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PSQ vs TWM

ProShares Short QQQ

PSQBNYSE Arca

ProShares UltraShort Russell2000

TWMCNYSE Arca

Overlap

74.1%by weight

Expense ratio

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

PSQ0.95%TWM0.95%

Avg volume · 30D

PSQ 17.6×the volume

PSQ13MTWM736K

10Y return · a year

PSQ +8.5pt

PSQ−18.0%TWM−26.5%

PSQ vs TWM Performance

Oct 29, 2021 – Oct 30, 2026

−42.7%PSQ−55.8%TWM

Oct 29, 2021 to Oct 30, 2026. PSQ −42.7%. TWM −55.8%. Use the arrow keys to read each point.−25%0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
PSQ 0.95%
TWM 0.95%
Fund size
PSQ $611M
TWM $56M
1Y total return
PSQ −7.0%, better
TWM −23.8%
Yield (12M)
PSQ 3.90%, better
TWM 3.87%
Holdings
PSQ 4
TWM 1
Avg volume (30D)
PSQ 13M sh, better
TWM 736K sh
NAV per share
PSQ $26.64
TWM $23.96
52W range

ETF.net Grade

PSQ: Cost 50, Risk 59, Mission 98, Tradability 98, Holdings 55, Durability 72. TWM: Cost 50, Risk 38, Mission 88, Tradability 67, Holdings 63, Durability 65.
Pillar letters and Scores for PSQ, TWM, with each pillar’s weight
PillarPSQTWM
Cost30% weightC50C50
Mission25% weightA98HigherA88
Risk15% weightB59HigherD38
Tradability15% weightA98HigherB67
Holdings10% weightB55B63Higher
Durability5% weightA72HigherB65

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 TWM 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 TWM 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 17CSVIX-1x Short VIX Futures ETFScore 52
  6. Rank 17CTWMProShares UltraShort Russell2000Score 52
  7. Rank 21CEFZProShares Short MSCI EAFEScore 51

Our read on each fund

ETF.net Research

PSQBProShares Short QQQ

TWMCProShares UltraShort 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.

TWM The double-strength small-cap bear trade, running since 2007: TWM aims for two times the inverse of the Russell 2000's daily move, and resets every day. Built for short holds, by design.

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.

TWM The Fund seeks daily results, before fees and expenses, corresponding to two times the inverse (-2x) of the Russell 2000 Index's daily performance. It is not designed to achieve that inverse target over periods longer than one day.

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.
  • TWM Aims for two times the inverse of the Russell 2000's daily move: a 1% down day in small caps targets roughly 2% the other way, before fees.proshares.com
  • Listed January 2007 and actively traded since, through the financial crisis and every small-cap scare after it.
  • 0.95% net of a waiver through September 30, 2027 (1.17% gross), near the category median for leveraged and inverse funds.
  • Stays close to its stated daily target and sits in the upper half of its leveraged-bear 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.
  • TWM Resets daily. Hold past one day and compounding takes over, so multi-day results can differ widely from -2x the index, especially in choppy markets.proshares.com
  • Leverage runs both ways: an up day for small caps targets roughly double the move against you, before fees.
  • Sibling RWM shorts the same Russell 2000 at -1x for the same 0.95% net (waiver through September 30, 2027), so the choice here is the leverage, not the fee.

Full PSQ profile⁠

Full TWM profile⁠

PSQ vs TWM Holdings

How PSQ and TWM differ

Overlap by weight

74.1%

Shared holdings make up 100% of TWM and 74.1% of PSQ.

Level by level

  • Holdings1 in both74.1%
  • Asset classEquity100%
  • Countryby domicile100%
  • Sector1 Sector100%

Sector

Sector weights in PSQ and TWM, widest gap first
SectorMore in PSQMore in TWM
FinancialsSame weight

Country, concentration and asset class

Country by domicile

Country weights in PSQ and TWM, widest gap first
CountryMore in PSQMore in TWM
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • PSQ115.2%
  • TWM107.7%

Securities held

  • PSQ4
  • TWM1

Asset class

PSQ
Equity
TWM
Equity

Holdings

  • Only in PSQ3
  • In both1
  • Only in TWM0

Only in PSQ

3 securities, 41.1% of PSQ by weight

  • TREASURY BILL, 0%, due 2026-12-1017.97%
  • TREASURY BILL, 0%, due 2026-12-2917.93%
  • TREASURY BILL, 0%, due 2026-11-175.25%

Only in TWM

0 securities, 0.0% of TWM by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in PSQ and TWM, widest gap first
HoldingMore in PSQMore in TWM
Proshares Genius Mny Mkt EtfIQMMTWM +33.66 points

All 17 PSQ holdings⁠All 14 TWM 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 TWM 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

  • TWM 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

PSQ 6th cheapest of 53 funds

TWM 6th cheapest of 53 funds

PSQ vs TWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PSQ 3.90%, better
TWM 3.87%
Payout (12M)
PSQ $1.04
TWM $0.93
Last payment
PSQ $0.26
TWM $0.18
Ex-dividend
PSQ Sep 23, 2026
TWM Sep 23, 2026
Paid on
PSQ Sep 29, 2026
TWM Sep 29, 2026
Frequency
PSQ Quarterly
TWM 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
TWMQuarterly · 26 paymentsAll TWM payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.16; Mar 21, 2018 $0.48; Jun 20, 2018 $0.62; Sep 26, 2018 $0.72; Dec 26, 2018 $1.19; Mar 20, 2019 $0.73; Jun 25, 2019 $1.28; Sep 25, 2019 $0.99; Dec 24, 2019 $0.73; Mar 25, 2020 $0.41; Dec 22, 2022 $0.14; Mar 22, 2023 $0.36; Jun 21, 2023 $0.59; Sep 20, 2023 $0.63; Dec 20, 2023 $1.17; Mar 20, 2024 $0.43; Jun 26, 2024 $0.69; Sep 25, 2024 $0.85; Dec 23, 2024 $0.79; Mar 26, 2025 $0.42; Jun 25, 2025 $0.51; Sep 24, 2025 $0.43; Dec 24, 2025 $0.37; Mar 25, 2026 $0.14; Jun 24, 2026 $0.24; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$12017202020232026YTD

PSQ vs TWM Risk

Fall from peak · 5 years

  • PSQ
  • TWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: TWM −77.4% · 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%, betterTWM 36.3%
Return per unit of riskSharpe ratio, 3 years
PSQ −1.33TWM −1.01, better
Worst fallMax drawdown, 5 years
PSQ −61.5%, betterTWM −77.4%
Market sensitivityBeta, 5 years
PSQ −1.18TWM −2.43

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