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PSQ vs RWM

ProShares Short QQQ

PSQBNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%RWM0.95%

Avg volume · 30D

RWM 2.3×the volume

PSQ13MRWM30M

10Y return · a year

RWM +6.9pt

PSQ−18.0%RWM−11.1%

PSQ vs RWM Performance

Oct 29, 2021 – Oct 30, 2026

−42.7%PSQ−18.3%RWM

Oct 29, 2021 to Oct 30, 2026. PSQ −42.7%. RWM −18.3%. Use the arrow keys to read each point.0%20%Oct 2021Apr 2024Oct 2026
Expense ratio
PSQ 0.95%
RWM 0.95%
Fund size
PSQ $611M
RWM $163M
1Y total return
PSQ −7.0%, better
RWM −10.2%
Yield (12M)
PSQ 3.90%, better
RWM 3.32%
Holdings
PSQ 4
RWM 3
Avg volume (30D)
PSQ 13M sh
RWM 30M sh, better
NAV per share
PSQ $26.64
RWM $14.37
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for PSQ, RWM, with each pillar’s weight
PillarPSQRWM
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB59B61Higher
Tradability15% weightA98HigherA90
Holdings10% weightB55B63Higher
Durability5% weightA72HigherB69

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. PSQ and RWM 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 RWM 4th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  3. Rank 3BPSQProShares Short QQQScore 64
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

RWMBProShares Short Russell2000

In short

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.

RWM Short small caps at one speed: RWM targets the inverse of the Russell 2000's daily move, with no 2x or 3x multiplier on top. Trading since 2007, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

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.

RWM The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the Russell 2000 Index's daily performance.

Why people hold it

  • 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.
  • RWM Straight -1x, not a multiplier: it tracks the inverse of the Russell 2000's daily move, where stablemate TWM targets -2x on the same index.proshares.com
  • ProShares calls it the only -1x ETF tied to the Russell 2000, the index of the 2,000 smallest US names in the Russell 3000.proshares.comproshares.com 2
  • Trading since January 2007 and one of the busier funds in the inverse-equity aisle, so entering and exiting is rarely the hard part.
  • Fee is 0.95% net of a waiver through September 30, 2027 (1.05% gross), near what this category charges, and it rates among the strongest builds in its peer group.

Worth knowing

  • 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.
  • RWM The -1x target resets daily. Hold longer and compounding rules: ProShares says multi-day returns can differ significantly from the target, in amount and even direction.proshares.comproshares.com 2
  • Symmetric by design: on days the Russell 2000 climbs, the fund is built to lose roughly as much as the index gains.proshares.com
  • Fund documents tell investors to monitor holdings as frequently as daily, which puts this at the hands-on end of the shelf.proshares.com

Full PSQ profile⁠

Full RWM profile⁠

PSQ vs RWM 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.

PSQ vs RWM Cost

Same expense ratio

$17,869

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

  • PSQ 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PSQ 0.95%
  • RWM 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530PSQ $17,869RWM $17,869

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

PSQ vs RWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%, better
RWM 3.32%
Payout (12M)
PSQ $1.04
RWM $0.48
Last payment
PSQ $0.26
RWM $0.09
Ex-dividend
PSQ Sep 23, 2026
RWM Sep 23, 2026
Paid on
PSQ Sep 29, 2026
RWM Sep 29, 2026
Frequency
PSQ Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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
RWMQuarterly · 26 paymentsAll RWM payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.03; Mar 21, 2018 $0.04; Jun 20, 2018 $0.10; Sep 26, 2018 $0.14; Dec 26, 2018 $0.13; Mar 20, 2019 $0.11; Jun 25, 2019 $0.18; Sep 25, 2019 $0.15; Dec 24, 2019 $0.14; Mar 25, 2020 $0.05; Dec 22, 2022 $0.10; Mar 22, 2023 $0.15; Jun 21, 2023 $0.24; Sep 20, 2023 $0.27; Dec 20, 2023 $0.35; Mar 20, 2024 $0.26; Jun 26, 2024 $0.29; Sep 25, 2024 $0.28; Dec 23, 2024 $0.30; Mar 26, 2025 $0.14; Jun 25, 2025 $0.20; Sep 24, 2025 $0.13; Dec 24, 2025 $0.18; Mar 25, 2026 $0.06; Jun 24, 2026 $0.14; Sep 23, 2026 $0.09. Use the arrow keys to read each point.$0$12017202020232026YTD

PSQ vs RWM Risk

Fall from peak · 5 years

  • PSQ
  • RWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: PSQ −61.5% · Oct 2026. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterRWM 18.4%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33RWM −0.99, better
Worst fallMax drawdown, 5 years
PSQ −61.5%RWM −43.7%, better
Market sensitivityBeta, 5 years
PSQ −1.18RWM −1.23

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