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QQDN vs RWM

ProShares UltraShort QQQ Mega

QQDNCNasdaq

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

QQDN0.95%RWM0.95%

Avg volume · 30D

RWM 16200.0×the volume

QQDN1.85KRWM30M

QQDN vs RWM Performance

Oct 31, 2025 – Nov 2, 2026

−4.1%QQDN−10.1%RWM

Oct 31, 2025 to Nov 2, 2026. QQDN −4.1%. RWM −10.1%. Use the arrow keys to read each point.−20%10%20%30%40%Oct 2025May 2026Nov 2026
Expense ratio
QQDN 0.95%
RWM 0.95%
Fund size
QQDN $1M
RWM $163M
1Y total return
QQDN −4.1%, better
RWM −10.1%
Yield (12M)
QQDN 5.29%, better
RWM 3.31%
Holdings
QQDN 1
RWM 3
Avg volume (30D)
QQDN 1.85K sh
RWM 30M sh, better
NAV per share
QQDN $21.83
RWM $14.37
52W range

ETF.net Grade

QQDN: Cost 50, Risk 49, Mission not scored, Tradability 27, Holdings not scored, Durability 22. RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for QQDN, RWM, with each pillar’s weight
PillarQQDNRWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightC49B60Higher
Tradability15% weightD27A90Higher
Holdings10% weightNot scoredB63
Durability5% weightF22B69Higher

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. QQDN and RWM 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 ›

RWM ranks 4th and QQDN 32nd 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 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62
  6. Rank 32CMZZProShares UltraShort MidCap400Score 40
  7. Rank 32CQQDNProShares UltraShort QQQ MegaScore 40
  8. Rank 32CREWProShares UltraShort TechnologyScore 40

Our read on each fund

ETF.net Research

QQDNCProShares UltraShort QQQ Mega

RWMBProShares Short Russell2000

In short

QQDN The only ETF aiming at -2x the daily move of the Nasdaq-100 Mega Index, the top slice of the Nasdaq-100 by weight. A short on today's mega-cap leaders, not a fixed Mag 7 list. 0.95% net of a waiver through September 30, 2027.

RWM Short small caps at one speed: RWM targets the inverse of the Russell 2000's daily move, with no 2x or 3x multiplier on top. Trading since 2007, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

QQDN QQDN seeks daily results equal to two times the inverse of the Nasdaq-100 Mega Index's daily performance, before fees and expenses.

RWM The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the Russell 2000 Index's daily performance.

Why people hold it

  • QQDN Targets -2x the daily move of an index built from the top 45% cumulative weight of the Nasdaq-100, so the bearish bet rides on the handful of names driving the index.nasdaq.com
  • Membership is dynamic: the index rebuilds around whichever Nasdaq-100 giants carry the weight, rather than locking in a fixed Mag 7 or FAANG roster.nasdaq.comproshares.com
  • 0.95% net of a waiver through September 30, 2027, near the category median and level with ProShares' long-running shorts PSQ and DOG (also 0.95% net, waivers to the same date).
  • Swaps do the work, so short exposure arrives in a regular brokerage account: no margin agreement, no borrowing shares, no buy-in risk.proshares.com
  • RWM Straight -1x, not a multiplier: it tracks the inverse of the Russell 2000's daily move, where stablemate TWM targets -2x on the same index.proshares.com
  • ProShares calls it the only -1x ETF tied to the Russell 2000, the index of the 2,000 smallest US names in the Russell 3000.proshares.comproshares.com 2
  • Trading since January 2007 and one of the busier funds in the inverse-equity aisle, so entering and exiting is rarely the hard part.
  • Fee is 0.95% net of a waiver through September 30, 2027 (1.05% gross), near what this category charges, and it rates among the strongest builds in its peer group.

Worth knowing

  • QQDN The -2x target applies to a single day. Hold longer and results depend on the path the index takes; choppy markets can pull returns well away from -2x the period move.proshares.com
  • The 0.95% is net of a waiver through September 30, 2027. Gross expenses run 3.06%, so the headline fee depends on ProShares keeping that waiver in place.
  • A small fund that trades thinly, which can mean wider bid-ask spreads than ProShares' long-established short ETFs and more cost in getting in and out.
  • RWM The -1x target resets daily. Hold longer and compounding rules: ProShares says multi-day returns can differ significantly from the target, in amount and even direction.proshares.comproshares.com 2
  • Symmetric by design: on days the Russell 2000 climbs, the fund is built to lose roughly as much as the index gains.proshares.com
  • Fund documents tell investors to monitor holdings as frequently as daily, which puts this at the hands-on end of the shelf.proshares.com

Full QQDN profile⁠

Full RWM profile⁠

QQDN vs RWM 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.

QQDN vs RWM Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • QQDN 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QQDN 0.95%
  • RWM 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530QQDN $17,869RWM $17,869

Year by year

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

Expense ratio

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

QQDN 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

QQDN vs RWM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
QQDN 5.29%, better
RWM 3.31%
Payout (12M)
QQDN $1.18
RWM $0.48
Last payment
QQDN $0.18
RWM $0.09
Ex-dividend
QQDN Sep 23, 2026
RWM Sep 23, 2026
Paid on
QQDN Sep 29, 2026
RWM Sep 29, 2026
Frequency
QQDN Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

QQDNQuarterly · 5 paymentsAll QQDN payments⁠
One bar per payment. 5 payments from 2017 to 2026 YTD. Sep 24, 2025 $0.25; Dec 24, 2025 $0.63; Mar 25, 2026 $0.16; Jun 24, 2026 $0.21; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$0.502017202020232026YTD
RWMQuarterly · 26 paymentsAll RWM payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.03; Mar 21, 2018 $0.04; Jun 20, 2018 $0.10; Sep 26, 2018 $0.14; Dec 26, 2018 $0.13; Mar 20, 2019 $0.11; Jun 25, 2019 $0.18; Sep 25, 2019 $0.15; Dec 24, 2019 $0.14; Mar 25, 2020 $0.05; Dec 22, 2022 $0.10; Mar 22, 2023 $0.15; Jun 21, 2023 $0.24; Sep 20, 2023 $0.27; Dec 20, 2023 $0.35; Mar 20, 2024 $0.26; Jun 26, 2024 $0.29; Sep 25, 2024 $0.28; Dec 23, 2024 $0.30; Mar 26, 2025 $0.14; Jun 25, 2025 $0.20; Sep 24, 2025 $0.13; Dec 24, 2025 $0.18; Mar 25, 2026 $0.06; Jun 24, 2026 $0.14; Sep 23, 2026 $0.09. Use the arrow keys to read each point.$0$0.502017202020232026YTD

QQDN vs RWM Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QQDN 41.1%since Jul 2025RWM 18.4%
Return per unit of riskSharpe ratio, 3 years
QQDN −0.72since Jul 2025RWM −0.99
Worst fallMax drawdown, 5 years
QQDN −51.8%since Jun 2025RWM −43.7%
Market sensitivityBeta, 5 years
QQDN −2.78RWM −1.23

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