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 10 years, SPDN returned -12.18%/yr vs -11.12%/yr for DOG. Their correlation of 0.88 means they have usually moved in the same direction. SPDN charges 0.50%/yr vs 0.95%/yr for DOG.
Performance
SPDN vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, SPDN achieves a -6.42% return, which is significantly higher than DOG's -6.75% return. Over the past 10 years, SPDN has underperformed DOG with an annualized return of -12.18%, while DOG has yielded a comparatively higher -11.12% annualized return.
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
DOG
- 1D
- -0.51%
- 1M
- 1.03%
- 6M
- -5.42%
- YTD
- -6.75%
- 1Y
- -13.86%
- 3Y*
- -7.85%
- 5Y*
- -5.65%
- 10Y*
- -11.12%
- ALL TIME*
- -10.34%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $40.27M | $36.96M | $41.35M | |
| $433.42M | $387.95M | $422.31M |
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 | -6.42% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
DOG ProShares Short Dow30 | -6.75% | -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 0.79, 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. | 0.79 |
Correlation (3Y) Balances recent behavior with more history. | 0.82 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.87 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.88 |
The correlation between SPDN and DOG has been stable across timeframes, ranging from 0.79 to 0.88 - a consistent structural relationship.
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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.
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.
| SPDN | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.85 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.85 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.48 | +0.20 |
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Drawdowns
SPDN vs. DOG - Drawdown Comparison
The maximum SPDN drawdown since its inception was -75.31%, smaller than the maximum DOG drawdown of -92.90%. Use the drawdown chart below to compare losses from any high point for SPDN and DOG.
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Drawdown Indicators
| SPDN | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.31% | -92.90% | +17.59% |
Max Drawdown (1Y)Largest decline over 1 year | -15.93% | -15.02% | -0.91% |
Max Drawdown (3Y)Largest decline over 3 years | -38.24% | -30.86% | -7.38% |
Max Drawdown (5Y)Largest decline over 5 years | -43.85% | -35.93% | -7.92% |
Max Drawdown (10Y)Largest decline over 10 years | -73.97% | -70.07% | -3.90% |
Current DrawdownCurrent decline from peak | -74.80% | -92.81% | +18.01% |
Average DrawdownAverage peak-to-trough decline | -48.93% | -66.59% | +17.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.90% | 8.60% | +0.30% |
Volatility
SPDN vs. DOG - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 3.55%, while ProShares Short Dow30 (DOG) has a volatility of 3.74%. 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.
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Volatility by Period
| SPDN | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.55% | 3.74% | -0.19% |
Volatility (6M)Calculated over the trailing 6-month period | 10.15% | 9.94% | +0.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.98% | 12.59% | +0.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.97% | 14.83% | +2.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.03% | 17.49% | +0.54% |
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 3.32%, less than DOG's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.38% | 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 | 3.32% | 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 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DOG has higher volatility (3.74%) compared to SPDN (3.55%). In terms of maximum drawdown, SPDN dropped -75.31% vs DOG's -92.90%.
On 10-year performance, DOG leads with -11.12% vs -12.18% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 -11.12% return vs -12.18%. 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.
DOG has the higher dividend yield at 3.38%, compared with 3.32% for SPDN.
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.
SPDN currently has the higher Sharpe Ratio (-0.88 vs -1.01), 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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