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RWM vs SBIT

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Bitcoin ETF

SBITCNYSE Arca

Overlap

13.6%by weight

Expense ratio

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

RWM0.95%SBIT0.95%

Avg volume · 30D

RWM 31.3×the volume

RWM30MSBIT960K

RWM vs SBIT Performance

Oct 31, 2025 – Oct 30, 2026

−10.2%RWM+24.0%SBIT

Oct 31, 2025 to Oct 30, 2026. RWM −10.2%. SBIT +24.0%. Use the arrow keys to read each point.50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
RWM 0.95%
SBIT 0.95%
Fund size
RWM $163M
SBIT $125M
1Y total return
RWM −10.2%
SBIT +24.0%, better
Yield (12M)
RWM 3.32%
SBIT 8.49%, better
Holdings
RWM 3
SBIT 1
Avg volume (30D)
RWM 30M sh, better
SBIT 960K sh
NAV per share
RWM $14.37
SBIT $35.70
52W range

ETF.net Grade

RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69. SBIT: Cost 50, Risk 38, Mission 27, Tradability 72, Holdings not scored, Durability 56.
Pillar letters and Scores for RWM, SBIT, with each pillar’s weight
PillarRWMSBIT
Cost30% weightC50C50
Mission25% weightNot scoredD27
Risk15% weightB61HigherD38
Tradability15% weightA90HigherA72
Holdings10% weightB63Not scored
Durability5% weightB69HigherB56

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 SBIT 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 SBIT 17th 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 15CSETHProShares Short Ether ETFScore 53
  7. Rank 17CSBITProShares UltraShort Bitcoin ETFScore 52
  8. Rank 17CSKFProShares UltraShort FinancialsScore 52

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SBITCProShares UltraShort Bitcoin ETF

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.

SBIT The original inverse-bitcoin geared ETF: SBIT launched in 2024 targeting -2x the daily move in bitcoin, built from futures and swaps rather than an actual short position, and reset every day.

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.

SBIT The fund targets returns equal to negative two times the daily performance of bitcoin.

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.
  • SBIT First mover. ProShares launched SBIT in 2024 as the first ETF to target -2x daily bitcoin returns, debuting next to its 2x sibling.proshares.com
  • No margin account, no coin borrow, no wallet. The fund holds bitcoin futures and swaps, so the inverse exposure shows up in an ordinary brokerage account.proshares.comproshares.com 2
  • 0.95% a year, near the category norm for geared and inverse funds, with no waiver propping it up. It also trades actively, which helps on the way in and out.
  • Scores in the upper half of its inverse and leveraged peer group, a crowd where plenty of competitors are thinner and less traded.

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
  • SBIT The -2x target is a one-day target. Over longer stretches, daily resetting and compounding mean results can diverge from -2x bitcoin's move for the period.proshares.com
  • It does not short bitcoin itself. Exposure runs through futures and swaps, which adds counterparty and roll considerations on top of bitcoin's own price risk.proshares.comproshares.com 2
  • Doubling and flipping bitcoin's daily swings is a volatile ride, and ProShares frames these funds as short-holding-period tools meant to be monitored daily.proshares.com

Full RWM profile⁠

Full SBIT profile⁠

RWM vs SBIT Holdings

How RWM and SBIT differ

Overlap by weight

13.6%

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

Level by level

  • Asset classEquity, Alternatives0.0%
  • Holdings0 in both13.6%

Sector

No Sector split for SBIT.

Country, concentration and asset class

Country by domicile

No country split for SBIT.

Concentration

Weight in the 10 largest Holdings

  • RWM100.0%
  • SBIT100.0%

Securities held

  • RWM2
  • SBIT0

Asset class

RWM
Equity
SBIT
Alternatives

Holdings

  • Only in RWM2
  • In both0
  • Only in SBIT0

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 SBIT

0 securities, 0.0% of SBIT by weight

Weight gaps

RWM and SBIT share no securities.

All 12 RWM holdings⁠All 5 SBIT 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 SBIT 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

  • SBIT 0.95%

    $17,869

$10,000
30 years

Cost over time

  • RWM 0.95%
  • SBIT 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 $17,869SBIT $17,869

Year by year

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

Expense ratio

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

RWM 6th cheapest of 53 funds

SBIT 6th cheapest of 53 funds

RWM vs SBIT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
RWM 3.32%
SBIT 8.49%, better
Payout (12M)
RWM $0.48
SBIT $3.03
Last payment
RWM $0.09
SBIT $0.06
Ex-dividend
RWM Sep 23, 2026
SBIT Oct 1, 2026
Paid on
RWM Sep 29, 2026
SBIT Oct 7, 2026
Frequency
RWM Quarterly
SBIT Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

RWMQuarterly · 15 paymentsAll RWM payments⁠
One bar per payment. 15 payments from 2023 to 2026 YTD. 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$120232026YTD
SBITMonthly · 26 paymentsAll SBIT payments⁠
One bar per payment. 26 payments from 2023 to 2026 YTD. May 1, 2024 $0.14; Jun 3, 2024 $0.22; Jul 1, 2024 $0.16; Aug 1, 2024 $0.06; Sep 3, 2024 $0.0081; Dec 23, 2024 $0.0036; Feb 3, 2025 $0.0074; Mar 3, 2025 $0.01; Apr 1, 2025 $0.0022; Jun 2, 2025 $0.0048; Jul 1, 2025 $0.0099; Aug 1, 2025 $0.04; Sep 2, 2025 $0.05; Oct 1, 2025 $0.04; Nov 3, 2025 $0.04; Dec 1, 2025 $0.02; Dec 24, 2025 $0.0052; Feb 2, 2026 $0.34; Mar 2, 2026 $1.11; Apr 1, 2026 $0.26; May 1, 2026 $0.03; Jun 1, 2026 $0.05; Jul 1, 2026 $0.43; Aug 3, 2026 $0.52; Sep 1, 2026 $0.16; Oct 1, 2026 $0.06. Use the arrow keys to read each point.$0$120232026YTD

RWM vs SBIT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
RWM 18.4%SBIT 86.0%since May 2024
Return per unit of riskSharpe ratio, 3 years
RWM −0.99SBIT −0.49since May 2024
Worst fallMax drawdown, 5 years
RWM −43.7%SBIT −91.3%since Apr 2024
Market sensitivityBeta, 5 years
RWM −1.23SBIT −2.48

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