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EWV vs QQQD

ProShares UltraShort MSCI Japan

EWVCNYSE Arca

Direxion Daily Magnificent 7 Bear 1X ETF

QQQDCNYSE Arca

Overlap

0.0%by weight

Expense ratio

QQQD −0.45pt a year

EWV0.95%QQQD0.50%

Avg volume · 30D

QQQD 6.8×the volume

EWV10KQQQD68.1K

EWV vs QQQD Performance

Oct 31, 2025 – Nov 2, 2026

−28.6%EWV0.0%QQQD

Oct 31, 2025 to Nov 2, 2026. EWV −28.6%. QQQD 0.0%. Use the arrow keys to read each point.−40%−20%−10%10%20%Oct 2025May 2026Nov 2026
Expense ratio
EWV 0.95%
QQQD 0.50%, better
Fund size
EWV $4M
QQQD $28M
1Y total return
EWV −28.6%
QQQD 0.0%, better
Yield (12M)
EWV 4.66%, better
QQQD 3.32%
Holdings
EWV 1
QQQD 3
Avg volume (30D)
EWV 10K sh
QQQD 68.1K sh, better
NAV per share
EWV $17.51
QQQD $12.39
52W range

ETF.net Grade

EWV: Cost 50, Risk 36, Mission not scored, Tradability 34, Holdings not scored, Durability 49. QQQD: Cost 50, Risk 67, Mission not scored, Tradability 43, Holdings not scored, Durability 38.
Pillar letters and Scores for EWV, QQQD, with each pillar’s weight
PillarEWVQQQD
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightD36B67Higher
Tradability15% weightD34C43Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC49HigherD38

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 QQQD 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 ›

QQQD ranks 21st and EWV 32nd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 21CEFZProShares Short MSCI EAFEScore 51
  2. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  3. Rank 23CZSLProShares UltraShort SilverScore 50
  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

QQQDCDirexion Daily Magnificent 7 Bear 1X ETF

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.

QQQD Fading the Magnificent 7 without a leverage multiplier: QQQD aims for -100% of the Indxx Magnificent 7 Index's daily move, one-for-one, at 0.50% net of a waiver through September 1, 2027.

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.

QQQD The fund seeks daily investment results equal to 100% of the inverse performance of the Indxx Magnificent 7 Index, before fees and expenses.

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.
  • QQQD One-for-one inverse, not 2x or 3x. A 1% index gain is designed to show up as roughly a 1% fund loss that day, and the reverse on down days, with no leverage stacked on top.direxion.com
  • 0.50% net of a waiver through September 1, 2027, below the category median and below the 0.95% at PSQ and DOG (net of waivers through September 30, 2027).
  • Surgical target: the short exposure is to the Magnificent 7 basket itself, not a broad Nasdaq index where those seven names get diluted by dozens of others.direxion.com
  • Despite launching in 2024, it stands in the upper half of a crowded bear and inverse peer group.

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
  • QQQD Exposure resets every day. Hold longer than a day and compounding means the result can drift from the simple inverse of the index's move over that stretch.direxion.com
  • Seven mega-caps drive everything. One earnings surprise or one AI headline can move the whole basket, with no other holdings to soften it.direxion.com
  • That 0.50% is a net figure. Gross expenses run 1.08%, so the cost picture shifts if the waiver is not extended past September 1, 2027.

Full EWV profile⁠

Full QQQD profile⁠

EWV vs QQQD Holdings

How EWV and QQQD differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of EWV and 0.0% of QQQD.

Level by level

  • Asset classEquity, Leveraged/Inverse0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for EWV and QQQD.

Country, concentration and asset class

Country by domicile

No country split for EWV.

Concentration

Weight in the 10 largest Holdings

  • EWV100.0%
  • QQQD3985.4%

Securities held

  • EWV0
  • QQQD0

Asset class

EWV
Equity
QQQD
Leveraged/Inverse

Holdings

  • Only in EWV0
  • In both0
  • Only in QQQD0

Only in EWV

0 securities, 0.0% of EWV by weight

Only in QQQD

0 securities, 0.0% of QQQD by weight

Weight gaps

EWV and QQQD share no securities.

All 5 EWV holdings⁠All 7 QQQD 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 QQQD Cost

Overpaying EWV vs QQQD

$7,890

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

  • EWV 0.95%

    $17,869

  • QQQD 0.50%

    $9,979

$10,000
30 years

Cost over time

  • EWV 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530EWV $17,869QQQD $9,979

Year by year

YearEWVQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890

Expense ratio

  • 0.95%EWV
  • 0.50%QQQD, cheaper
  • Middle half of Leveraged Inverse (2x & Other) funds
  • Median 0.95%

QQQD cheapest of 53 funds

EWV 6th cheapest of 53 funds

EWV vs QQQD Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EWV 4.66%, better
QQQD 3.32%
Payout (12M)
EWV $0.82
QQQD $0.41
Last payment
EWV $0.22
QQQD $0.10
Ex-dividend
EWV Sep 23, 2026
QQQD Sep 22, 2026
Paid on
EWV Sep 29, 2026
QQQD Sep 29, 2026
Frequency
EWV Quarterly
QQQD 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$0.502017202020232026YTD
QQQDQuarterly · 10 paymentsAll QQQD payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Jun 25, 2024 $0.32; Sep 24, 2024 $0.41; Dec 23, 2024 $0.15; Mar 25, 2025 $0.13; Jun 24, 2025 $0.20; Sep 23, 2025 $0.08; Dec 23, 2025 $0.15; Mar 24, 2026 $0.08; Jun 23, 2026 $0.09; Sep 22, 2026 $0.10. Use the arrow keys to read each point.$0$0.502017202020232026YTD

EWV vs QQQD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
EWV 25.2%QQQD 21.1%since Apr 2024
Return per unit of riskSharpe ratio, 3 years
EWV −1.51QQQD −1.14since Apr 2024
Worst fallMax drawdown, 5 years
EWV −80.8%QQQD −51.4%since Mar 2024
Market sensitivityBeta, 5 years
EWV −1.22QQQD −1.35

EWV and QQQD in the news

All news⁠

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