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GLL vs RWM

ProShares UltraShort Gold

GLLCNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

Expense ratio

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

GLL0.95%RWM0.95%

Avg volume · 30D

RWM 11.8×the volume

GLL2.55MRWM30M

10Y return · a year

RWM +9.6pt

GLL−20.9%RWM−11.3%

GLL vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

−79.2%GLL−15.9%RWM

Nov 2, 2021 to Nov 2, 2026. GLL −79.2%. RWM −15.9%. Use the arrow keys to read each point.−50%0%25%Nov 2021May 2024Nov 2026
Expense ratio
GLL 0.95%
RWM 0.95%
Fund size
GLL $107M
RWM $163M
1Y total return
GLL −8.7%, better
RWM −10.1%
Yield (12M)
GLL No data
RWM 3.31%
Holdings
GLL 1
RWM 3
Avg volume (30D)
GLL 2.55M sh
RWM 30M sh, better
NAV per share
GLL $27.54
RWM $14.37
52W range

ETF.net Grade

GLL: Cost 50, Risk 30, Mission not scored, Tradability 56, Holdings not scored, Durability 67. RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69.
Pillar letters and Scores for GLL, RWM, with each pillar’s weight
PillarGLLRWM
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightD30B60Higher
Tradability15% weightB56A90Higher
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. GLL 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 GLL 24th 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 23CZSLProShares UltraShort SilverScore 50
  7. Rank 24CGLLProShares UltraShort GoldScore 48
  8. Rank 25CETHDProShares UltraShort Ether ETFScore 47

Our read on each fund

ETF.net Research

GLLCProShares UltraShort Gold

RWMBProShares Short Russell2000

In short

GLL Short gold, with the volume knob turned to two. GLL aims for -2x the daily move of the Bloomberg Gold Subindex, it has been running since 2008, and it charges less than the typical leveraged-bear 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

GLL GLL seeks daily results equal to -2 times the daily performance of the Bloomberg Gold Subindex, before fees and expenses.

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

  • GLL One job, stated plainly: -2 times the daily move of the Bloomberg Gold Subindex. No discretion, no stock picking, no wondering what is under the hood.
  • A 0.95% expense ratio undercuts the median leveraged-bear fund by a wide margin. Nothing is cheap in this aisle, but within the cohort the fee is a real edge.
  • Live since 2008, so it has traded through gold's booms and busts. Few inverse commodity funds have that much road behind them.
  • Actively traded in a corner of the market where plenty of products are thin, and one of the stronger implementations among leveraged-bear funds.
  • 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

  • GLL The leverage resets every day. Hold longer and choppy gold prices can leave results well away from -2x the index's move over that stretch.
  • It cuts both ways. A gold rally lands on this fund at roughly double force on a daily basis.
  • Structured as a commodity pool tracking a futures-based gold index, not a stock fund, and it has not been paying distributions. A trading tool, not an income holding.
  • 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 GLL profile⁠

Full RWM profile⁠

GLL 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.

GLL vs RWM Cost

Same expense ratio

$17,869

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

  • GLL 0.95%

    $17,869

  • RWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • GLL 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$20K051015202530GLL $17,869RWM $17,869

Year by year

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

Expense ratio

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

GLL 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

GLL vs RWM Dividends

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

Distribution history

Per share, 2017 to 2026, same scale for both

GLLAll GLL 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

GLL vs RWM Risk

Fall from peak · 5 years

  • GLL
  • RWM
Nov 2, 2021 to Nov 2, 2026. Worst fall: GLL −89.8% · Mar 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
GLL 38.2%RWM 18.4%, better
Return per unit of riskSharpe ratio, 3 years
GLL −1.10RWM −0.99, better
Worst fallMax drawdown, 5 years
GLL −89.8%RWM −43.7%, better
Market sensitivityBeta, 5 years
GLL −0.63RWM −1.23

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