for DOG.