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PSQ vs SRS

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Real Estate

SRSBNYSE Arca

Overlap

Expense ratio

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

PSQ0.95%SRS0.95%

Avg volume · 30D

PSQ 984.4×the volume

PSQ14MSRS14.3K

10Y return · a year

SRS +0.2pt

PSQ−17.8%SRS−17.6%

PSQ vs SRS Performance

Nov 9, 2021 – Nov 9, 2026

−40.5%PSQ−17.4%SRS

Nov 9, 2021 to Nov 9, 2026. PSQ −40.5%. SRS −17.4%. Use the arrow keys to read each point.0%25%50%75%Nov 2021May 2024Nov 2026
Expense ratio
PSQ 0.95%
SRS 0.95%
Fund size
PSQ $688M
SRS $16M
1Y total return
PSQ −8.7%, better
SRS −17.2%
Yield (12M)
PSQ 3.85%, better
SRS 3.39%
Holdings
PSQ 4
SRS 2
Avg volume (30D)
PSQ 14M sh, better
SRS 14.3K sh
NAV per share
PSQ $27.93
SRS $39.90
52W range

ETF.net Grade

PSQ: Cost 50, Risk 64, Mission 91, Tradability 98, Holdings 42, Durability 72. SRS: Cost 50, Risk 55, Mission not scored, Tradability 60, Holdings 36, Durability 56.
Pillar letters and Scores for PSQ, SRS, with each pillar’s weight
PillarPSQSRS
Cost30% weightC50C50
Mission25% weightA91Not scored
Risk15% weightB64HigherB55
Tradability15% weightA98HigherB60
Holdings10% weightC42HigherD36
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 SRS 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 1st and SRS 14th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 14CSETHProShares Short Ether ETFScore 53
  5. Rank 14BSRSProShares UltraShort Real EstateScore 53
  6. Rank 18CSVIX-1x Short VIX Futures ETFScore 52

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

SRSBProShares UltraShort Real Estate

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.

SRS The one-ticker way to lean against US real estate with leverage: SRS targets twice the inverse of the S&P 500's real estate sector, recalculated every single day. It has been running since 2007, just as the housing market cracked.

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.

SRS The fund seeks daily results, before fees and expenses, equal to two times the inverse performance of the S&P Real Estate Select Sector SM 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.
  • SRS ProShares describes it as the only -2x ETF built to rise when the real estate sector falls on a given day. A REIT-heavy short with leverage, in one brokerage ticker, no margin account or borrow hunt.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.29% gross), near the category median and the same net fee as ProShares' index shorts like PSQ and RWM, each 0.95% net of waivers through September 30, 2027.
  • Trading since January 2007, so nearly two decades of operating history across full real estate cycles. Few inverse sector funds have been around that long.
  • Among the leveraged and inverse funds we review, it sits in the upper tier of a large peer group on how cleanly the exposure is built and 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.
  • SRS The -2x target is a one-day target. The prospectus states that over longer periods daily rebalancing and compounding will very likely make returns differ from -2x the index, including in flat markets.sec.gov
  • Exposure comes mainly from swaps with large financial institutions rather than shorted shares, so counterparty terms and financing costs sit inside the return.sec.gov
  • A small fund that trades lightly next to the big index-based inverse ETFs, so spreads and execution deserve attention.

Full PSQ profile⁠

Full SRS profile⁠

PSQ vs SRS 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 SRS 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

  • SRS 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

SRS 6th cheapest of 53 funds

PSQ vs SRS Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
PSQ 3.85%, better
SRS 3.39%
Payout (12M)
PSQ $1.04
SRS $1.31
Last payment
PSQ $0.26
SRS $0.33
Ex-dividend
PSQ Sep 23, 2026
SRS Sep 23, 2026
Paid on
PSQ Sep 29, 2026
SRS Sep 29, 2026
Frequency
PSQ Quarterly
SRS 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
SRSQuarterly · 24 paymentsAll SRS payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.0099; Sep 26, 2018 $0.50; Dec 26, 2018 $0.65; Mar 20, 2019 $0.57; Jun 25, 2019 $0.86; Sep 25, 2019 $0.74; Dec 24, 2019 $0.51; Mar 25, 2020 $0.19; Dec 22, 2022 $0.22; Mar 22, 2023 $0.42; Jun 21, 2023 $0.59; Sep 20, 2023 $0.66; Dec 20, 2023 $0.89; Mar 20, 2024 $0.51; Jun 26, 2024 $0.97; Sep 25, 2024 $0.79; Dec 23, 2024 $0.88; Mar 26, 2025 $0.49; Jun 25, 2025 $0.43; Sep 24, 2025 $0.42; Dec 24, 2025 $0.43; Mar 25, 2026 $0.26; Jun 24, 2026 $0.29; Sep 23, 2026 $0.33. Use the arrow keys to read each point.$0$12017202020232026YTD

PSQ vs SRS Risk

Fall from peak · 5 years

  • PSQ
  • SRS
Nov 9, 2021 to Nov 9, 2026. Worst fall: PSQ −61.5% · Oct 2026. Use the arrow keys to read each point.−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
PSQ 16.8%, betterSRS 33.0%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33SRS −0.59, better
Worst fallMax drawdown, 5 years
PSQ −61.5%SRS −54.8%, better
Market sensitivityBeta, 5 years
PSQ −1.19SRS −1.87

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