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EWV vs RWM

ProShares UltraShort MSCI Japan

EWVCNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

EWV0.95%RWM0.95%

Avg volume · 30D

RWM 2997.1×the volume

EWV10KRWM30M

10Y return · a year

RWM +7.6pt

EWV−18.9%RWM−11.3%

EWV vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

−60.8%EWV−15.9%RWM

Nov 2, 2021 to Nov 2, 2026. EWV −60.8%. RWM −15.9%. Use the arrow keys to read each point.0%25%50%75%Nov 2021May 2024Nov 2026
Expense ratio
EWV 0.95%
RWM 0.95%
Fund size
EWV $4M
RWM $163M
1Y total return
EWV −28.6%
RWM −10.1%, better
Yield (12M)
EWV 4.66%, better
RWM 3.31%
Holdings
EWV 1
RWM 3
Avg volume (30D)
EWV 10K sh
RWM 30M sh, better
NAV per share
EWV $17.51
RWM $14.37
52W range

ETF.net Grade

EWV: Cost 50, Risk 36, Mission not scored, Tradability 34, Holdings not scored, Durability 49. RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for EWV, RWM, with each pillar’s weight
PillarEWVRWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightD36B60Higher
Tradability15% weightD34A90Higher
Holdings10% weightNot scoredB63
Durability5% weightC49B69Higher

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. EWV 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 EWV 32nd 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 32CEMTYProShares Decline of the Retail Store ETFScore 40
  7. Rank 32CEWVProShares UltraShort MSCI JapanScore 40
  8. Rank 32CMYYProShares Short MidCap400Score 40

Our read on each fund

ETF.net Research

EWVCProShares UltraShort MSCI Japan

RWMBProShares Short Russell2000

In short

EWV A -2x daily bet against the MSCI Japan Index, running since 2007. ProShares calls it the only -2x fund on that bench. Fee: 0.95% net of a waiver through September 30, 2027.

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

EWV The fund seeks daily investment results, before fees and expenses, equal to two times the inverse (-2x) of the daily performance of the MSCI Japan Index.

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

  • EWV Does one thing: aims for two times the inverse of the MSCI Japan Index's daily move, with no margin account or stock borrow on your end.
  • ProShares bills it as the only -2x ETF on the MSCI Japan Index, so there is no cheaper clone to shop against.proshares.com
  • Trading since 2007, long staying power for a geared fund.
  • 0.95% net of a waiver through September 30, 2027 (2.28% gross), matching ProShares' other geared shorts such as DOG and PSQ at 0.95% net of waivers through the same date.
  • 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

  • EWV Leverage resets daily. Hold past a day and results depend on the index's path, which can land far from -2x over a stretch.
  • A small fund that trades lightly, so spreads and limit orders matter more here than with the big index shorts. It pays quarterly.
  • The reference index is Japan's large and mid caps, about 85% of the market's free float, so this is a country call, not a sector or single-stock one.msci.com
  • 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 EWV profile⁠

Full RWM profile⁠

EWV 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.

EWV vs RWM Cost

Same expense ratio

$17,869

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

  • EWV 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • EWV 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$20K051015202530EWV $17,869RWM $17,869

Year by year

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

Expense ratio

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

EWV 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

EWV vs RWM Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
EWV 4.66%, better
RWM 3.31%
Payout (12M)
EWV $0.82
RWM $0.48
Last payment
EWV $0.22
RWM $0.09
Ex-dividend
EWV Sep 23, 2026
RWM Sep 23, 2026
Paid on
EWV Sep 29, 2026
RWM Sep 29, 2026
Frequency
EWV Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

EWVQuarterly · 22 paymentsAll EWV payments⁠
One bar per payment. 22 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.0004; Mar 20, 2019 $0.02; Jun 25, 2019 $0.09; Sep 25, 2019 $0.17; Dec 24, 2019 $0.04; Sep 21, 2022 $0.28; Dec 22, 2022 $0.18; Mar 22, 2023 $0.28; Jun 21, 2023 $0.39; Sep 20, 2023 $0.47; Dec 20, 2023 $0.52; Mar 20, 2024 $0.27; Jun 26, 2024 $0.37; Sep 25, 2024 $0.34; Dec 23, 2024 $0.44; Mar 26, 2025 $0.16; Jun 25, 2025 $0.19; Sep 24, 2025 $0.30; Dec 24, 2025 $0.27; Mar 25, 2026 $0.15; Jun 24, 2026 $0.19; Sep 23, 2026 $0.22. 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

EWV vs RWM Risk

Fall from peak · 5 years

  • EWV
  • RWM
Nov 2, 2021 to Nov 2, 2026. Worst fall: EWV −80.8% · Oct 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
EWV 25.2%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years
EWV −1.51RWM −0.99, better
Worst fallMax drawdown, 5 years
EWV −80.8%RWM −43.7%, better
Market sensitivityBeta, 5 years
EWV −1.22RWM −1.23

EWV and RWM in the news

All news⁠

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