REK vs RWM: Grades, Fees and Holdings Compared

ProShares Short Real Estate

REKBNYSE Arca

ProShares Short Russell2000

RWMBNYSE Arca

Overlap

95.3%by weight

Expense ratio

REK0.95%RWM0.95%

Avg volume · 30D

RWM 1401.4×the volume

REK21.4KRWM30M

10Y return · a year

REK +4.8pt

REK−6.5%RWM−11.3%

REK vs RWM Performance

Nov 2, 2021 – Nov 2, 2026

+9.1%REK−15.9%RWM

Expense ratio: REK 0.95%; RWM 0.95%
Fund size: REK $10M; RWM $163M
1Y total return: REK −5.1%, better; RWM −10.1%
Yield (12M): REK 2.89%; RWM 3.31%, better
Holdings: REK 2; RWM 3
Avg volume (30D): REK 21.4K sh; RWM 30M sh, better
NAV per share: REK $15.98; RWM $14.37
52W range

ETF.net Grade

Pillar letters and Scores for REK, RWM, with each pillar’s weight
Pillar	REK	RWM
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	A81Higher	B60
Tradability15% weight	B62	A90Higher
Holdings10% weight	C47	B63Higher
Durability5% weight	C54	B69Higher

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. REK 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 REK 8th of 53 funds in the Leveraged Inverse (2x & Other) Category.

Rank 1BDOGProShares Short Dow30Score 65
Rank 1BPSQProShares Short QQQScore 65
Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
Rank 4BRWMProShares Short Russell2000Score 63
Rank 5BSJBProShares Short High YieldScore 62
Rank 7BEUOProShares UltraShort EuroScore 61
Rank 8BREKProShares Short Real EstateScore 60
Rank 9BEUMProShares Short MSCI Emerging MarketsScore 59

Our read on each fund

ETF.net Research

REKBProShares Short Real Estate

RWMBProShares Short Russell2000

In short

REK The calm way to lean against real estate: REK aims to deliver -1x the daily move of the S&P Real Estate Select Sector Index, with no extra leverage stacked on top. Fee is 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

REK The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily performance of the S&P Real Estate Select Sector 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

REK ProShares bills it as the only -1x ETF on the real estate sector, so the bearish tilt arrives without -2x or -3x daily math on top.proshares.com
0.95% net of a waiver through September 30, 2027, matching ProShares stablemates DOG and PSQ (both 0.95% net of waivers through the same date) and near the category median.
Listed in March 2010, it has been a live, tradable short-real-estate ticker through more than a decade of rate shocks and office-market stress.
Scores in the upper tier of a crowded inverse and leveraged peer group, one of the steadier builds in a corner known for rough edges.

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.com proshares.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

REK The -1x target resets every day. Hold it for weeks and compounding can pull your result away from -1x the index's path, most visibly in choppy markets.proshares.com
Small fund, light tape. Thin volume can widen the spread you pay getting in and out.
Gross expenses are 1.57%. That is the sticker price if the waiver is not renewed past September 30, 2027.

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.com proshares.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 REK profile⁠

Full RWM profile⁠

REK vs RWM Holdings

How REK and RWM differ

Overlap by weight

95.3%

Shared holdings make up 100% of REK and 95.3% of RWM.

Level by level

Holdings1 in both95.3%
Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%

Sector

Sector weights in REK and RWM, widest gap first
Sector	More in REKMore in RWM	REK	RWM
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in REK and RWM, widest gap first
Country	More in REKMore in RWM	REK	RWM
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

REK100.0%
RWM100.0%

Securities held

REK1
RWM2

Asset class

REK: Equity
RWM: Equity

Holdings

Only in REK0
In both1
Only in RWM1

Only in REK

0 securities, 0.0% of REK by weight

Only in RWM

1 security, 4.7% of RWM by weight

TREASURY BILL, 0%, due 2026-12-174.71%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in REK and RWM, widest gap first
Holding	More in REKMore in RWM	REK	RWM
Proshares Genius Mny Mkt EtfIQMM	REK +2.03 points	83.72%	81.69%

All 8 REK holdings⁠All 12 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.

REK vs RWM Cost

Same expense ratio

$17,869

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

REK 0.95%
$17,869
RWM 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

REK 0.95%
RWM 0.95%

Year by year

Year	REK	RWM
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%REK
0.95%RWM

REK0.95%RWM0.95%

0.50%1.47%

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

REK 6th cheapest of 53 funds

RWM 6th cheapest of 53 funds

REK vs RWM Dividends

Last 12 months to Nov 2, 2026

Yield (12M): REK 2.89%; RWM 3.31%, better
Payout (12M): REK $0.46; RWM $0.48
Last payment: REK $0.11; RWM $0.09
Ex-dividend: REK Sep 23, 2026; RWM Sep 23, 2026
Paid on: REK Sep 29, 2026; RWM Sep 29, 2026
Frequency: REK Quarterly; RWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

REKQuarterly · 23 paymentsAll REK payments⁠

RWMQuarterly · 26 paymentsAll RWM payments⁠

REK vs RWM Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: REK 16.5%, betterRWM 18.4%
Return per unit of riskSharpe ratio, 3 years: REK −0.62, betterRWM −0.99
Worst fallMax drawdown, 5 years: REK −26.9%, betterRWM −43.7%
Market sensitivityBeta, 5 years: REK −0.85RWM −1.23; Market = 1

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