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EWV vs PSQ

ProShares UltraShort MSCI Japan

EWVCNYSE Arca

ProShares Short QQQ

PSQBNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

EWV0.95%PSQ0.95%

Avg volume · 30D

PSQ 1296.3×the volume

EWV10KPSQ13M

10Y return · a year

PSQ +0.9pt

EWV−18.9%PSQ−18.0%

EWV vs PSQ Performance

Nov 2, 2021 – Nov 2, 2026

−60.8%EWV−41.5%PSQ

Nov 2, 2021 to Nov 2, 2026. EWV −60.8%. PSQ −41.5%. Use the arrow keys to read each point.−25%0%25%50%75%Nov 2021May 2024Nov 2026
Expense ratio
EWV 0.95%
PSQ 0.95%
Fund size
EWV $4M
PSQ $611M
1Y total return
EWV −28.6%
PSQ −5.7%, better
Yield (12M)
EWV 4.66%, better
PSQ 3.85%
Holdings
EWV 1
PSQ 4
Avg volume (30D)
EWV 10K sh
PSQ 13M sh, better
NAV per share
EWV $17.51
PSQ $26.64
52W range

ETF.net Grade

EWV: Cost 50, Risk 36, Mission not scored, Tradability 34, Holdings not scored, Durability 49. PSQ: Cost 50, Risk 60, Mission 98, Tradability 98, Holdings 55, Durability 72.
Pillar letters and Scores for EWV, PSQ, with each pillar’s weight
PillarEWVPSQ
Cost30% weightC50C50
Mission25% weightNot scoredA98
Risk15% weightD36B60Higher
Tradability15% weightD34A98Higher
Holdings10% weightNot scoredB55
Durability5% weightC49A72Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. EWV 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 1st and EWV 32nd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 32CEMTYProShares Decline of the Retail Store ETFScore 40
  5. Rank 32CEWVProShares UltraShort MSCI JapanScore 40
  6. Rank 32CMYYProShares Short MidCap400Score 40

Our read on each fund

ETF.net Research

EWVCProShares UltraShort MSCI Japan

PSQBProShares Short QQQ

In short

EWV A -2x daily bet against the MSCI Japan Index, running since 2007. ProShares calls it the only -2x fund on that bench. Fee: 0.95% net of a waiver through September 30, 2027.

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

EWV The fund seeks daily investment results, before fees and expenses, equal to two times the inverse (-2x) of the daily performance of the MSCI Japan Index.

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

  • EWV Does one thing: aims for two times the inverse of the MSCI Japan Index's daily move, with no margin account or stock borrow on your end.
  • ProShares bills it as the only -2x ETF on the MSCI Japan Index, so there is no cheaper clone to shop against.proshares.com
  • Trading since 2007, long staying power for a geared fund.
  • 0.95% net of a waiver through September 30, 2027 (2.28% gross), matching ProShares' other geared shorts such as DOG and PSQ at 0.95% net of waivers through the same date.
  • 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

  • EWV Leverage resets daily. Hold past a day and results depend on the index's path, which can land far from -2x over a stretch.
  • A small fund that trades lightly, so spreads and limit orders matter more here than with the big index shorts. It pays quarterly.
  • The reference index is Japan's large and mid caps, about 85% of the market's free float, so this is a country call, not a sector or single-stock one.msci.com
  • 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 EWV profile⁠

Full PSQ profile⁠

EWV vs 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.

EWV vs PSQ Cost

Same expense ratio

$17,869

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

  • EWV 0.95%

    $17,869

  • PSQ 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EWV 0.95%
  • PSQ 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EWV $17,869PSQ $17,869

Year by year

YearEWVPSQ
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

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

EWV 6th cheapest of 53 funds

PSQ 6th cheapest of 53 funds

EWV vs PSQ Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EWV 4.66%, better
PSQ 3.85%
Payout (12M)
EWV $0.82
PSQ $1.04
Last payment
EWV $0.22
PSQ $0.26
Ex-dividend
EWV Sep 23, 2026
PSQ Sep 23, 2026
Paid on
EWV Sep 29, 2026
PSQ Sep 29, 2026
Frequency
EWV Quarterly
PSQ Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EWVQuarterly · 22 paymentsAll EWV payments⁠
One bar per payment. 22 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.0004; Mar 20, 2019 $0.02; Jun 25, 2019 $0.09; Sep 25, 2019 $0.17; Dec 24, 2019 $0.04; Sep 21, 2022 $0.28; Dec 22, 2022 $0.18; Mar 22, 2023 $0.28; Jun 21, 2023 $0.39; Sep 20, 2023 $0.47; Dec 20, 2023 $0.52; Mar 20, 2024 $0.27; Jun 26, 2024 $0.37; Sep 25, 2024 $0.34; Dec 23, 2024 $0.44; Mar 26, 2025 $0.16; Jun 25, 2025 $0.19; Sep 24, 2025 $0.30; Dec 24, 2025 $0.27; Mar 25, 2026 $0.15; Jun 24, 2026 $0.19; Sep 23, 2026 $0.22. Use the arrow keys to read each point.$0$12017202020232026YTD
PSQQuarterly · 26 paymentsAll PSQ payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.03; Mar 21, 2018 $0.20; Jun 20, 2018 $0.39; Sep 26, 2018 $0.51; Dec 26, 2018 $0.53; Mar 20, 2019 $0.51; Jun 25, 2019 $0.66; Sep 25, 2019 $0.57; Dec 24, 2019 $0.41; Mar 25, 2020 $0.22; Dec 22, 2022 $0.25; Mar 22, 2023 $0.46; Jun 21, 2023 $0.72; Sep 20, 2023 $0.72; Dec 20, 2023 $0.95; Mar 20, 2024 $0.54; Jun 26, 2024 $0.76; Sep 25, 2024 $0.68; Dec 23, 2024 $0.70; Mar 26, 2025 $0.34; Jun 25, 2025 $0.40; Sep 24, 2025 $0.36; Dec 24, 2025 $0.40; Mar 25, 2026 $0.15; Jun 24, 2026 $0.23; Sep 23, 2026 $0.26. Use the arrow keys to read each point.$0$12017202020232026YTD

EWV vs PSQ Risk

Fall from peak · 5 years

  • EWV
  • PSQ
Nov 2, 2021 to Nov 2, 2026. Worst fall: EWV −80.8% · Oct 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EWV 25.2%PSQ 16.8%, better
Return per unit of riskSharpe ratio, 3 years
EWV −1.51PSQ −1.33, better
Worst fallMax drawdown, 5 years
EWV −80.8%PSQ −61.5%, better
Market sensitivityBeta, 5 years
EWV −1.22PSQ −1.18

EWV and PSQ in the news

All news⁠

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