DXD vs PSQ: Grades, Fees and Holdings Compared

ProShares UltraShort Dow30

DXDBNYSE Arca

ProShares Short QQQ

PSQBNYSE Arca

Overlap

74.1%by weight

Expense ratio

DXD0.95%PSQ0.95%

Avg volume · 30D

PSQ 5.8×the volume

DXD2.23MPSQ13M

10Y return · a year

PSQ +6.3pt

DXD−24.3%PSQ−18.0%

DXD vs PSQ Performance

Oct 29, 2021 – Oct 30, 2026

−51.6%DXD−42.7%PSQ

Expense ratio: DXD 0.95%; PSQ 0.95%
Fund size: DXD $42M; PSQ $611M
1Y total return: DXD −13.2%; PSQ −7.0%, better
Yield (12M): DXD 3.58%; PSQ 3.90%, better
Holdings: DXD 3; PSQ 4
Avg volume (30D): DXD 2.23M sh; PSQ 13M sh, better
NAV per share: DXD $17.67; PSQ $26.64
52W range

ETF.net Grade

Pillar letters and Scores for DXD, PSQ, with each pillar’s weight
Pillar	DXD	PSQ
Cost30% weight	C50	C50
Mission25% weight	A100Higher	A98
Risk15% weight	C48	B59Higher
Tradability15% weight	A85	A98Higher
Holdings10% weight	B55	B55
Durability5% weight	B62	A72Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. DXD and PSQ are both graded against the same 53 Leveraged Inverse (2x & Other) funds, so their Grades compare head to head.

Leveraged Inverse (2x & Other)⁠

Category · 53 funds

See all 53 ›

PSQ ranks 3rd and DXD 10th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 3BPSQProShares Short QQQScore 64
Rank 4BRWMProShares Short Russell2000Score 63
Rank 8BREKProShares Short Real EstateScore 59
Rank 10BDXDProShares UltraShort Dow30Score 58
Rank 11BQIDProShares UltraShort QQQScore 57

Our read on each fund

ETF.net Research

DXDBProShares UltraShort Dow30

PSQBProShares Short QQQ

In short

DXD A 2006 original. DXD aims for twice the inverse of the Dow's daily move, resetting the clock every single day. Think of it as the double-strength version of the Dow bear trade, engineered for days, not quarters.

PSQ The plain short on the Nasdaq-100: PSQ aims for -1x the index's daily move, with no leverage multiplier bolted on. It has been running since 2006, making it one of the original one-for-one bear tools.

Stated mandate

DXD DXD seeks daily, pre-expense returns equal to approximately twice the inverse of the Dow Jones Industrial Average's daily performance. It is designed to rise when the Index falls and decline when the Index rises.

PSQ The fund is designed to provide -1x exposure to the Nasdaq-100 Index's daily price movement, seeking to benefit when that index declines.

Why people hold it

DXD One of the originals. DXD listed July 11, 2006, in the first wave of leveraged and inverse ETFs, and has been running since before the 2008 crash.interactivebrokers.com
Does what the label says: -2x the Dow's daily return, measured NAV to NAV. It has hit that daily target tightly, one of the stronger implementations among bear funds.proshares.com
0.95% net of a waiver through September 30, 2027, matching ProShares' other bear funds (DOG, PSQ and RWM each 0.95% net under waivers to the same date) and near the category median.
Actively traded for a fund of its size, which matters for a tool built to be held in short stretches rather than parked.

PSQ ProShares bills it as the only -1x ETF built to profit when the Nasdaq-100's daily price falls. Sibling QID doubles the dose at -2x; PSQ stays one-for-one.proshares.com
0.95% net of a waiver through September 30, 2027 (0.96% gross), near the category median and the same net fee as -2x QID, also waived through September 30, 2027.
Among the most actively traded funds in the bear category, and one of the closest to its stated daily target in a peer group of 50-plus funds.

Worth knowing

DXD Daily reset means compounding. Hold longer than one day and the result can drift, sometimes a lot, from -2x the Dow's move over that stretch.proshares.com
That 0.95% is net of a waiver running to September 30, 2027. Gross is 1.09%, so the sticker price can step up if the waiver is not renewed.
Assets are small by ETF standards, well below the scale of the headline index funds it bets against. Payouts, when made, come on a quarterly cadence.

PSQ The -1x goal resets daily. Over weeks or months, compounding means results can differ from -1x the index's move across that stretch, especially in choppy markets.sec.gov
Cheap for this corner of the market, pricey next to a broad index fund. The fee accrues every day you hold it, hedge or trade.
It cuts one way: when the Nasdaq-100 rises on the day, PSQ is designed to fall roughly in step.

Full DXD profile⁠

Full PSQ profile⁠

DXD vs PSQ Holdings

How DXD and PSQ differ

Overlap by weight

74.1%

Shared holdings make up 79.2% of DXD and 74.1% of PSQ.

Level by level

Holdings1 in both74.1%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in DXD and PSQ, widest gap first
Sector	More in DXDMore in PSQ	DXD	PSQ
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in DXD and PSQ, widest gap first
Country	More in DXDMore in PSQ	DXD	PSQ
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

DXD100.0%
PSQ115.2%

Securities held

DXD2
PSQ4

Asset class

DXD: Equity
PSQ: Equity

Holdings

Only in DXD1
In both1
Only in PSQ3

Only in DXD

1 security, 17.9% of DXD by weight

TREASURY BILL, 0%, due 2026-12-1717.90%

Only in PSQ

3 securities, 41.1% of PSQ by weight

TREASURY BILL, 0%, due 2026-12-1017.97%
TREASURY BILL, 0%, due 2026-12-2917.93%
TREASURY BILL, 0%, due 2026-11-175.25%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in DXD and PSQ, widest gap first
Holding	More in DXDMore in PSQ	DXD	PSQ
Proshares Genius Mny Mkt EtfIQMM	DXD +5.17 points	79.23%	74.06%

All 11 DXD holdings⁠All 17 PSQ holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DXD vs PSQ Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DXD 0.95%
$17,869
PSQ 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

DXD 0.95%
PSQ 0.95%

Year by year

Year	DXD	PSQ
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%DXD
0.95%PSQ

DXD0.95%PSQ0.95%

0.50%1.47%

Middle half of Leveraged Inverse (2x & Other) funds
Median 0.95%

DXD 6th cheapest of 53 funds

PSQ 6th cheapest of 53 funds

DXD vs PSQ Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DXD 3.58%; PSQ 3.90%, better
Payout (12M): DXD $0.63; PSQ $1.04
Last payment: DXD $0.15; PSQ $0.26
Ex-dividend: DXD Sep 23, 2026; PSQ Sep 23, 2026
Paid on: DXD Sep 29, 2026; PSQ Sep 29, 2026
Frequency: DXD Quarterly; PSQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DXDQuarterly · 26 paymentsAll DXD payments⁠

PSQQuarterly · 26 paymentsAll PSQ payments⁠

DXD vs PSQ Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: DXD 23.2%PSQ 16.8%, better
Return per unit of riskSharpe ratio, 3 years: DXD −1.21, betterPSQ −1.33
Worst fallMax drawdown, 5 years: DXD −68.7%PSQ −61.5%, better
Market sensitivityBeta, 5 years: DXD −1.66PSQ −1.18; Market = 1

Popular comparisons

DXDBvsDOGB
ProShares UltraShort Dow30 · ProShares Short Dow30
Expense ratio
0.95% · 0.95%
Category
PSQBvsDOGB
ProShares Short QQQ · ProShares Short Dow30
Expense ratio
0.95% · 0.95%
Category
DXDBvsSVXYB
ProShares UltraShort Dow30 · ProShares Short VIX Short-Term Futures ETF
Expense ratio
0.95% · 0.95%
Category
PSQBvsSVXYB
ProShares Short QQQ · ProShares Short VIX Short-Term Futures ETF
Expense ratio
0.95% · 0.95%
Category
DXDBvsRWMB
ProShares UltraShort Dow30 · ProShares Short Russell2000
Expense ratio
0.95% · 0.95%
Category
PSQBvsRWMB
ProShares Short QQQ · ProShares Short Russell2000
Expense ratio
0.95% · 0.95%
Category