VOO vs. DOG

Last updated Jun 14, 2026

VOO (Vanguard S&P 500 ETF) and DOG (ProShares Short Dow30) are both exchange-traded funds - VOO is a S&P 500 fund tracking the S&P 500 Index, while DOG is a Inverse Equities fund tracking the DJ Industrial Average (-100%). Both are passively managed. Over the past 10 years, VOO returned 15.50%/yr vs -11.31%/yr for DOG. At a correlation of -0.91, they often move in opposite directions. VOO charges 0.03%/yr vs 0.95%/yr for DOG.

Performance

VOO vs. DOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard S&P 500 ETF (VOO) 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, VOO achieves a 9.08% return, which is significantly higher than DOG's -4.92% return. Over the past 10 years, VOO has outperformed DOG with an annualized return of 15.50%, while DOG has yielded a comparatively lower -11.31% annualized return.

VOO

• 1D: 0.55%
• 1M: -0.84%
• YTD: 9.08%
• 6M: 9.44%
• 1Y: 25.76%
• 3Y*: 20.95%
• 5Y*: 13.43%
• 10Y*: 15.50%

DOG

• 1D: -0.63%
• 1M: -2.03%
• YTD: -4.92%
• 6M: -3.86%
• 1Y: -14.29%
• 3Y*: -8.19%
• 5Y*: -5.62%
• 10Y*: -11.31%

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

VOO vs. DOG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VOO Vanguard S&P 500 ETF	9.08%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	31.37%	-4.50%	21.77%
DOG ProShares Short Dow30	-4.92%	-8.40%	-5.62%	-7.05%	5.67%	-19.21%	-20.45%	-18.43%	3.55%	-21.51%

Correlation

The correlation between VOO and DOG is -0.83, 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	-0.83
Correlation (3Y) Calculated over the trailing 3-year period	-0.82
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 Sep 9, 2010	-0.91

The correlation between VOO and DOG has been stable across timeframes, ranging from -0.91 to -0.82 - a consistent structural relationship.

VOO vs. DOG - Sectors Allocation Comparison

Sectors	VOO	DOG
Technology	35.6%	-
Financial Services	11.6%	91.1%
Communication Services	11.1%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.0%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.8%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

VOO vs. DOG — Risk / Return Rank

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

VOO

VOO Risk / Return Rank: 70
VOO Sharpe Ratio Rank: 71
VOO Sortino Ratio Rank: 69
VOO Omega Ratio Rank: 71
VOO Calmar Ratio Rank: 63
VOO Martin Ratio Rank: 76

DOG

DOG Risk / Return Rank: 2
DOG Sharpe Ratio Rank: 1
DOG Sortino Ratio Rank: 2
DOG Omega Ratio Rank: 2
DOG Calmar Ratio Rank: 2
DOG Martin Ratio Rank: 2

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.

VOO vs. DOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard S&P 500 ETF (VOO) 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.

	VOO	DOG	Difference
Sharpe ratio: Return per unit of total volatility	1.99	-1.01	+3.01
Sortino ratio: Return per unit of downside risk	2.70	-1.37	+4.06
Omega ratio: Gain probability vs. loss probability	1.36	0.85	+0.52
Calmar ratio: Return relative to maximum drawdown	2.75	-0.84	+3.59
Martin ratio: Return relative to average drawdown	12.42	-1.38	+13.80

VOO vs. DOG - Sharpe Ratio Comparison

The current VOO Sharpe Ratio is 1.99, which is higher than the DOG Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of VOO 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

VOO vs. DOG - Drawdown Comparison

The maximum VOO drawdown since its inception was -33.99%, smaller than the maximum DOG drawdown of -92.73%. Use the drawdown chart below to compare losses from any high point for VOO and DOG.

Drawdown Indicators

	VOO	DOG	Difference
Max Drawdown Largest peak-to-trough decline	-33.99%	-92.73%	+58.74%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-15.09%	+6.19%
Max Drawdown (3Y) Largest decline over 3 years	-18.69%	-29.16%	+10.47%
Max Drawdown (5Y) Largest decline over 5 years	-24.52%	-34.35%	+9.83%
Max Drawdown (10Y) Largest decline over 10 years	-33.99%	-70.95%	+36.96%
Current Drawdown Current decline from peak	-2.34%	-92.67%	+90.33%
Average Drawdown Average peak-to-trough decline	-3.68%	-66.41%	+62.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	9.18%	-7.21%

Volatility

VOO vs. DOG - Volatility Comparison

Vanguard S&P 500 ETF (VOO) and ProShares Short Dow30 (DOG) have volatilities of 4.34% and 4.36%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VOO	DOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	4.36%	-0.02%
Volatility (6M) Calculated over the trailing 6-month period	9.58%	9.87%	-0.29%
Volatility (1Y) Calculated over the trailing 1-year period	12.27%	12.56%	-0.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.88%	14.86%	+2.02%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.03%	17.51%	+0.52%

VOO vs. DOG - Expense Ratio Comparison

VOO has a 0.03% expense ratio, which is lower than DOG's 0.95% expense ratio.

Dividends

VOO vs. DOG - Dividend Comparison

VOO's dividend yield for the trailing twelve months is around 1.05%, less than DOG's 3.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DOG ProShares Short Dow30	3.52%	3.65%	5.72%	4.54%	0.41%	0.00%	0.14%	1.54%	0.86%	0.04%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both VOO and DOG in my portfolio?

VOO and DOG have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VOO or DOG?

DOG has higher volatility (4.36%) compared to VOO (4.34%). In terms of maximum drawdown, VOO dropped -33.99% vs DOG's -92.73%.

Which ETF is better, VOO or DOG?

On 10-year performance, VOO leads with 15.50% vs -11.31% for DOG. On fees, VOO is cheaper at 0.03% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VOO or DOG?

Over the 10-year period, VOO has performed better with a 15.50% return vs -11.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VOO or DOG?

VOO is cheaper with a 0.03% expense ratio, compared with 0.95% for DOG.

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

DOG has the higher dividend yield at 3.52%, compared with 1.05% for VOO.

What is the main difference between VOO and DOG?

VOO is categorized as S&P 500, while DOG is Inverse Equities. VOO tracks S&P 500 Index, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.03% for VOO and 0.95% for DOG.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.99 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.