SPXS vs. DOG
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds - SPXS tracks the S&P 500 Index (-300%) while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, SPXS returned -42.02%/yr vs -11.59%/yr for DOG. Their correlation of 0.92 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 0.95%/yr for DOG.
Performance
SPXS vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -19.82% return, which is significantly lower than DOG's -6.76% return. Over the past 10 years, SPXS has underperformed DOG with an annualized return of -42.02%, while DOG has yielded a comparatively higher -11.59% annualized return.
SPXS
- 1D
- 0.29%
- 1M
- 4.33%
- YTD
- -19.82%
- 6M
- -16.62%
- 1Y
- -41.66%
- 3Y*
- -40.44%
- 5Y*
- -33.23%
- 10Y*
- -42.02%
DOG
- 1D
- -1.04%
- 1M
- -3.02%
- YTD
- -6.76%
- 6M
- -5.39%
- 1Y
- -14.25%
- 3Y*
- -9.29%
- 5Y*
- -5.96%
- 10Y*
- -11.59%
SPXS vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.82% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
DOG ProShares Short Dow30 | -6.76% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -18.43% | 3.55% | -21.51% |
Correlation
The correlation between SPXS and DOG is 0.80, 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 | 0.80 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
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 Nov 19, 2008 | 0.92 |
The correlation between SPXS and DOG shifts across timeframes, from 0.80 (1 year) to 0.92 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SPXS vs. DOG — Risk / Return Rank
SPXS
DOG
SPXS vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.20 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.82 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.99 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.80 | +0.26 |
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Drawdowns
SPXS vs. DOG - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than DOG's maximum drawdown of -92.81%. Use the drawdown chart below to compare losses from any high point for SPXS and DOG.
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Drawdown Indicators
| SPXS | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.81% | -7.19% |
Max Drawdown (1Y)Largest decline over 1 year | -46.84% | -14.40% | -32.44% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -29.93% | -54.20% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -35.07% | -55.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | -71.27% | -28.36% |
Current DrawdownCurrent decline from peak | -100.00% | -92.81% | -7.19% |
Average DrawdownAverage peak-to-trough decline | -96.29% | -66.45% | -29.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.25% | 7.93% | +19.32% |
Volatility
SPXS vs. DOG - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 14.27% compared to ProShares Short Dow30 (DOG) at 4.24%. This indicates that SPXS'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
| SPXS | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.27% | 4.24% | +10.03% |
Volatility (6M)Calculated over the trailing 6-month period | 29.40% | 9.90% | +19.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.36% | 12.46% | +24.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.69% | 14.84% | +35.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.58% | 17.49% | +36.09% |
SPXS vs. DOG - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than DOG's 0.95% expense ratio.
Dividends
SPXS vs. DOG - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.24%, more than DOG's 3.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.59% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.24% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
SPXS and DOG have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.27%) compared to DOG (4.24%). In terms of maximum drawdown, SPXS dropped -100.00% vs DOG's -92.81%.
On 10-year performance, DOG leads with -11.59% vs -42.02% for SPXS. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 4.24%. 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 -11.59% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG is cheaper with a 0.95% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.24%, compared with 3.59% for DOG.
SPXS tracks S&P 500 Index (-300%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for SPXS and 0.95% for DOG.
SPXS currently has the higher Sharpe Ratio (-1.12 vs -1.15), 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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