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DXD vs RWM

ProShares UltraShort Dow30

DXDBNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

DXD0.95%RWM0.95%

Avg volume · 30D

RWM 13.4×the volume

DXD2.23MRWM30M

10Y return · a year

RWM +13.2pt

DXD−24.5%RWM−11.3%

DXD vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

−51.5%DXD−15.9%RWM

Nov 2, 2021 to Nov 2, 2026. DXD −51.5%. RWM −15.9%. Use the arrow keys to read each point.−40%0%20%40%Nov 2021May 2024Nov 2026
Expense ratio
DXD 0.95%
RWM 0.95%
Fund size
DXD $42M
RWM $163M
1Y total return
DXD −14.0%
RWM −10.1%, better
Yield (12M)
DXD 3.61%, better
RWM 3.31%
Holdings
DXD 3
RWM 3
Avg volume (30D)
DXD 2.23M sh
RWM 30M sh, better
NAV per share
DXD $17.67
RWM $14.37
52W range

ETF.net Grade

DXD: Cost 50, Risk 49, Mission 100, Tradability 86, Holdings 55, Durability 62. RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for DXD, RWM, with each pillar’s weight
PillarDXDRWM
Cost30% weightC50C50
Mission25% weightA100Not scored
Risk15% weightC49B60Higher
Tradability15% weightA86A90Higher
Holdings10% weightB55B63Higher
Durability5% weightB62B69Higher

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. DXD 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 DXD 10th of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62
  6. Rank 9BEUMProShares Short MSCI Emerging MarketsScore 59
  7. Rank 10BDXDProShares UltraShort Dow30Score 58
  8. Rank 11BQIDProShares UltraShort QQQScore 57

Our read on each fund

ETF.net Research

DXDBProShares UltraShort Dow30

RWMBProShares Short Russell2000

In short

DXD A 2006 original. DXD aims for twice the inverse of the Dow's daily move, resetting the clock every single day. Think of it as the double-strength version of the Dow bear trade, engineered for days, not quarters.

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

DXD DXD seeks daily, pre-expense returns equal to approximately twice the inverse of the Dow Jones Industrial Average's daily performance. It is designed to rise when the Index falls and decline when the Index rises.

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

  • DXD One of the originals. DXD listed July 11, 2006, in the first wave of leveraged and inverse ETFs, and has been running since before the 2008 crash.interactivebrokers.com
  • Does what the label says: -2x the Dow's daily return, measured NAV to NAV. It has hit that daily target tightly, one of the stronger implementations among bear funds.proshares.com
  • 0.95% net of a waiver through September 30, 2027, matching ProShares' other bear funds (DOG, PSQ and RWM each 0.95% net under waivers to the same date) and near the category median.
  • Actively traded for a fund of its size, which matters for a tool built to be held in short stretches rather than parked.
  • 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

  • DXD Daily reset means compounding. Hold longer than one day and the result can drift, sometimes a lot, from -2x the Dow's move over that stretch.proshares.com
  • That 0.95% is net of a waiver running to September 30, 2027. Gross is 1.09%, so the sticker price can step up if the waiver is not renewed.
  • Assets are small by ETF standards, well below the scale of the headline index funds it bets against. Payouts, when made, come on a quarterly cadence.
  • 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 DXD profile⁠

Full RWM profile⁠

DXD 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.

DXD vs RWM Cost

Same expense ratio

$17,869

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

  • DXD 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DXD 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$20K051015202530DXD $17,869RWM $17,869

Year by year

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

Expense ratio

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

DXD 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

DXD vs RWM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
DXD 3.61%, better
RWM 3.31%
Payout (12M)
DXD $0.63
RWM $0.48
Last payment
DXD $0.15
RWM $0.09
Ex-dividend
DXD Sep 23, 2026
RWM Sep 23, 2026
Paid on
DXD Sep 29, 2026
RWM Sep 29, 2026
Frequency
DXD Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DXDQuarterly · 26 paymentsAll DXD payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.22; Mar 21, 2018 $0.28; Jun 20, 2018 $0.43; Sep 26, 2018 $0.61; Dec 26, 2018 $0.73; Mar 20, 2019 $0.47; Jun 25, 2019 $0.57; Sep 25, 2019 $0.50; Dec 24, 2019 $0.45; Mar 25, 2020 $0.19; Dec 22, 2022 $0.11; Mar 22, 2023 $0.25; Jun 21, 2023 $0.34; Sep 20, 2023 $0.34; Dec 20, 2023 $0.38; Mar 20, 2024 $0.25; Jun 26, 2024 $0.47; Sep 25, 2024 $0.41; Dec 23, 2024 $0.47; Mar 26, 2025 $0.23; Jun 25, 2025 $0.21; Sep 24, 2025 $0.21; Dec 24, 2025 $0.22; Mar 25, 2026 $0.11; Jun 24, 2026 $0.14; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.502017202020232026YTD
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$0.502017202020232026YTD

DXD vs RWM Risk

Fall from peak · 5 years

  • DXD
  • RWM
Nov 2, 2021 to Nov 2, 2026. Worst fall: DXD −68.7% · Aug 2026. Use the arrow keys to read each point.−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
DXD 23.2%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years
DXD −1.21RWM −0.99, better
Worst fallMax drawdown, 5 years
DXD −68.7%RWM −43.7%, better
Market sensitivityBeta, 5 years
DXD −1.66RWM −1.23

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