SVIX vs. DOG

Last updated Jun 24, 2026

SVIX (-1x Short VIX Futures ETF) and DOG (ProShares Short Dow30) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%). Both are passively managed. Over the past 3 years, SVIX returned -5.66%/yr vs -8.97%/yr for DOG. At a correlation of -0.67, they often move in opposite directions. SVIX charges 1.47%/yr vs 0.95%/yr for DOG.

Performance

SVIX vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Futures ETF (SVIX) and ProShares Short Dow30 (DOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SVIX achieves a -8.30% return, which is significantly lower than DOG's -5.77% return.

SVIX

• 1D: -4.80%
• 1M: 7.92%
• YTD: -8.30%
• 6M: -6.56%
• 1Y: 56.04%
• 3Y*: -5.66%
• 5Y*: —
• 10Y*: —

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)

SVIX vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX -1x Short VIX Futures ETF	-8.30%	-4.49%	-32.76%	157.37%	-1.48%
DOG ProShares Short Dow30	-5.77%	-8.40%	-5.62%	-7.05%	4.16%

Correlation

The correlation between SVIX and DOG is -0.69, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.70
Correlation (3Y) Calculated over the trailing 3-year period	-0.66
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022	-0.67

The correlation between SVIX and DOG has been stable across timeframes, ranging from -0.69 to -0.66 - a consistent structural relationship.

Return for Risk

SVIX vs. DOG — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 29
SVIX Sharpe Ratio Rank: 29
SVIX Sortino Ratio Rank: 29
SVIX Omega Ratio Rank: 33
SVIX Calmar Ratio Rank: 28
SVIX Martin Ratio Rank: 28

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.

SVIX vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Futures ETF (SVIX) 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.

	SVIX	DOG	Difference
Sharpe ratio: Return per unit of total volatility	1.02	-1.16	+2.18
Sortino ratio: Return per unit of downside risk	1.53	-1.57	+3.10
Omega ratio: Gain probability vs. loss probability	1.21	0.82	+0.39
Calmar ratio: Return relative to maximum drawdown	1.32	-1.02	+2.34
Martin ratio: Return relative to average drawdown	3.76	-1.82	+5.59

SVIX vs. DOG - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 1.02, which is higher than the DOG Sharpe Ratio of -1.16. The chart below compares the historical Sharpe Ratios of SVIX 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

SVIX vs. DOG - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum DOG drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for SVIX and DOG.

Drawdown Indicators

	SVIX	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-92.79%	+13.49%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-14.12%	-28.57%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-29.71%	-49.59%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.86%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-71.17%	—
Current Drawdown Current decline from peak	-56.20%	-92.73%	+36.53%
Average Drawdown Average peak-to-trough decline	-31.87%	-66.45%	+34.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.93%	8.69%	+6.24%

Volatility

SVIX vs. DOG - Volatility Comparison

-1x Short VIX Futures ETF (SVIX) has a higher volatility of 16.67% compared to ProShares Short Dow30 (DOG) at 4.15%. This indicates that SVIX'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

	SVIX	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.67%	4.15%	+12.52%
Volatility (6M) Calculated over the trailing 6-month period	43.44%	9.86%	+33.58%
Volatility (1Y) Calculated over the trailing 1-year period	55.33%	12.45%	+42.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.26%	14.83%	+51.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.26%	17.49%	+48.77%

SVIX vs. DOG - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than DOG's 0.95% expense ratio.

Dividends

SVIX vs. DOG - Dividend Comparison

SVIX has not paid dividends to shareholders, while DOG's dividend yield for the trailing twelve months is around 3.55%.

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%
SVIX -1x Short VIX Futures ETF	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 SVIX and DOG in my portfolio?

SVIX and DOG have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVIX or DOG?

SVIX has higher volatility (16.67%) compared to DOG (4.15%). In terms of maximum drawdown, SVIX dropped -79.30% vs DOG's -92.79%.

Which ETF is better, SVIX or DOG?

On 3-year performance, SVIX leads with -5.66% vs -8.97% for DOG. On fees, DOG is cheaper at 0.95% 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, SVIX or DOG?

Over the 3-year period, SVIX has performed better with a -5.66% return vs -8.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or DOG?

DOG is cheaper with a 0.95% expense ratio, compared with 1.47% for SVIX.

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

DOG has the higher dividend yield at 3.55%, compared with 0.00% for SVIX.

What is the main difference between SVIX and DOG?

SVIX is categorized as Volatility, while DOG is Inverse Equities. SVIX tracks Short VIX Futures Index, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Volatility Shares and ProShares. Their fees differ too: 1.47% for SVIX and 0.95% for DOG.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (1.02 vs -1.16), 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.