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RWM vs SBB

ProShares Short Russell2000

RWMBNYSE Arca

ProShares Short SmallCap600

SBBCNYSE Arca

Overlap

13.6%by weight

Expense ratio

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

RWM0.95%SBB0.95%

Avg volume · 30D

RWM 20039.1×the volume

RWM30MSBB1.5K

10Y return · a year

RWM +0.2pt

RWM−11.1%SBB−11.3%

RWM vs SBB Performance

Oct 29, 2021 – Oct 30, 2026

−18.3%RWM−19.6%SBB

Oct 29, 2021 to Oct 30, 2026. RWM −18.3%. SBB −19.6%. Use the arrow keys to read each point.−10%0%10%20%30%Oct 2021Apr 2024Oct 2026
Expense ratio
RWM 0.95%
SBB 0.95%
Fund size
RWM $163M
SBB $4M
1Y total return
RWM −10.2%, better
SBB −13.7%
Yield (12M)
RWM 3.32%
SBB 3.33%, better
Holdings
RWM 3
SBB 1
Avg volume (30D)
RWM 30M sh, better
SBB 1.5K sh
NAV per share
RWM $14.37
SBB $23.40
52W range

ETF.net Grade

RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69. SBB: Cost 50, Risk 63, Mission not scored, Tradability 44, Holdings not scored, Durability 45.
Pillar letters and Scores for RWM, SBB, with each pillar’s weight
PillarRWMSBB
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB61B63Higher
Tradability15% weightA90HigherC44
Holdings10% weightB63Not scored
Durability5% weightB69HigherC45

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. RWM and SBB 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 SBB 32nd 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 32CRXDProShares UltraShort Health CareScore 40
  7. Rank 32CSBBProShares Short SmallCap600Score 40
  8. Rank 32CSCCProShares UltraShort Consumer DiscretionaryScore 40

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SBBCProShares Short SmallCap600

In 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.

SBB Small-cap bearishness with the dial set to one: SBB aims for the inverse (-1x) of the S&P SmallCap 600's daily move. A sibling fund runs that same index at -2x. This is the plain version, and it has been doing the job since January 2007.

Stated mandate

RWM The fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the Russell 2000 Index's daily performance.

SBB The Fund seeks daily investment results, before fees and expenses, that correspond to the inverse of the daily performance of the S&P SmallCap 600 Index.

Why people hold it

  • 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.
  • SBB Straight -1x, not 2x or 3x: a dollar of inverse exposure per dollar invested, without the amplified daily swings that stacked leverage brings.proshares.com
  • In ProShares' lineup it is the -1x take on the S&P SmallCap 600; sibling SDD runs the same index at -2x (0.95% net of a waiver through September 30, 2027).proshares.com
  • 0.95% net of a waiver through September 30, 2027 (gross 2.52%), which lands near the median fee among the bear funds in its category.
  • Live since January 2007, so the mechanics have run through nearly two decades of market cycles rather than a single recent stretch.

Worth knowing

  • 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
  • SBB The -1x objective resets daily. Over longer holds, compounding means results can drift from the index's inverse for that stretch, especially in choppy markets.proshares.com
  • One of the smaller and more thinly traded funds in its category, so bid-ask spreads carry more weight here than headline fee math.
  • That 0.95% rests on a contractual waiver running through September 30, 2027; the gross expense ratio underneath it is 2.52%.

Full RWM profile⁠

Full SBB profile⁠

RWM vs SBB Holdings

How RWM and SBB differ

Overlap by weight

13.6%

Shared holdings make up 100% of SBB and 13.6% of RWM.

Level by level

  • Holdings0 in both13.6%
  • Asset classEquity100%

Sector

No Sector split for SBB.

Country, concentration and asset class

Country by domicile

No country split for SBB.

Concentration

Weight in the 10 largest Holdings

  • RWM100.0%
  • SBB100.0%

Securities held

  • RWM2
  • SBB0

Asset class

RWM
Equity
SBB
Equity

Holdings

  • Only in RWM2
  • In both0
  • Only in SBB0

Only in RWM

2 securities, 86.4% of RWM by weight

  • Proshares Genius Mny Mkt Etf81.69%
  • TREASURY BILL, 0%, due 2026-12-174.71%

Only in SBB

0 securities, 0.0% of SBB by weight

Weight gaps

RWM and SBB share no securities.

All 12 RWM holdings⁠All 7 SBB 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.

RWM vs SBB Cost

Same expense ratio

$17,869

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

  • RWM 0.95%

    $17,869

  • SBB 0.95%

    $17,869

$10,000
30 years

Cost over time

  • RWM 0.95%
  • SBB 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530RWM $17,869SBB $17,869

Year by year

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

Expense ratio

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

RWM 6th cheapest of 53 funds

SBB 6th cheapest of 53 funds

RWM vs SBB Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
RWM 3.32%
SBB 3.33%, better
Payout (12M)
RWM $0.48
SBB $0.78
Last payment
RWM $0.09
SBB $0.19
Ex-dividend
RWM Sep 23, 2026
SBB Sep 23, 2026
Paid on
RWM Sep 29, 2026
SBB Sep 29, 2026
Frequency
RWM Quarterly
SBB Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

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
SBBQuarterly · 22 paymentsAll SBB payments⁠
One bar per payment. 22 payments from 2017 to 2026 YTD. Dec 26, 2018 $0.13; Mar 20, 2019 $0.17; Jun 25, 2019 $0.24; Sep 25, 2019 $0.21; Dec 24, 2019 $0.10; Mar 25, 2020 $0.00034; Dec 22, 2022 $0.12; Mar 22, 2023 $0.22; Jun 21, 2023 $0.25; Sep 20, 2023 $0.47; Dec 20, 2023 $0.55; Mar 20, 2024 $0.22; Jun 26, 2024 $0.38; Sep 25, 2024 $0.33; Dec 23, 2024 $0.50; Mar 26, 2025 $0.24; Jun 25, 2025 $0.22; Sep 24, 2025 $0.25; Dec 24, 2025 $0.23; Mar 25, 2026 $0.15; Jun 24, 2026 $0.21; Sep 23, 2026 $0.19. Use the arrow keys to read each point.$0$0.502017202020232026YTD

RWM vs SBB Risk

Fall from peak · 5 years

  • RWM
  • SBB
Oct 29, 2021 to Oct 30, 2026. Worst fall: RWM −43.7% · Aug 2026. Use the arrow keys to read each point.−40%−30%−20%−10%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
RWM 18.4%SBB 18.0%, better
Return per unit of riskSharpe ratio, 3 years
RWM −0.99SBB −0.91, better
Worst fallMax drawdown, 5 years
RWM −43.7%SBB −39.4%, better
Market sensitivityBeta, 5 years
RWM −1.23SBB −1.01

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