ETFIQ
RankingsCompareHoldingsResearch
My portfolioWeekly note
Question · Leveraged ETFs

What is an inverse ETF?

A fund built to return the opposite of what something else does, each day, usually multiplied.

ETFIQ tracks 125 of them with a full three months to Sep 30, 2026, and 55 finished short of what their own stated multiple implied over exactly those days. It is a bet the underlying falls, and it is not the same as being short it.

Share on XDownload as PDF
What it aimed at, and what it did, over the three months to Sep 30, 2026
SDOW2.1 pts ahead of its stated multiple
2.1 pts ahead of its stated multipleSDOW returned +9.1% while −3 times DIA's move would have been +7.0%DIA −2.3% ×−3 implies+7.0%SDOW returned+9.1%2.1 pts ahead of its stated multipleSDOW returned +9.1% while −3 times DIA's move would have been +7.0%DIA −2.3% ×−3 implies+7.0%SDOW returned+9.1%
EDZ5.3 pts short of its stated multiple
5.3 pts short of its stated multipleEDZ returned −6.7% while −3 times EEM's move would have been −1.4%EEM +0.5% ×−3 implies−1.4%EDZ returned−6.7%5.3 pts short of its stated multipleEDZ returned −6.7% while −3 times EEM's move would have been −1.4%EEM +0.5% ×−3 implies−1.4%EDZ returned−6.7%
WEBSOn its stated multiple
On its stated multipleWEBS returned −20.8% while −3 times FDN's move would have been −21.0%FDN +7.0% ×−3 implies−21.0%WEBS returned−20.8%On its stated multipleWEBS returned −20.8% while −3 times FDN's move would have been −21.0%FDN +7.0% ×−3 implies−21.0%WEBS returned−20.8%
FNGD5.7 pts ahead of its stated multiple
5.7 pts ahead of its stated multipleFNGD returned −30.9% while −3 times FNGS's move would have been −36.7%FNGS +12.2% ×−3 implies−36.7%FNGD returned−30.9%5.7 pts ahead of its stated multipleFNGD returned −30.9% while −3 times FNGS's move would have been −36.7%FNGS +12.2% ×−3 implies−36.7%FNGD returned−30.9%
YANG1.7 pts ahead of its stated multiple
1.7 pts ahead of its stated multipleYANG returned −17.5% while −3 times FXI's move would have been −19.2%FXI +6.4% ×−3 implies−19.2%YANG returned−17.5%1.7 pts ahead of its stated multipleYANG returned −17.5% while −3 times FXI's move would have been −19.2%FXI +6.4% ×−3 implies−19.2%YANG returned−17.5%
GDXD5.9 pts short of its stated multiple
5.9 pts short of its stated multipleGDXD returned −56.8% while −3 times GDX's move would have been −50.9%GDX +17.0% ×−3 implies−50.9%GDXD returned−56.8%5.9 pts short of its stated multipleGDXD returned −56.8% while −3 times GDX's move would have been −50.9%GDX +17.0% ×−3 implies−50.9%GDXD returned−56.8%
DULL6.5 pts short of its stated multiple
6.5 pts short of its stated multipleDULL returned −14.8% while −3 times GLD's move would have been −8.3%GLD +2.8% ×−3 implies−8.3%DULL returned−14.8%6.5 pts short of its stated multipleDULL returned −14.8% while −3 times GLD's move would have been −8.3%GLD +2.8% ×−3 implies−8.3%DULL returned−14.8%
TYO5.4 pts ahead of its stated multiple
5.4 pts ahead of its stated multipleTYO returned +18.5% while −3 times IEF's move would have been +13.1%IEF −4.3% ×−3 implies+13.1%TYO returned+18.5%5.4 pts ahead of its stated multipleTYO returned +18.5% while −3 times IEF's move would have been +13.1%IEF −4.3% ×−3 implies+13.1%TYO returned+18.5%
SRTY4.5 pts ahead of its stated multiple
4.5 pts ahead of its stated multipleSRTY returned +25.2% while −3 times IWM's move would have been +20.8%IWM −6.9% ×−3 implies+20.8%SRTY returned+25.2%4.5 pts ahead of its stated multipleSRTY returned +25.2% while −3 times IWM's move would have been +20.8%IWM −6.9% ×−3 implies+20.8%SRTY returned+25.2%
TZA4.2 pts ahead of its stated multiple
4.2 pts ahead of its stated multipleTZA returned +25.0% while −3 times IWM's move would have been +20.8%IWM −6.9% ×−3 implies+20.8%TZA returned+25.0%4.2 pts ahead of its stated multipleTZA returned +25.0% while −3 times IWM's move would have been +20.8%IWM −6.9% ×−3 implies+20.8%TZA returned+25.0%
DRV3.6 pts ahead of its stated multiple
3.6 pts ahead of its stated multipleDRV returned +23.9% while −3 times IYR's move would have been +20.3%IYR −6.8% ×−3 implies+20.3%DRV returned+23.9%3.6 pts ahead of its stated multipleDRV returned +23.9% while −3 times IYR's move would have been +20.3%IYR −6.8% ×−3 implies+20.3%DRV returned+23.9%
SMDD4 pts ahead of its stated multiple
4 pts ahead of its stated multipleSMDD returned +20.7% while −3 times MDY's move would have been +16.7%MDY −5.6% ×−3 implies+16.7%SMDD returned+20.7%4 pts ahead of its stated multipleSMDD returned +20.7% while −3 times MDY's move would have been +16.7%MDY −5.6% ×−3 implies+16.7%SMDD returned+20.7%
SQQQ1.5 pts short of its stated multiple
1.5 pts short of its stated multipleSQQQ returned −7.9% while −3 times QQQ's move would have been −6.4%QQQ +2.1% ×−3 implies−6.4%SQQQ returned−7.9%1.5 pts short of its stated multipleSQQQ returned −7.9% while −3 times QQQ's move would have been −6.4%QQQ +2.1% ×−3 implies−6.4%SQQQ returned−7.9%
SOXS28.5 pts short of its stated multiple
28.5 pts short of its stated multipleSOXS returned −13.2% while −3 times SOXX's move would have been +15.4%SOXX −5.1% ×−3 implies+15.4%SOXS returned−13.2%28.5 pts short of its stated multipleSOXS returned −13.2% while −3 times SOXX's move would have been +15.4%SOXX −5.1% ×−3 implies+15.4%SOXS returned−13.2%
HIBS8.5 pts short of its stated multiple
8.5 pts short of its stated multipleHIBS returned −5.7% while −3 times SPHB's move would have been +2.8%SPHB −0.9% ×−3 implies+2.8%HIBS returned−5.7%8.5 pts short of its stated multipleHIBS returned −5.7% while −3 times SPHB's move would have been +2.8%SPHB −0.9% ×−3 implies+2.8%HIBS returned−5.7%
SPXS2.1 pts ahead of its stated multiple
2.1 pts ahead of its stated multipleSPXS returned −5.5% while −3 times SPY's move would have been −7.6%SPY +2.5% ×−3 implies−7.6%SPXS returned−5.5%2.1 pts ahead of its stated multipleSPXS returned −5.5% while −3 times SPY's move would have been −7.6%SPY +2.5% ×−3 implies−7.6%SPXS returned−5.5%
SPXU2.1 pts ahead of its stated multiple
2.1 pts ahead of its stated multipleSPXU returned −5.4% while −3 times SPY's move would have been −7.6%SPY +2.5% ×−3 implies−7.6%SPXU returned−5.4%2.1 pts ahead of its stated multipleSPXU returned −5.4% while −3 times SPY's move would have been −7.6%SPY +2.5% ×−3 implies−7.6%SPXU returned−5.4%
TMV7.5 pts ahead of its stated multiple
7.5 pts ahead of its stated multipleTMV returned +32.5% while −3 times TLT's move would have been +25.0%TLT −8.3% ×−3 implies+25.0%TMV returned+32.5%7.5 pts ahead of its stated multipleTMV returned +32.5% while −3 times TLT's move would have been +25.0%TLT −8.3% ×−3 implies+25.0%TMV returned+32.5%
TTT6.9 pts ahead of its stated multiple
6.9 pts ahead of its stated multipleTTT returned +31.9% while −3 times TLT's move would have been +25.0%TLT −8.3% ×−3 implies+25.0%TTT returned+31.9%6.9 pts ahead of its stated multipleTTT returned +31.9% while −3 times TLT's move would have been +25.0%TLT −8.3% ×−3 implies+25.0%TTT returned+31.9%
LABD8.5 pts short of its stated multiple
8.5 pts short of its stated multipleLABD returned −10.6% while −3 times XBI's move would have been −2.2%XBI +0.7% ×−3 implies−2.2%LABD returned−10.6%8.5 pts short of its stated multipleLABD returned −10.6% while −3 times XBI's move would have been −2.2%XBI +0.7% ×−3 implies−2.2%LABD returned−10.6%
FAZ1.6 pts ahead of its stated multiple
1.6 pts ahead of its stated multipleFAZ returned +8.1% while −3 times XLF's move would have been +6.5%XLF −2.2% ×−3 implies+6.5%FAZ returned+8.1%1.6 pts ahead of its stated multipleFAZ returned +8.1% while −3 times XLF's move would have been +6.5%XLF −2.2% ×−3 implies+6.5%FAZ returned+8.1%
TECS4.3 pts short of its stated multiple
4.3 pts short of its stated multipleTECS returned −21.0% while −3 times XLK's move would have been −16.7%XLK +5.6% ×−3 implies−16.7%TECS returned−21.0%4.3 pts short of its stated multipleTECS returned −21.0% while −3 times XLK's move would have been −16.7%XLK +5.6% ×−3 implies−16.7%TECS returned−21.0%
DAMD18.1 pts short of its stated multiple
18.1 pts short of its stated multipleDAMD returned −44.3% while −2 times AMD's move would have been −26.2%AMD +13.1% ×−2 implies−26.2%DAMD returned−44.3%18.1 pts short of its stated multipleDAMD returned −44.3% while −2 times AMD's move would have been −26.2%AMD +13.1% ×−2 implies−26.2%DAMD returned−44.3%
AMZO10.2 pts short of its stated multiple
10.2 pts short of its stated multipleAMZO returned −16.4% while −2 times AMZN's move would have been −6.2%AMZN +3.1% ×−2 implies−6.2%AMZO returned−16.4%10.2 pts short of its stated multipleAMZO returned −16.4% while −2 times AMZN's move would have been −6.2%AMZN +3.1% ×−2 implies−6.2%AMZO returned−16.4%
APLZ50.1 pts short of its stated multiple
50.1 pts short of its stated multipleAPLZ returned +12.7% while −2 times APLD's move would have been +62.8%APLD −31.4% ×−2 implies+62.8%APLZ returned+12.7%50.1 pts short of its stated multipleAPLZ returned +12.7% while −2 times APLD's move would have been +62.8%APLD −31.4% ×−2 implies+62.8%APLZ returned+12.7%

The multiple applies to a single day. At each close the fund resets from wherever it now stands, so what a holder gets over a quarter depends on the path the underlying took and not only on where it ended.

The reset works against an inverse position in a way that is easy to miss. A real short position gets smaller as it wins and larger as it loses; a daily-reset inverse fund does the opposite, rebuilding the position every night so that it is largest after it has already been right.

Read the difference below as what a holder has more or less of. A number below zero means the fund returned less than its own label implied over the same days, whichever way the underlying went: on a fund that fell, it fell further than the label; on one that rose, it rose less.

On ETFIQ today

TickerFundSaysUnderlying assetUnderlying didFund returnedMultiple impliedDifference
SDOWProShares UltraPro Short Dow30-3xDIA−2.3%+9.1%+7.0%+2.1 pts
EDZDirexion Daily MSCI Emerging Markets Bea-3xEEM+0.5%−6.7%−1.4%−5.3 pts
WEBSDirexion Daily Dow Jones Internet Bear 3-3xFDN+7.0%−20.8%−21.0%+0.2 pts
FNGDMicroSectors FANG Index -3X Inverse Lev-3xFNGS+12.2%−30.9%−36.7%+5.7 pts
YANGDirexion Daily FTSE China Bear 3X ETF-3xFXI+6.4%−17.5%−19.2%+1.7 pts
GDXDMicroSectors Gold Miners -3X Inverse Lev-3xGDX+17.0%−56.8%−50.9%−5.9 pts
DULLMicroSectors Gold -3X Inverse Leveraged-3xGLD+2.8%−14.8%−8.3%−6.5 pts
TYODirexion Daily 7-10 Year Treasury Bear 3-3xIEF−4.3%+18.5%+13.1%+5.4 pts
SRTYProShares UltraPro Short Russell2000-3xIWM−6.9%+25.2%+20.8%+4.5 pts
TZADirexion Daily Small Cap Bear 3X ETF-3xIWM−6.9%+25.0%+20.8%+4.2 pts
DRVDirexion Daily Real Estate Bear 3X ETF-3xIYR−6.8%+23.9%+20.3%+3.6 pts
SMDDProShares UltraPro Short MidCap400-3xMDY−5.6%+20.7%+16.7%+4.0 pts
SQQQProShares UltraPro Short QQQ-3xQQQ+2.1%−7.9%−6.4%−1.5 pts
SOXSDirexion Daily Semiconductor Bear 3X ETF-3xSOXX−5.1%−13.2%+15.4%−28.5 pts
HIBSDirexion Daily S&P 500(R) High Beta Bear-3xSPHB−0.9%−5.7%+2.8%−8.5 pts
SPXSDirexion Daily S&P 500(R) Bear 3X ETF-3xSPY+2.5%−5.5%−7.6%+2.1 pts
SPXUProShares UltraPro Short S&P500-3xSPY+2.5%−5.4%−7.6%+2.1 pts
TMVDirexion Daily 20+ Year Treasury Bear 3X-3xTLT−8.3%+32.5%+25.0%+7.5 pts
TTTProShares UltraPro Short 20+ Year Treasu-3xTLT−8.3%+31.9%+25.0%+6.9 pts
LABDDirexion Daily S&P Biotech Bear 3X ETF-3xXBI+0.7%−10.6%−2.2%−8.5 pts
FAZDirexion Daily Financial Bear 3X ETF-3xXLF−2.2%+8.1%+6.5%+1.6 pts
TECSDirexion Daily Technology Bear 3X ETF-3xXLK+5.6%−21.0%−16.7%−4.3 pts
DAMDDefiance Daily Target 2X Short AMD ETF-2xAMD+13.1%−44.3%−26.2%−18.1 pts
AMZOTradr 2X Short AMZN Daily ETF-2xAMZN+3.1%−16.4%−6.2%−10.2 pts
APLZTradr 2X Short APLD Daily ETF-2xAPLD−31.4%+12.7%+62.8%−50.1 pts
Answered from ETFIQ data as of Sep 30, 2026.
Where these figures came from
The multiple each fund states in its own registered name, from the SEC investment company series and class file ↗SEC EDGAR, full-text search of fund filings ↗SEC Form N-PORT, what a fund filed it holds ↗Rule 19a-1, what a distribution notice must say ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. ETFIQ is an independent publisher of exchange-traded fund data and makes no recommendations. Every figure is calculated from published data. Standards and sources →

Cite this page

ETFIQ, What is an inverse ETF?, data as of Sep 30, 2026. https://etfiq.com/questions/what-is-an-inverse-etf

Open data →

Free to use with attribution; the underlying files are at Open data.