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BIS vs RWM

ProShares UltraShort Nasdaq Biotechnology

BISDNasdaq

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

BIS0.95%RWM0.95%

Avg volume · 30D

RWM 3459.2×the volume

BIS8.68KRWM30M

10Y return · a year

RWM +16.9pt

BIS−28.0%RWM−11.1%

BIS vs RWM Performance

Oct 29, 2021 – Oct 30, 2026

−68.3%BIS−18.3%RWM

Oct 29, 2021 to Oct 30, 2026. BIS −68.3%. RWM −18.3%. Use the arrow keys to read each point.−50%0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
BIS 0.95%
RWM 0.95%
Fund size
BIS $2M
RWM $163M
1Y total return
BIS −49.7%
RWM −10.2%, better
Yield (12M)
BIS 5.90%, better
RWM 3.32%
Holdings
BIS 1
RWM 3
Avg volume (30D)
BIS 8.68K sh
RWM 30M sh, better
NAV per share
BIS $10.47
RWM $14.37
52W range

ETF.net Grade

BIS: Cost 50, Risk 22, Mission not scored, Tradability 36, Holdings not scored, Durability 39. RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for BIS, RWM, with each pillar’s weight
PillarBISRWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightF22B61Higher
Tradability15% weightD36A90Higher
Holdings10% weightNot scoredB63
Durability5% weightD39B69Higher

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. BIS 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 BIS 49th 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 5BSJBProShares Short High YieldScore 62
  6. Rank 32CYXIProShares Short FTSE China 50Score 40
  7. Rank 49DBISProShares UltraShort Nasdaq BiotechnologyScore 39
  8. Rank 50DSDDProShares UltraShort SmallCap600Score 38

Our read on each fund

ETF.net Research

BISDProShares UltraShort Nasdaq Biotechnology

RWMBProShares Short Russell2000

In short

BIS The only -2x bet against biotech: BIS aims to deliver twice the inverse of the Nasdaq Biotechnology Index's daily move, then resets the clock every night. A gentler dial than the -3x biotech bear funds, and designed for single-day exposure.

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

BIS The fund seeks daily results, before fees and expenses, equal to approximately negative two times the daily performance of the Nasdaq Biotechnology Index. It is not designed to achieve that target over periods longer than one day.

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

  • BIS ProShares calls it the only -2x ETF built to move against daily declines in biotech. Where rivals jump straight to -3x, this is the half-step.proshares.com
  • 0.95% net of a waiver through September 30, 2027, near the category median and the same net fee as ProShares stablemates PSQ, DOG and RWM (also waived to that date).
  • Tracks the Nasdaq Biotechnology Index, the cap-weighted Nasdaq-listed biotech and pharma benchmark, rather than the equal-weight small-cap index behind Direxion's -3x biotech pair.proshares.comdirexion.com
  • Live since April 2010, so it has traded through multiple biotech boom-and-bust cycles under the same daily-reset mechanics.
  • 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

  • BIS The prospectus is blunt: it targets -2x for one day and is not designed to hit that over longer periods. Compounding means multi-day results depend on the path.proshares.com
  • Gross expenses run 3.91%; the 0.95% you pay rests on a waiver scheduled through September 30, 2027.
  • One of the smaller, more thinly traded funds in the leveraged-bear group, so spreads can be wider than on headline names like PSQ.
  • 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 BIS profile⁠

Full RWM profile⁠

BIS 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.

BIS vs RWM Cost

Same expense ratio

$17,869

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

  • BIS 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • BIS 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$20K051015202530BIS $17,869RWM $17,869

Year by year

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

Expense ratio

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

BIS 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

BIS vs RWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
BIS 5.90%, better
RWM 3.32%
Payout (12M)
BIS $0.62
RWM $0.48
Last payment
BIS $0.14
RWM $0.09
Ex-dividend
BIS Sep 23, 2026
RWM Sep 23, 2026
Paid on
BIS Sep 29, 2026
RWM Sep 29, 2026
Frequency
BIS Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

BISQuarterly · 14 paymentsAll BIS payments⁠
One bar per payment. 14 payments from 2017 to 2026 YTD. Jun 21, 2023 $0.04; Sep 20, 2023 $0.24; Dec 20, 2023 $0.35; Mar 20, 2024 $0.32; Jun 26, 2024 $0.32; Sep 25, 2024 $0.30; Dec 23, 2024 $0.41; Mar 26, 2025 $0.27; Jun 25, 2025 $0.22; Sep 24, 2025 $0.31; Dec 24, 2025 $0.21; Mar 25, 2026 $0.14; Jun 24, 2026 $0.14; Sep 23, 2026 $0.14. Use the arrow keys to read each point.$0$0.252017202020232026YTD
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$0.252017202020232026YTD

BIS vs RWM Risk

Fall from peak · 5 years

  • BIS
  • RWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: BIS −83.2% · 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
BIS 31.5%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years
BIS −1.52RWM −0.99, better
Worst fallMax drawdown, 5 years
BIS −83.2%RWM −43.7%, better
Market sensitivityBeta, 5 years
BIS −1.17RWM −1.23

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