SQQQ vs SRTY: Grades, Fees and Holdings Compared

ProShares UltraPro Short QQQ

SQQQANasdaq

ProShares UltraPro Short Russell2000

SRTYANYSE Arca

Overlap

62.5%by weight

Expense ratio

SQQQ −0.01pt a year

SQQQ0.94%SRTY0.95%

Avg volume · 30D

SQQQ 31.2×the volume

SQQQ50MSRTY1.6M

10Y return · a year

SRTY +11.5pt

SQQQ−54.3%SRTY−42.8%

SQQQ vs SRTY Performance

Oct 29, 2021 – Oct 30, 2026

−93.7%SQQQ−82.0%SRTY

Expense ratio: SQQQ 0.94%, better; SRTY 0.95%
Fund size: SQQQ $2.04B; SRTY $68M
1Y total return: SQQQ −32.5%, better; SRTY −37.4%
Yield (12M): SQQQ 7.78%, better; SRTY 5.87%
Holdings: SQQQ 12; SRTY 5
Avg volume (30D): SQQQ 50M sh, better; SRTY 1.6M sh
NAV per share: SQQQ $41.85; SRTY $26.34
52W range

ETF.net Grade

Pillar letters and Scores for SQQQ, SRTY, with each pillar’s weight
Pillar	SQQQ	SRTY
Cost30% weight	A99Higher	A84
Mission25% weight	A95Higher	A83
Risk15% weight	C47	C53Higher
Tradability15% weight	A92Higher	A70
Holdings10% weight	C47	Not scored
Durability5% weight	A73Higher	B56

Rank among 3x Leveraged Inverse funds

How we build Categories ›

Same Category. SQQQ and SRTY are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds

See all 14 ›

SQQQ ranks 1st and SRTY 3rd of 14 funds in the 3x Leveraged Inverse Category.

Rank 1ASQQQProShares UltraPro Short QQQScore 83
Rank 2ASDOWProShares UltraPro Short Dow30Score 78
Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61

Our read on each fund

ETF.net Research

SQQQAProShares UltraPro Short QQQ

SRTYAProShares UltraPro Short Russell2000

In short

SQQQ The workhorse of the short-Nasdaq trade. Running since 2010, it aims at three times the inverse of the Nasdaq-100's daily move, resets every session, and charges 0.94% a year, below the going rate in the 3x bear category.

SRTY A one-day instrument by design: SRTY aims for three times the inverse of the Russell 2000's daily move, and it has been the ProShares small-cap bear since 2010.

Stated mandate

SQQQ The fund seeks daily investment results, before fees and expenses, equal to three times the inverse of the Nasdaq-100 Index’s daily performance.

SRTY SRTY seeks daily investment results, before fees and expenses, equal to three times the inverse daily performance of the Russell 2000 Index.

Why people hold it

SQQQ 0.94% a year with no waiver propping it up, and below what 3x bear peers charge: SDOW and SRTY each sit at 0.95% net of waivers through September 30, 2027.
One of the most actively traded funds in its category, with a billion-dollar-plus asset base behind it. Depth is the reason traders reach for this one.
ProShares has run this single-day mandate since February 2010, and it tracks its stated -3x daily target about as closely as anything in its peer group.proshares.com
The mandate is blunt and public: three times the inverse of the Nasdaq-100's daily performance, before fees, measured NAV to NAV. No discretion, no stock picking.sec.gov

SRTY 0.95% net of a waiver through September 30, 2027 (1.10% gross), which undercuts TZA at 0.99%, the only other 3x small-cap bear in the peer set, and sits below the category median.
The mechanism is plain: three times the inverse of the Russell 2000's daily performance, reset each day. That index covers roughly 2,000 of the smallest names in the Russell 3000.proshares.com fidelity.com
Listed since 2010 and actively traded, it rates as one of the stronger implementations in its bear-3x peer group.

Worth knowing

SQQQ Returns compound daily. Over any period longer than a single day, results will very likely differ from -3x the index, and the fund can lose money when the index is flat.sec.gov
It holds swaps and futures on the index, not shorted stocks, so counterparty exposure and financing costs ride along with the price.sec.gov
At 0.94%, the fee is heavy freight for a vehicle built around single-day results. Distributions, when declared, come quarterly.

SRTY Daily reset means compounding. Hold past a single day and results can diverge widely from 3x the index's move over that stretch, especially through choppy markets.proshares.com
The fee steps toward the 1.10% gross rate if the waiver is not extended past September 30, 2027.
Small caps are the jumpier end of US equity, and a 3x inverse multiplies that daily swing in both directions.fidelity.com

Full SQQQ profile⁠

Full SRTY profile⁠

SQQQ vs SRTY Holdings

How SQQQ and SRTY differ

Overlap by weight

62.5%

Shared holdings make up 94.5% of SRTY and 66.6% of SQQQ.

Level by level

Holdings4 in both62.5%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in SQQQ and SRTY, widest gap first
Sector	More in SQQQMore in SRTY	SQQQ	SRTY
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in SQQQ and SRTY, widest gap first
Country	More in SQQQMore in SRTY	SQQQ	SRTY
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SQQQ125.7%
SRTY100.0%

Securities held

SQQQ12
SRTY4

Asset class

SQQQ: Equity
SRTY: Equity

Holdings

Only in SQQQ8
In both4
Only in SRTY0

Only in SQQQ

8 securities, 63.6% of SQQQ by weight

TREASURY BILL, 0%, due 2026-12-0315.84%
TREASURY BILL, 0%, due 2027-01-1211.52%
TREASURY BILL, 0%, due 2026-12-0110.06%
TREASURY BILL, 0%, due 2026-11-039.08%
TREASURY BILL, 0%, due 2026-11-248.36%
TREASURY BILL, 0%, due 2027-01-263.75%
TREASURY BILL, 0%, due 2027-02-113.74%
TREASURY BILL, 0%, due 2027-01-071.25%

Only in SRTY

0 securities, 0.0% of SRTY by weight

Weight gaps

All 4 Holdings in both funds, largest gap first.

Holding weights in SQQQ and SRTY, widest gap first
Holding	More in SQQQMore in SRTY	SQQQ	SRTY
TREASURY BILL, 0%, due 2026-12-29	SRTY +11.02 points	6.52%	17.54%
TREASURY BILL, 0%, due 2026-11-10	SRTY +10.83 points	3.28%	14.11%
Proshares Genius Mny Mkt EtfIQMM	SRTY +10.21 points	51.28%	61.49%
TREASURY BILL, 0%, due 2027-01-19	SQQQ +4.10 points	5.50%	1.40%

All 19 SQQQ holdings⁠All 13 SRTY 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.

SQQQ vs SRTY Cost

Overpaying SRTY vs SQQQ

$165

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

SQQQ 0.94%
$17,704
SRTY 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

SQQQ 0.94%
SRTY 0.95%
Overpaying

Year by year

Year	SQQQ	SRTY	Overpaying
10	$1,661	$1,678	$17
20	$6,260	$6,322	$62
30	$17,704	$17,869	$165

Expense ratio

0.94%SQQQ, cheaper
0.95%SRTY

SQQQ0.94%SRTY0.95%

0.94%1.07%

Middle half of 3x Leveraged Inverse funds
Median 1.02%

SQQQ cheapest of 14 funds

SRTY 2nd cheapest of 14 funds

SQQQ vs SRTY Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SQQQ 7.78%, better; SRTY 5.87%
Payout (12M): SQQQ $3.25; SRTY $1.55
Last payment: SQQQ $0.47; SRTY $0.27
Ex-dividend: SQQQ Sep 23, 2026; SRTY Sep 23, 2026
Paid on: SQQQ Sep 29, 2026; SRTY Sep 29, 2026
Frequency: SQQQ Quarterly; SRTY Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SQQQQuarterly · 26 paymentsAll SQQQ payments⁠

SRTYQuarterly · 10 paymentsAll SRTY payments⁠

SQQQ vs SRTY Risk

Fall from peak · 5 years

SQQQ
SRTY

Risk facts

VolatilityStd dev, 3 years: SQQQ 48.2%, betterSRTY 54.0%
Return per unit of riskSharpe ratio, 3 years: SQQQ −1.42SRTY −1.04, better
Worst fallMax drawdown, 5 years: SQQQ −97.5%SRTY −92.8%, better
Market sensitivityBeta, 5 years: SQQQ −3.43SRTY −3.24; Market = 1

Popular comparisons

SQQQAvsSDOWA
ProShares UltraPro Short QQQ · ProShares UltraPro Short Dow30
Expense ratio
0.94% · 0.95%
Category
SRTYAvsSDOWA
ProShares UltraPro Short Russell2000 · ProShares UltraPro Short Dow30
Expense ratio
0.95% · 0.95%
Category
SQQQAvsTZAB
ProShares UltraPro Short QQQ · Direxion Daily Small Cap Bear 3X ETF
Expense ratio
0.94% · 0.99%
Category
SRTYAvsTZAB
ProShares UltraPro Short Russell2000 · Direxion Daily Small Cap Bear 3X ETF
Expense ratio
0.95% · 0.99%
Category
SQQQAvsSOXSB
ProShares UltraPro Short QQQ · Direxion Daily Semiconductor Bear 3X ETF
Expense ratio
0.94% · 1.00%
Category
SRTYAvsSOXSB
ProShares UltraPro Short Russell2000 · Direxion Daily Semiconductor Bear 3X ETF
Expense ratio
0.95% · 1.00%
Category