TZA vs. DOG
TZA (Direxion Daily Small Cap Bear 3X Shares) and DOG (ProShares Short Dow30) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, TZA returned -43.15%/yr vs -11.18%/yr for DOG. Their correlation of 0.80 suggests significant overlap in exposure. TZA charges 1.11%/yr vs 0.95%/yr for DOG.
Performance
TZA vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -40.43% return, which is significantly lower than DOG's -4.15% return. Over the past 10 years, TZA has underperformed DOG with an annualized return of -43.15%, while DOG has yielded a comparatively higher -11.18% annualized return.
TZA
- 1D
- 3.75%
- 1M
- -10.87%
- YTD
- -40.43%
- 6M
- -38.50%
- 1Y
- -65.59%
- 3Y*
- -44.69%
- 5Y*
- -30.11%
- 10Y*
- -43.15%
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%
TZA vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -53.25% | 25.06% | -38.19% |
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 TZA and DOG is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.80 |
The correlation between TZA and DOG has been stable across timeframes, ranging from 0.77 to 0.80 - a consistent structural relationship.
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Return for Risk
TZA vs. DOG — Risk / Return Rank
TZA
DOG
TZA vs. DOG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | DOG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.16 | -1.05 | -0.10 |
Sortino ratioReturn per unit of downside risk | -2.07 | -1.42 | -0.65 |
Omega ratioGain probability vs. loss probability | 0.78 | 0.84 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.87 | -0.10 |
Martin ratioReturn relative to average drawdown | -1.51 | -1.43 | -0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TZA | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | -1.05 | -0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.36 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | -0.64 | +0.01 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.57 | -0.15 |
Drawdowns
TZA vs. DOG - Drawdown Comparison
The maximum TZA drawdown since its inception was -100.00%, which is greater than DOG's maximum drawdown of -92.69%. Use the drawdown chart below to compare losses from any high point for TZA and DOG.
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Drawdown Indicators
| TZA | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -92.69% | -7.31% |
Max Drawdown (1Y)Largest decline over 1 year | -67.28% | -14.63% | -52.65% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -28.77% | -59.57% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -33.99% | -56.84% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | -70.79% | -28.92% |
Current DrawdownCurrent decline from peak | -100.00% | -92.61% | -7.39% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -66.39% | -31.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 8.89% | +34.62% |
Volatility
TZA vs. DOG - Volatility Comparison
Direxion Daily Small Cap Bear 3X Shares (TZA) has a higher volatility of 17.03% compared to ProShares Short Dow30 (DOG) at 2.98%. This indicates that TZA'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
| TZA | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.03% | 2.98% | +14.05% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 9.37% | +31.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 12.13% | +44.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 14.79% | +52.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 17.49% | +51.42% |
TZA vs. DOG - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than DOG's 0.95% expense ratio.
Dividends
TZA vs. DOG - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 4.82%, 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.82% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% | 0.00% |
Frequently Asked Questions
TZA and DOG have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TZA has higher volatility (17.03%) compared to DOG (2.98%). In terms of maximum drawdown, TZA dropped -100.00% vs DOG's -92.69%.
On 10-year performance, DOG leads with -11.18% vs -43.15% for TZA. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 2.98%. 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 -11.18% return vs -43.15%. 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 1.11% for TZA.
TZA has the higher dividend yield at 4.82%, compared with 3.49% for DOG.
TZA is categorized as Leveraged Equities, while DOG is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.11% for TZA and 0.95% for DOG.
DOG currently has the higher Sharpe Ratio (-1.05 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.
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