SPDN vs. DOG
SPDN (Direxion Daily S&P 500 Bear 1x Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds - SPDN tracks the S&P 500 Index while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 5 years, SPDN returned -8.88%/yr vs -5.31%/yr for DOG. Their correlation of 0.89 suggests significant overlap in exposure. SPDN charges 0.50%/yr vs 0.95%/yr for DOG.
Performance
SPDN vs. DOG - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPDN achieves a -7.81% return, which is significantly lower than DOG's -4.15% return.
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
DOG
- 1D
- 1.13%
- 1M
- -3.36%
- YTD
- -4.15%
- 6M
- -4.06%
- 1Y
- -12.72%
- 3Y*
- -8.28%
- 5Y*
- -5.31%
- 10Y*
- -11.18%
SPDN vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
DOG ProShares Short Dow30 | -4.15% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between SPDN 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 (All Time) Calculated using the full available price history since Jun 9, 2016 | 0.89 |
The correlation between SPDN and DOG has been stable across timeframes, ranging from 0.81 to 0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SPDN vs. DOG — Risk / Return Rank
SPDN
DOG
SPDN vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | DOG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.41 | -1.05 | -0.35 |
Sortino ratioReturn per unit of downside risk | -2.02 | -1.42 | -0.60 |
Omega ratioGain probability vs. loss probability | 0.78 | 0.84 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.87 | -0.07 |
Martin ratioReturn relative to average drawdown | -1.74 | -1.43 | -0.30 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPDN | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -1.05 | -0.35 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.53 | -0.36 | -0.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.70 | -0.57 | -0.13 |
Drawdowns
SPDN vs. DOG - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum DOG drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for SPDN and DOG.
Loading charts...
Drawdown Indicators
| SPDN | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -92.69% | +17.38% |
Max Drawdown (1Y)Largest decline over 1 year | -17.95% | -14.63% | -3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -28.77% | -9.47% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -33.99% | -9.86% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.79% | — |
Current DrawdownCurrent decline from peak | -75.17% | -92.61% | +17.44% |
Average DrawdownAverage peak-to-trough decline | -48.54% | -66.39% | +17.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.78% | 8.89% | +0.89% |
Volatility
SPDN vs. DOG - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 2.78%, while ProShares Short Dow30 (DOG) has a volatility of 2.98%. This indicates that SPDN experiences smaller price fluctuations and is considered to be less risky than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SPDN | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.78% | 2.98% | -0.20% |
Volatility (6M)Calculated over the trailing 6-month period | 9.08% | 9.37% | -0.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.10% | 12.13% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 14.79% | +2.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.04% | 17.49% | +0.55% |
SPDN vs. DOG - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than DOG's 0.95% expense ratio.
Dividends
SPDN vs. DOG - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 4.09%, more than DOG's 3.49% yield.
| 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.09% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
SPDN 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.
DOG has higher volatility (2.98%) compared to SPDN (2.78%). In terms of maximum drawdown, SPDN dropped -75.31% vs DOG's -92.69%.
On 5-year performance, DOG leads with -5.31% vs -8.88% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DOG has performed better with a -5.31% return vs -8.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for DOG.
SPDN has the higher dividend yield at 4.09%, compared with 3.49% for DOG.
SPDN tracks S&P 500 Index, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.50% for SPDN and 0.95% for DOG.
DOG currently has the higher Sharpe Ratio (-1.05 vs -1.41), 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.
Find the right allocation for SPDN and DOG
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer