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PSQ vs SBIT

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Bitcoin ETF

SBITCNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%SBIT0.95%

Avg volume · 30D

PSQ 13.5×the volume

PSQ13MSBIT960K

PSQ vs SBIT Performance

Oct 31, 2025 – Oct 30, 2026

−7.0%PSQ+24.0%SBIT

Oct 31, 2025 to Oct 30, 2026. PSQ −7.0%. SBIT +24.0%. Use the arrow keys to read each point.50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
PSQ 0.95%
SBIT 0.95%
Fund size
PSQ $611M
SBIT $125M
1Y total return
PSQ −7.0%
SBIT +24.0%, better
Yield (12M)
PSQ 3.90%
SBIT 8.49%, better
Holdings
PSQ 4
SBIT 1
Avg volume (30D)
PSQ 13M sh, better
SBIT 960K sh
NAV per share
PSQ $26.64
SBIT $35.70
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. SBIT: Cost 50, Risk 38, Mission 27, Tradability 72, Holdings not scored, Durability 56.
Pillar letters and Scores for PSQ, SBIT, with each pillar’s weight
PillarPSQSBIT
Cost30% weightC50C50
Mission25% weightA98HigherD27
Risk15% weightB59HigherD38
Tradability15% weightA98HigherA72
Holdings10% weightB55Not scored
Durability5% weightA72HigherB56

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 SBIT 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 SBIT 17th 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 15CSETHProShares Short Ether ETFScore 53
  6. Rank 17CSBITProShares UltraShort Bitcoin ETFScore 52
  7. Rank 17CSKFProShares UltraShort FinancialsScore 52

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SBITCProShares UltraShort Bitcoin ETF

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.

SBIT The original inverse-bitcoin geared ETF: SBIT launched in 2024 targeting -2x the daily move in bitcoin, built from futures and swaps rather than an actual short position, and reset every day.

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.

SBIT The fund targets returns equal to negative two times the daily performance of bitcoin.

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.
  • SBIT First mover. ProShares launched SBIT in 2024 as the first ETF to target -2x daily bitcoin returns, debuting next to its 2x sibling.proshares.com
  • No margin account, no coin borrow, no wallet. The fund holds bitcoin futures and swaps, so the inverse exposure shows up in an ordinary brokerage account.proshares.comproshares.com 2
  • 0.95% a year, near the category norm for geared and inverse funds, with no waiver propping it up. It also trades actively, which helps on the way in and out.
  • Scores in the upper half of its inverse and leveraged peer group, a crowd where plenty of competitors are thinner and less traded.

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.
  • SBIT The -2x target is a one-day target. Over longer stretches, daily resetting and compounding mean results can diverge from -2x bitcoin's move for the period.proshares.com
  • It does not short bitcoin itself. Exposure runs through futures and swaps, which adds counterparty and roll considerations on top of bitcoin's own price risk.proshares.comproshares.com 2
  • Doubling and flipping bitcoin's daily swings is a volatile ride, and ProShares frames these funds as short-holding-period tools meant to be monitored daily.proshares.com

Full PSQ profile⁠

Full SBIT profile⁠

PSQ vs SBIT 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 SBIT 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

  • SBIT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • PSQ 0.95%
  • SBIT 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 $17,869SBIT $17,869

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

SBIT 6th cheapest of 53 funds

PSQ vs SBIT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%
SBIT 8.49%, better
Payout (12M)
PSQ $1.04
SBIT $3.03
Last payment
PSQ $0.26
SBIT $0.06
Ex-dividend
PSQ Sep 23, 2026
SBIT Oct 1, 2026
Paid on
PSQ Sep 29, 2026
SBIT Oct 7, 2026
Frequency
PSQ Quarterly
SBIT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

PSQQuarterly · 15 paymentsAll PSQ payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. 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$120232026YTD
SBITMonthly · 26 paymentsAll SBIT payments⁠
One bar per payment. 26 payments from 2023 to 2026 YTD. May 1, 2024 $0.14; Jun 3, 2024 $0.22; Jul 1, 2024 $0.16; Aug 1, 2024 $0.06; Sep 3, 2024 $0.0081; Dec 23, 2024 $0.0036; Feb 3, 2025 $0.0074; Mar 3, 2025 $0.01; Apr 1, 2025 $0.0022; Jun 2, 2025 $0.0048; Jul 1, 2025 $0.0099; Aug 1, 2025 $0.04; Sep 2, 2025 $0.05; Oct 1, 2025 $0.04; Nov 3, 2025 $0.04; Dec 1, 2025 $0.02; Dec 24, 2025 $0.0052; Feb 2, 2026 $0.34; Mar 2, 2026 $1.11; Apr 1, 2026 $0.26; May 1, 2026 $0.03; Jun 1, 2026 $0.05; Jul 1, 2026 $0.43; Aug 3, 2026 $0.52; Sep 1, 2026 $0.16; Oct 1, 2026 $0.06. Use the arrow keys to read each point.$0$120232026YTD

PSQ vs SBIT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%SBIT 86.0%since May 2024
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33SBIT −0.49since May 2024
Worst fallMax drawdown, 5 years
PSQ −61.5%SBIT −91.3%since Apr 2024
Market sensitivityBeta, 5 years
PSQ −1.18SBIT −2.48

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