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PSQ vs SDD

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort SmallCap600

SDDDNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%SDD0.95%

Avg volume · 30D

PSQ 6928.4×the volume

PSQ13MSDD1.87K

10Y return · a year

PSQ +8.7pt

PSQ−18.0%SDD−26.7%

PSQ vs SDD Performance

Oct 29, 2021 – Oct 30, 2026

−42.7%PSQ−54.7%SDD

Oct 29, 2021 to Oct 30, 2026. PSQ −42.7%. SDD −54.7%. Use the arrow keys to read each point.−20%0%20%40%Oct 2021Apr 2024Oct 2026
Expense ratio
PSQ 0.95%
SDD 0.95%
Fund size
PSQ $611M
SDD $2M
1Y total return
PSQ −7.0%, better
SDD −29.9%
Yield (12M)
PSQ 3.90%
SDD 4.80%, better
Holdings
PSQ 4
SDD 1
Avg volume (30D)
PSQ 13M sh, better
SDD 1.87K sh
NAV per share
PSQ $26.64
SDD $8.99
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. SDD: Cost 50, Risk 37, Mission not scored, Tradability 18, Holdings not scored, Durability 39.
Pillar letters and Scores for PSQ, SDD, with each pillar’s weight
PillarPSQSDD
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB59HigherD37
Tradability15% weightA98HigherF18
Holdings10% weightB55Not scored
Durability5% weightA72HigherD39

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 SDD 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 SDD 50th 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 49DBISProShares UltraShort Nasdaq BiotechnologyScore 39
  6. Rank 50DSDDProShares UltraShort SmallCap600Score 38
  7. Rank 50DSKRETuttle Capital Daily 2X Inverse Regional Banks ETFScore 38

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SDDDProShares UltraShort SmallCap600

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.

SDD The only double-short on the S&P SmallCap 600, the small-cap index with an earnings screen. SDD targets -2x the index's move each trading day, reset daily, for 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.

SDD SDD seeks daily investment results corresponding to twice the inverse of the daily performance of the S&P SmallCap 600.

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.
  • SDD ProShares calls it the only -2x ETF built on the S&P SmallCap 600, an index that screens new members for positive earnings. A short on profitable small caps, not the whole small-cap pond.proshares.comspglobal.com
  • Fee sits near the category median: 0.95% net of a waiver through September 30, 2027, against a 5.52% gross ratio. The waiver is doing real work here.
  • Trading since January 2007, so the mechanics have run through multiple small-cap drawdowns and recoveries rather than one市 cycle.

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.
  • SDD The -2x objective applies to a single day, NAV to NAV. Hold longer and compounding can pull results away from -2x the index move over that stretch, most of all in choppy tape.proshares.com
  • One of the smaller and less-traded funds in its category, which tends to mean wider spreads. Limit orders are the norm for this kind of exposure.
  • Sits in the bottom quartile of our leveraged-and-inverse review. SBB shorts the same index at one times, also 0.95% net of a waiver through September 30, 2027.

Full PSQ profile⁠

Full SDD profile⁠

PSQ vs SDD 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 SDD 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

  • SDD 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

SDD 6th cheapest of 53 funds

PSQ vs SDD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%
SDD 4.80%, better
Payout (12M)
PSQ $1.04
SDD $0.43
Last payment
PSQ $0.26
SDD $0.06
Ex-dividend
PSQ Sep 23, 2026
SDD Sep 23, 2026
Paid on
PSQ Sep 29, 2026
SDD Sep 29, 2026
Frequency
PSQ Quarterly
SDD 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
SDDQuarterly · 23 paymentsAll SDD payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.10; Sep 26, 2018 $0.31; Dec 26, 2018 $0.33; Mar 20, 2019 $0.32; Jun 25, 2019 $0.36; Sep 25, 2019 $0.28; Dec 24, 2019 $0.11; Dec 22, 2022 $0.09; Mar 22, 2023 $0.13; Jun 21, 2023 $0.16; Sep 20, 2023 $0.18; Dec 20, 2023 $0.24; Mar 20, 2024 $0.12; Jun 26, 2024 $0.17; Sep 25, 2024 $0.20; Dec 23, 2024 $0.18; Mar 26, 2025 $0.14; Jun 25, 2025 $0.15; Sep 24, 2025 $0.16; Dec 24, 2025 $0.19; Mar 25, 2026 $0.08; Jun 24, 2026 $0.10; Sep 23, 2026 $0.06. Use the arrow keys to read each point.$0$12017202020232026YTD

PSQ vs SDD Risk

Fall from peak · 5 years

  • PSQ
  • SDD
Oct 29, 2021 to Oct 30, 2026. Worst fall: SDD −72.0% · Aug 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterSDD 35.4%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33SDD −0.89, better
Worst fallMax drawdown, 5 years
PSQ −61.5%, betterSDD −72.0%
Market sensitivityBeta, 5 years
PSQ −1.18SDD −2.01

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