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PSQ vs SDP

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Utilities

SDPCNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%SDP0.95%

Avg volume · 30D

PSQ 1289.5×the volume

PSQ13MSDP10.1K

10Y return · a year

PSQ +2.4pt

PSQ−18.0%SDP−20.4%

PSQ vs SDP Performance

Oct 29, 2021 – Oct 30, 2026

−42.7%PSQ−54.7%SDP

Oct 29, 2021 to Oct 30, 2026. PSQ −42.7%. SDP −54.7%. Use the arrow keys to read each point.−20%0%20%Oct 2021Apr 2024Oct 2026
Expense ratio
PSQ 0.95%
SDP 0.95%
Fund size
PSQ $611M
SDP $2M
1Y total return
PSQ −7.0%
SDP +2.4%, better
Yield (12M)
PSQ 3.90%, better
SDP 3.86%
Holdings
PSQ 4
SDP 1
Avg volume (30D)
PSQ 13M sh, better
SDP 10.1K sh
NAV per share
PSQ $26.64
SDP $23.14
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. SDP: Cost 50, Risk 61, Mission not scored, Tradability 41, Holdings not scored, Durability 39.
Pillar letters and Scores for PSQ, SDP, with each pillar’s weight
PillarPSQSDP
Cost30% weightC50C50
Mission25% weightA98Not scored
Risk15% weightB59B61Higher
Tradability15% weightA98HigherC41
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 SDP 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 SDP 32nd 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 32CSCCProShares UltraShort Consumer DiscretionaryScore 40
  6. Rank 32CSDPProShares UltraShort UtilitiesScore 40
  7. Rank 32CSIJProShares UltraShort IndustrialsScore 40

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SDPCProShares UltraShort Utilities

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.

SDP Utilities are the market's sleepiest sector, which is exactly why SDP exists: the only -2x inverse utilities ETF, trading since 2007. A one-day tool, priced 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.

SDP The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the S&P Utilities Select Sector Index.

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.
  • SDP The only -2x inverse utilities ETF, per ProShares. Sector-level short exposure in a brokerage account, no margin agreement and no borrowing shares.proshares.com
  • 0.95% net of a waiver through September 30, 2027, against a 3.02% gross fee. Same net cost as ProShares' most-used inverse funds, DOG and PSQ, both waived to that date too.
  • Listed January 30, 2007, making it one of the original leveraged-inverse sector funds, with the same daily-reset mechanism through nearly two decades of utility tape.proshares.com

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.
  • SDP The leverage resets daily. Hold past one session and compounding takes over, so returns over a week or a month can differ sharply from -2x the index move.proshares.com
  • One of the smaller, thinner-traded names in the inverse lineup, so spreads and order size are where the friction shows up.
  • Exposure comes from swaps and futures rather than shorted stock, which brings counterparty and financing costs into the picture.proshares.com

Full PSQ profile⁠

Full SDP profile⁠

PSQ vs SDP 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 SDP 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

  • SDP 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

SDP 6th cheapest of 53 funds

PSQ vs SDP Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%, better
SDP 3.86%
Payout (12M)
PSQ $1.04
SDP $0.89
Last payment
PSQ $0.26
SDP $0.17
Ex-dividend
PSQ Sep 23, 2026
SDP Sep 23, 2026
Paid on
PSQ Sep 29, 2026
SDP Sep 29, 2026
Frequency
PSQ Quarterly
SDP 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
SDPQuarterly · 23 paymentsAll SDP payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.09; Mar 20, 2019 $0.19; Jun 25, 2019 $0.40; Sep 25, 2019 $0.36; Dec 24, 2019 $0.08; Mar 25, 2020 $0.09; Dec 22, 2022 $0.24; Mar 22, 2023 $0.22; Jun 21, 2023 $0.53; Sep 20, 2023 $0.19; Dec 20, 2023 $0.58; Feb 14, 2024 $0.06; Mar 20, 2024 $0.24; Jun 26, 2024 $0.42; Sep 25, 2024 $0.25; Dec 23, 2024 $0.65; Mar 26, 2025 $0.15; Jun 25, 2025 $0.16; Sep 24, 2025 $0.19; Dec 24, 2025 $0.49; Mar 25, 2026 $0.06; Jun 24, 2026 $0.17; Sep 23, 2026 $0.17. Use the arrow keys to read each point.$0$12017202020232026YTD

PSQ vs SDP Risk

Fall from peak · 5 years

  • PSQ
  • SDP
Oct 29, 2021 to Oct 30, 2026. Worst fall: SDP −66.1% · Feb 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%, betterSDP 31.1%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33SDP −0.84, better
Worst fallMax drawdown, 5 years
PSQ −61.5%, betterSDP −66.1%
Market sensitivityBeta, 5 years
PSQ −1.18SDP −0.79

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