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DOG vs TWM

ProShares Short Dow30

DOGBNYSE Arca

ProShares UltraShort Russell2000

TWMCNYSE Arca

Overlap

Expense ratio

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

DOG0.95%TWM0.95%

Avg volume · 30D

DOG 6.5×the volume

DOG4.77MTWM736K

10Y return · a year

DOG +15.6pt

DOG−10.9%TWM−26.5%

DOG vs TWM Performance

Oct 29, 2021 – Oct 30, 2026

−20.7%DOG−55.8%TWM

Oct 29, 2021 to Oct 30, 2026. DOG −20.7%. TWM −55.8%. Use the arrow keys to read each point.0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
DOG 0.95%
TWM 0.95%
Fund size
DOG $115M
TWM $56M
1Y total return
DOG −4.9%, better
TWM −23.8%
Yield (12M)
DOG 3.15%
TWM 3.87%, better
Holdings
DOG 3
TWM 1
Avg volume (30D)
DOG 4.77M sh, better
TWM 736K sh
NAV per share
DOG $22.02
TWM $23.96
52W range

ETF.net Grade

DOG: Cost 50, Risk 65, Mission 97, Tradability 94, Holdings 43, Durability 69. TWM: Cost 50, Risk 38, Mission 88, Tradability 67, Holdings 63, Durability 65.
Pillar letters and Scores for DOG, TWM, with each pillar’s weight
PillarDOGTWM
Cost30% weightC50C50
Mission25% weightA97HigherA88
Risk15% weightB65HigherD38
Tradability15% weightA94HigherB67
Holdings10% weightC43B63Higher
Durability5% weightB69HigherB65

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. DOG and TWM 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 ›

DOG ranks 1st and TWM 17th 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 17CSVIX-1x Short VIX Futures ETFScore 52
  4. Rank 17CTWMProShares UltraShort Russell2000Score 52
  5. Rank 21CEFZProShares Short MSCI EAFEScore 51

Our read on each fund

ETF.net Research

DOGBProShares Short Dow30

TWMCProShares UltraShort Russell2000

In short

DOG The plain-vanilla short on the Dow: DOG aims to deliver the inverse of the index's move each day, with no 2x or 3x bolted on. Running since 2006, and ProShares bills it as the only -1x ETF built on the Dow.

TWM The double-strength small-cap bear trade, running since 2007: TWM aims for two times the inverse of the Russell 2000's daily move, and resets every day. Built for short holds, by design.

Stated mandate

DOG DOG seeks daily investment results, before fees and expenses, that correspond to the inverse of the Dow Jones Industrial Average's daily performance.

TWM The Fund seeks daily results, before fees and expenses, corresponding to two times the inverse (-2x) of the Russell 2000 Index's daily performance. It is not designed to achieve that inverse target over periods longer than one day.

Why people hold it

  • DOG 0.95% net of a waiver through September 30, 2027 (1.00% gross), which sits near the typical fee among leveraged and inverse funds.
  • Sticks close to its daily inverse target, one of the tighter implementations in its peer group.proshares.com
  • Actively traded for an inverse fund, so getting in and back out is rarely the hard part.
  • Live since 2006, so the mechanism has run through the financial crisis, 2020 and every tape since.
  • TWM Aims for two times the inverse of the Russell 2000's daily move: a 1% down day in small caps targets roughly 2% the other way, before fees.proshares.com
  • Listed January 2007 and actively traded since, through the financial crisis and every small-cap scare after it.
  • 0.95% net of a waiver through September 30, 2027 (1.17% gross), near the category median for leveraged and inverse funds.
  • Stays close to its stated daily target and sits in the upper half of its leveraged-bear peer group.

Worth knowing

  • DOG The target resets every day. Hold longer than a day and the result depends on the path the Dow takes, not just its direction.proshares.com
  • If the waiver lapses after September 30, 2027, the fee steps up toward the 1.00% gross figure.
  • The Dow is 30 price-weighted names, so this is a short on a narrow, old-school slice of the market rather than the broad tape.proshares.com
  • TWM Resets daily. Hold past one day and compounding takes over, so multi-day results can differ widely from -2x the index, especially in choppy markets.proshares.com
  • Leverage runs both ways: an up day for small caps targets roughly double the move against you, before fees.
  • Sibling RWM shorts the same Russell 2000 at -1x for the same 0.95% net (waiver through September 30, 2027), so the choice here is the leverage, not the fee.

Full DOG profile⁠

Full TWM profile⁠

DOG vs TWM 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.

DOG vs TWM Cost

Same expense ratio

$17,869

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

  • DOG 0.95%

    $17,869

  • TWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DOG 0.95%
  • TWM 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DOG $17,869TWM $17,869

Year by year

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

Expense ratio

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

DOG 6th cheapest of 53 funds

TWM 6th cheapest of 53 funds

DOG vs TWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DOG 3.15%
TWM 3.87%, better
Payout (12M)
DOG $0.69
TWM $0.93
Last payment
DOG $0.17
TWM $0.18
Ex-dividend
DOG Sep 23, 2026
TWM Sep 23, 2026
Paid on
DOG Sep 29, 2026
TWM Sep 29, 2026
Frequency
DOG Quarterly
TWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DOGQuarterly · 26 paymentsAll DOG payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.02; Mar 21, 2018 $0.06; Jun 20, 2018 $0.12; Sep 26, 2018 $0.16; Dec 26, 2018 $0.19; Mar 20, 2019 $0.17; Jun 25, 2019 $0.25; Sep 25, 2019 $0.20; Dec 24, 2019 $0.14; Mar 25, 2020 $0.06; Dec 22, 2022 $0.14; Mar 22, 2023 $0.20; Jun 21, 2023 $0.35; Sep 20, 2023 $0.39; Dec 20, 2023 $0.41; Mar 20, 2024 $0.32; Jun 26, 2024 $0.40; Sep 25, 2024 $0.36; Dec 23, 2024 $0.43; Mar 26, 2025 $0.18; Jun 25, 2025 $0.21; Sep 24, 2025 $0.21; Dec 24, 2025 $0.26; Mar 25, 2026 $0.10; Jun 24, 2026 $0.16; Sep 23, 2026 $0.17. Use the arrow keys to read each point.$0$12017202020232026YTD
TWMQuarterly · 26 paymentsAll TWM payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.16; Mar 21, 2018 $0.48; Jun 20, 2018 $0.62; Sep 26, 2018 $0.72; Dec 26, 2018 $1.19; Mar 20, 2019 $0.73; Jun 25, 2019 $1.28; Sep 25, 2019 $0.99; Dec 24, 2019 $0.73; Mar 25, 2020 $0.41; Dec 22, 2022 $0.14; Mar 22, 2023 $0.36; Jun 21, 2023 $0.59; Sep 20, 2023 $0.63; Dec 20, 2023 $1.17; Mar 20, 2024 $0.43; Jun 26, 2024 $0.69; Sep 25, 2024 $0.85; Dec 23, 2024 $0.79; Mar 26, 2025 $0.42; Jun 25, 2025 $0.51; Sep 24, 2025 $0.43; Dec 24, 2025 $0.37; Mar 25, 2026 $0.14; Jun 24, 2026 $0.24; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$12017202020232026YTD

DOG vs TWM Risk

Fall from peak · 5 years

  • DOG
  • TWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: TWM −77.4% · 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
DOG 11.7%, betterTWM 36.3%
Return per unit of riskSharpe ratio, 3 years
DOG −1.21TWM −1.01, better
Worst fallMax drawdown, 5 years
DOG −37.3%, betterTWM −77.4%
Market sensitivityBeta, 5 years
DOG −0.83TWM −2.43

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