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FXP vs RWM

ProShares UltraShort FTSE China 50

FXPCNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

FXP0.95%RWM0.95%

Avg volume · 30D

RWM 7968.8×the volume

FXP3.77KRWM30M

10Y return · a year

RWM +9.4pt

FXP−20.5%RWM−11.1%

FXP vs RWM Performance

Oct 29, 2021 – Oct 30, 2026

−63.6%FXP−18.3%RWM

Oct 29, 2021 to Oct 30, 2026. FXP −63.6%. RWM −18.3%. Use the arrow keys to read each point.50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
FXP 0.95%
RWM 0.95%
Fund size
FXP $6M
RWM $163M
1Y total return
FXP +35.5%, better
RWM −10.2%
Yield (12M)
FXP 2.19%
RWM 3.32%, better
Holdings
FXP 1
RWM 3
Avg volume (30D)
FXP 3.77K sh
RWM 30M sh, better
NAV per share
FXP $23.15
RWM $14.37
52W range

ETF.net Grade

FXP: Cost 50, Risk 56, Mission not scored, Tradability 16, Holdings not scored, Durability 49. RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for FXP, RWM, with each pillar’s weight
PillarFXPRWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB56B61Higher
Tradability15% weightF16A90Higher
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. FXP 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 FXP 28th 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 28CDUSTDirexion Daily Gold Miners Index Bear 2X ETFScore 43
  7. Rank 28CFXPProShares UltraShort FTSE China 50Score 43
  8. Rank 28CSSGProShares UltraShort SemiconductorsScore 43

Our read on each fund

ETF.net Research

FXPCProShares UltraShort FTSE China 50

RWMBProShares Short Russell2000

In short

FXP The only US ETF built to move two times the opposite of the FTSE China 50, the 50 largest Chinese companies listed in Hong Kong. Live since 2007, and it resets daily: a trading instrument, not a set-and-forget China short.

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

FXP FXP seeks daily results, before fees and expenses, equal to two times the inverse of the FTSE China 50 Index’s daily performance. It is intended to gain when that index declines and lose when it 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

  • FXP One ticker, in an ordinary brokerage account, targeting -2x the FTSE China 50's daily move. ProShares calls it the only -2x ETF built on that index.proshares.com
  • Fee is 0.95% net of a waiver through September 30, 2027, near the category norm for leveraged and inverse funds and far below the 2.36% gross.
  • Listed in November 2007, making it one of the longest-running inverse China funds around, with mechanics investors have had years to get to know.proshares.com
  • Want half the gearing? Sibling YXI shorts the same index at -1x, also 0.95% net of a waiver through September 30, 2027.proshares.com
  • 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

  • FXP Daily reset means multi-day results can drift far from -2x the index move, and choppy markets grind value down even if China ends flat.proshares.com
  • It trades lightly next to the big broad-market inverse funds, so spreads and order size deserve more attention.
  • Exposure is Hong Kong listed large caps, not mainland A-shares or smaller names, so it leans against one slice of China, not the whole market.proshares.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 FXP profile⁠

Full RWM profile⁠

FXP 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.

FXP vs RWM Cost

Same expense ratio

$17,869

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

  • FXP 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • FXP 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$20K051015202530FXP $17,869RWM $17,869

Year by year

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

Expense ratio

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

FXP 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

FXP vs RWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
FXP 2.19%
RWM 3.32%, better
Payout (12M)
FXP $0.51
RWM $0.48
Last payment
FXP $0.12
RWM $0.09
Ex-dividend
FXP Sep 23, 2026
RWM Sep 23, 2026
Paid on
FXP Sep 29, 2026
RWM Sep 29, 2026
Frequency
FXP Quarterly
RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

FXPQuarterly · 10 paymentsAll FXP payments⁠
One bar per payment. 10 payments from 2017 to 2026 YTD. Mar 20, 2024 $0.25; Jun 26, 2024 $0.28; Dec 23, 2024 $0.08; Mar 26, 2025 $1.00; Jun 25, 2025 $0.31; Sep 24, 2025 $0.26; Dec 24, 2025 $0.18; Mar 25, 2026 $0.10; Jun 24, 2026 $0.11; Sep 23, 2026 $0.12. Use the arrow keys to read each point.$0$12017202020232026YTD
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$12017202020232026YTD

FXP vs RWM Risk

Fall from peak · 5 years

  • FXP
  • RWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: FXP −88.3% · Oct 2025. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
FXP 40.0%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years
FXP −0.77, betterRWM −0.99
Worst fallMax drawdown, 5 years
FXP −88.3%RWM −43.7%, better
Market sensitivityBeta, 5 years
FXP −0.61RWM −1.23

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