TSMZ vs. DOG

Last updated Jun 23, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds. TSMZ is actively managed, while DOG is passively managed. Over the past year, TSMZ returned -59.11% vs -15.17% for DOG. At a 0.40 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.95%/yr for DOG.

Performance

TSMZ vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bear 1X Shares (TSMZ) 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, TSMZ achieves a -38.97% return, which is significantly lower than DOG's -5.82% return.

TSMZ

• 1D: -0.98%
• 1M: -15.14%
• YTD: -38.97%
• 6M: -41.14%
• 1Y: -59.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DOG

• 1D: -0.27%
• 1M: -2.05%
• YTD: -5.82%
• 6M: -5.09%
• 1Y: -15.17%
• 3Y*: -8.99%
• 5Y*: -6.11%
• 10Y*: -11.50%

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

TSMZ vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
TSMZ Direxion Daily TSM Bear 1X Shares	-38.97%	-41.91%	-11.25%
DOG ProShares Short Dow30	-5.82%	-8.40%	0.43%

Correlation

The correlation between TSMZ and DOG is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.40

Return for Risk

TSMZ vs. DOG — Risk / Return Rank

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

TSMZ

TSMZ Risk / Return Rank: 0
TSMZ Sharpe Ratio Rank: 0
TSMZ Sortino Ratio Rank: 0
TSMZ Omega Ratio Rank: 0
TSMZ Calmar Ratio Rank: 0
TSMZ Martin Ratio Rank: 1

DOG

DOG Risk / Return Rank: 1
DOG Sharpe Ratio Rank: 0
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.

TSMZ vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.

	TSMZ	DOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.58	-1.22	-0.36
Sortino ratio: Return per unit of downside risk	-2.75	-1.67	-1.08
Omega ratio: Gain probability vs. loss probability	0.70	0.81	-0.12
Calmar ratio: Return relative to maximum drawdown	-1.00	-1.02	+0.01
Martin ratio: Return relative to average drawdown	-1.65	-1.76	+0.11

TSMZ vs. DOG - Sharpe Ratio Comparison

The current TSMZ Sharpe Ratio is -1.58, which is comparable to the DOG Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of TSMZ 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

TSMZ vs. DOG - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -73.32%, smaller than the maximum DOG drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for TSMZ and DOG.

Drawdown Indicators

	TSMZ	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-73.32%	-92.79%	+19.47%
Max Drawdown (1Y) Largest decline over 1 year	-59.01%	-14.95%	-44.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-29.71%	—
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	-73.32%	-92.74%	+19.42%
Average Drawdown Average peak-to-trough decline	-38.61%	-66.44%	+27.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.95%	9.43%	+26.52%

Volatility

TSMZ vs. DOG - Volatility Comparison

Direxion Daily TSM Bear 1X Shares (TSMZ) has a higher volatility of 13.95% compared to ProShares Short Dow30 (DOG) at 4.17%. This indicates that TSMZ'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

	TSMZ	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	4.17%	+9.78%
Volatility (6M) Calculated over the trailing 6-month period	29.48%	9.86%	+19.62%
Volatility (1Y) Calculated over the trailing 1-year period	37.56%	12.47%	+25.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.91%	14.84%	+26.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.91%	17.52%	+23.39%

TSMZ vs. DOG - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is higher than DOG's 0.95% expense ratio.

Dividends

TSMZ vs. DOG - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 5.74%, more than DOG's 3.55% yield.

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%
TSMZ Direxion Daily TSM Bear 1X Shares	5.74%	4.88%	0.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSMZ and DOG in my portfolio?

TSMZ and DOG have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSMZ or DOG?

TSMZ has higher volatility (13.95%) compared to DOG (4.17%). In terms of maximum drawdown, TSMZ dropped -73.32% vs DOG's -92.79%.

Which ETF is better, TSMZ or DOG?

On 1-year performance, DOG leads with -15.17% vs -59.11% for TSMZ. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 4.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSMZ or DOG?

Over the 1-year period, DOG has performed better with a -15.17% return vs -59.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSMZ or DOG?

DOG is cheaper with a 0.95% expense ratio, compared with 0.98% for TSMZ.

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

TSMZ has the higher dividend yield at 5.74%, compared with 3.55% for DOG.

What is the main difference between TSMZ and DOG?

They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for TSMZ and 0.95% for DOG.

Which has better risk-adjusted returns?

DOG currently has the higher Sharpe Ratio (-1.22 vs -1.58), 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.