DOG vs SJB

DOGBProShares Short Dow30

SJBBProShares Short High Yield

In short

DOG The plain-vanilla short on the Dow: DOG aims to deliver the inverse of the index's move each day, with no 2x or 3x bolted on. Running since 2006, and ProShares bills it as the only -1x ETF built on the Dow.

SJB One of the few single-ticker ways to take the other side of the junk bond market: SJB aims for the inverse (-1x) of the daily move in the Markit iBoxx $ Liquid High Yield Index, for 0.95% net of a waiver through September 30, 2027.

Stated mandate

DOG DOG seeks daily investment results, before fees and expenses, that correspond to the inverse of the Dow Jones Industrial Average's daily performance.

SJB The fund seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx $ Liquid High Yield Index.

Why people hold it

• DOG 0.95% net of a waiver through September 30, 2027 (1.00% gross), which sits near the typical fee among leveraged and inverse funds.
• Sticks close to its daily inverse target, one of the tighter implementations in its peer group.proshares.com
• Actively traded for an inverse fund, so getting in and back out is rarely the hard part.
• Live since 2006, so the mechanism has run through the financial crisis, 2020 and every tape since.

• SJB Short exposure to high yield credit through one ticker in an ordinary brokerage account: no margin account, no bond borrow, no short-sale plumbing.proshares.com
• 0.95% net of a waiver through September 30, 2027, near the category median and level with ProShares stablemates DOG and PSQ (both 0.95% net of waivers to the same date).
• Trading since 2011, so it is a seasoned tool rather than a recent launch, and it stands among the stronger implementations in its inverse-fund peer group.
• The reference point is the liquid high yield benchmark itself, the Markit iBoxx $ Liquid High Yield Index, not a proxy basket of credit-sensitive stocks.proshares.com

Worth knowing

• DOG The target resets every day. Hold longer than a day and the result depends on the path the Dow takes, not just its direction.proshares.com
• If the waiver lapses after September 30, 2027, the fee steps up toward the 1.00% gross figure.
• The Dow is 30 price-weighted names, so this is a short on a narrow, old-school slice of the market rather than the broad tape.proshares.com

• SJB The -1x objective is a one-day objective. Hold longer and daily compounding pushes results away from -1x of the index move, most of all after choppy credit markets.proshares.com
• The 0.95% rate depends on the waiver. The gross expense ratio is 1.05%, which is what applies if the waiver is not extended past September 30, 2027.
• A smaller, moderately traded fund, so spreads and order size deserve attention in a way they would not on a mega-cap index tracker.

Full DOG profile⁠

Full SJB profile⁠