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EUO vs RWM

ProShares UltraShort Euro

EUOBNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

EUO0.95%RWM0.95%

Avg volume · 30D

RWM 1343.7×the volume

EUO22.3KRWM30M

10Y return · a year

EUO +14.2pt

EUO+2.9%RWM−11.3%

EUO vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

+30.4%EUO−15.9%RWM

Nov 2, 2021 to Nov 2, 2026. EUO +30.4%. RWM −15.9%. Use the arrow keys to read each point.0%10%20%40%Nov 2021May 2024Nov 2026
Expense ratio
EUO 0.95%
RWM 0.95%
Fund size
EUO $45M
RWM $163M
1Y total return
EUO +11.0%, better
RWM −10.1%
Yield (12M)
EUO No data
RWM 3.31%
Holdings
EUO 1
RWM 3
Avg volume (30D)
EUO 22.3K sh
RWM 30M sh, better
NAV per share
EUO $32.47
RWM $14.37
52W range

ETF.net Grade

EUO: Cost 50, Risk 94, Mission not scored, Tradability 49, Holdings not scored, Durability 67. RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for EUO, RWM, with each pillar’s weight
PillarEUORWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightA94HigherB60
Tradability15% weightC49A90Higher
Holdings10% weightNot scoredB63
Durability5% weightB67B69Higher

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. EUO 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 EUO 7th 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 5BYCSProShares UltraShort YenScore 62
  7. Rank 7BEUOProShares UltraShort EuroScore 61
  8. Rank 8BREKProShares Short Real EstateScore 60

Our read on each fund

ETF.net Research

EUOBProShares UltraShort Euro

RWMBProShares Short Russell2000

In short

EUO A single-purpose dollar-versus-euro tool: EUO aims to deliver twice the inverse of the euro's daily move against the dollar. Live since 2008, and priced under the typical leveraged or inverse fund.

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

EUO EUO seeks daily results, before fees and expenses, intended to deliver twice the inverse of the euro's daily price performance against the U.S. dollar.

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

  • EUO Aims for twice the inverse of the euro's daily move against the dollar, turning an FX view into an ordinary brokerage trade.proshares.com
  • 0.95% expense ratio, below the median for leveraged and inverse funds.
  • Running since 2008 on the same daily double-inverse euro mandate.
  • One of the stronger builds in its leveraged and inverse peer group, alongside ProShares' yen counterpart YCS.
  • 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

  • EUO The 2x resets daily. Hold longer and compounding takes over, so results over a stretch can diverge from twice the euro's move for that stretch.
  • A small, thinly traded fund, so spreads can widen. Limit orders matter more here than on a headline ETF.
  • Structured as a commodity pool rather than a standard stock fund, and it isn't built as an income payer.
  • 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 EUO profile⁠

Full RWM profile⁠

EUO 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.

EUO vs RWM Cost

Same expense ratio

$17,869

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

  • EUO 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EUO 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$20K051015202530EUO $17,869RWM $17,869

Year by year

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

Expense ratio

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

EUO 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

EUO vs RWM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EUO No data
RWM 3.31%
Payout (12M)
EUO None
RWM $0.48
Last payment
EUO No data
RWM $0.09
Ex-dividend
EUO No data
RWM Sep 23, 2026
Paid on
EUO No data
RWM Sep 29, 2026
Frequency
EUO No data
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EUOAll EUO payments⁠

No distribution history available.

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

EUO vs RWM Risk

Fall from peak · 5 years

  • EUO
  • RWM
Nov 2, 2021 to Nov 2, 2026. Worst fall: RWM −43.7% · Aug 2026. Use the arrow keys to read each point.−40%−30%−20%−10%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EUO 13.9%, betterRWM 18.4%
Return per unit of riskSharpe ratio, 3 years
EUO −0.17, betterRWM −0.99
Worst fallMax drawdown, 5 years
EUO −25.3%, betterRWM −43.7%
Market sensitivityBeta, 5 years
EUO −0.35RWM −1.23

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