List · ETFs
Inverse ETFs by Index: The -1x, -2x and -3x Funds Side by Side
The inverse ETF list below is sorted by index and multiple. Every fund on it targets that multiple for a single day, which matters as soon as you hold one overnight.
Short answer
Inverse ETFs exist for the major indexes at -1x, -2x and -3x: SH, SDS, SPXU and SPXS on the S&P 500; PSQ, QID and SQQQ on the Nasdaq-100; DOG, DXD and SDOW on the Dow; RWM, TWM and TZA on the Russell 2000; and TBF and TBT on long Treasuries. Each targets its multiple for one day only.
Read the word “daily” in the fund’s objective before anything else. An inverse fund promises the opposite of an index’s move, times a multiple, for one trading day. It rebalances every evening. That reset is what makes the fund usable in a cash account, and it is also why holding one for three weeks gives a result that can look nothing like the index’s three-week move turned upside down.
Tickers, sponsors, indexes and multiples are listed as the funds state them. Before buying any fund, confirm its objective in the prospectus: sponsors sometimes change a fund’s multiple, index or name, and a reverse split can change its share count overnight.
S&P 500
| Ticker | Fund | Index | Daily multiple |
|---|---|---|---|
| SH | ProShares Short S&P500 | S&P 500 | -1x |
| SDS | ProShares UltraShort S&P500 | S&P 500 | -2x |
| SPXU | ProShares UltraPro Short S&P500 | S&P 500 | -3x |
| SPXS | Direxion Daily S&P 500 Bear 3X | S&P 500 | -3x |
Nasdaq-100
| Ticker | Fund | Index | Daily multiple |
|---|---|---|---|
| PSQ | ProShares Short QQQ | Nasdaq-100 | -1x |
| QID | ProShares UltraShort QQQ | Nasdaq-100 | -2x |
| SQQQ | ProShares UltraPro Short QQQ | Nasdaq-100 | -3x |
Dow Jones Industrial Average
| Ticker | Fund | Index | Daily multiple |
|---|---|---|---|
| DOG | ProShares Short Dow30 | Dow Jones Industrial Average | -1x |
| DXD | ProShares UltraShort Dow30 | Dow Jones Industrial Average | -2x |
| SDOW | ProShares UltraPro Short Dow30 | Dow Jones Industrial Average | -3x |
Russell 2000
| Ticker | Fund | Index | Daily multiple |
|---|---|---|---|
| RWM | ProShares Short Russell2000 | Russell 2000 | -1x |
| TWM | ProShares UltraShort Russell2000 | Russell 2000 | -2x |
| TZA | Direxion Daily Small Cap Bear 3X | Russell 2000 | -3x |
Long-dated Treasuries
| Ticker | Fund | Index | Daily multiple |
|---|---|---|---|
| TBF | ProShares Short 20+ Year Treasury | Treasury bonds with 20+ years to maturity | -1x |
| TBT | ProShares UltraShort 20+ Year Treasury | Treasury bonds with 20+ years to maturity | -2x |
Bond prices fall when yields rise. So these funds gain when long-term Treasury yields climb and lose when they drop, which makes them a way to express a view on rates without trading futures or selling bonds short, and a long-dated bond moves more for each change in yield than a short-dated one, so even the -1x fund can swing hard.
Which multiple fits which use?
Match the multiple to the holding period. A -1x fund is the closest thing to a hedge you can hold for a while and still recognize. Decay is smaller at -1x. It never disappears.
A -2x or -3x fund is a tool for a day or two. At -3x a 5% index rally in one session costs the fund about 15% that day, so size it by the dollar loss you can accept on a bad day and treat the position as something to watch during market hours. If you cannot watch it, use a smaller multiple.
Why does the daily reset matter?
Take a hypothetical index at 100 and a -1x fund at 100. On day one the index rises 10%. On day two it falls 9.09%, which brings it back to where it started.
The index is flat over two days. The fund is down 1.82%. Nothing went wrong: the fund hit its target each day, and the loss comes from compounding a -10% day and a +9.09% day on different bases. At -2x or -3x the same path costs more, and a long run of back-and-forth days can grind a fund down even when the index ends near where it began.
The leveraged ETF decay calculator runs any path you enter. For the full argument on holding periods, read inverse ETFs reset daily, and the definition of volatility decay covers the arithmetic behind it.
What are the alternatives to an inverse ETF?
Other trades express a bearish view too, each with its own kind of cost.
- Buy puts on an index ETF. Your loss is capped at what the puts cost, and there is no daily reset, though time decay and changes in implied volatility work against the holder every day the option is open.
- Short an index ETF in a margin account. You get exposure without a reset, but you pay borrow costs, owe any dividends, and your loss has no ceiling if the market rallies.
- Reduce your long exposure. Selling part of what you own cuts risk without adding a new position that has to be managed, and for many investors worried about a decline it is the simplest answer.
The page on ETFs for short swings compares these methods on a sized trade.
Questions traders ask next
Can you buy an inverse ETF in an IRA?
Usually, yes. Buying an inverse fund is an ordinary purchase, so it needs no margin and no short sale, which is why traders use them in cash accounts and IRAs. Some brokers restrict leveraged and inverse funds or ask you to acknowledge their risks first, so check your broker's rules for the account type.
What happens to an inverse ETF if the market goes up?
It falls by roughly its multiple of the index's daily gain. A -3x fund on an index that rises 2% in a day targets a 6% loss for that day. Over several days the loss compounds from each new closing value, so the total can differ from three times the index's total move.
Is SH the same as shorting an S&P 500 ETF?
For a single day the exposure is similar. Over longer holds they drift apart: a short position's exposure changes as the price moves, while SH rebalances to -1x every day. SH also has a fund expense, and a short sale carries borrow costs, margin requirements and dividend payments owed to the lender.