RWM vs SDP: Grades, Fees and Holdings Compared

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Utilities

SDPCNYSE Arca

Overlap

13.6%by weight

Expense ratio

RWM0.95%SDP0.95%

Avg volume · 30D

RWM 2981.3×the volume

RWM30MSDP10.1K

10Y return · a year

RWM +9.7pt

RWM−11.3%SDP−21.0%

RWM vs SDP Performance

Nov 2, 2021 – Nov 2, 2026

−15.9%RWM−55.1%SDP

Expense ratio: RWM 0.95%; SDP 0.95%
Fund size: RWM $163M; SDP $2M
1Y total return: RWM −10.1%; SDP +1.0%, better
Yield (12M): RWM 3.31%; SDP 3.91%, better
Holdings: RWM 3; SDP 1
Avg volume (30D): RWM 30M sh, better; SDP 10.1K sh
NAV per share: RWM $14.37; SDP $23.14
52W range

ETF.net Grade

Pillar letters and Scores for RWM, SDP, with each pillar’s weight
Pillar	RWM	SDP
Cost30% weight	C50	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B60	B60
Tradability15% weight	A90Higher	C41
Holdings10% weight	B63	Not scored
Durability5% weight	B69Higher	D39

Rank among Leveraged Inverse (2x & Other) funds

How we build Categories ›

Same Category. RWM and SDP 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 SDP 32nd 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 32CSCCProShares UltraShort Consumer DiscretionaryScore 40
Rank 32CSDPProShares UltraShort UtilitiesScore 40
Rank 32CSIJProShares UltraShort IndustrialsScore 40

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

SDPCProShares UltraShort Utilities

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.

SDP Utilities are the market's sleepiest sector, which is exactly why SDP exists: the only -2x inverse utilities ETF, trading since 2007. A one-day tool, priced at 0.95% net of a waiver through September 30, 2027.

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.

SDP The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the S&P Utilities Select Sector 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.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.

SDP The only -2x inverse utilities ETF, per ProShares. Sector-level short exposure in a brokerage account, no margin agreement and no borrowing shares.proshares.com
0.95% net of a waiver through September 30, 2027, against a 3.02% gross fee. Same net cost as ProShares' most-used inverse funds, DOG and PSQ, both waived to that date too.
Listed January 30, 2007, making it one of the original leveraged-inverse sector funds, with the same daily-reset mechanism through nearly two decades of utility tape.proshares.com

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.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

SDP The leverage resets daily. Hold past one session and compounding takes over, so returns over a week or a month can differ sharply from -2x the index move.proshares.com
One of the smaller, thinner-traded names in the inverse lineup, so spreads and order size are where the friction shows up.
Exposure comes from swaps and futures rather than shorted stock, which brings counterparty and financing costs into the picture.proshares.com

Full RWM profile⁠

Full SDP profile⁠

RWM vs SDP Holdings

How RWM and SDP differ

Overlap by weight

13.6%

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

Level by level

Holdings0 in both13.6%
Asset classEquity100%

Sector

No Sector split for SDP.

Country, concentration and asset class

Country by domicile

No country split for SDP.

Concentration

Weight in the 10 largest Holdings

RWM100.0%
SDP100.0%

Securities held

RWM2
SDP0

Asset class

RWM: Equity
SDP: Equity

Holdings

Only in RWM2
In both0
Only in SDP0

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 SDP

0 securities, 0.0% of SDP by weight

Weight gaps

RWM and SDP share no securities.

All 12 RWM holdings⁠All 6 SDP 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 SDP 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
SDP 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

RWM 0.95%
SDP 0.95%

Year by year

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

Expense ratio

0.95%RWM
0.95%SDP

RWM0.95%SDP0.95%

0.50%1.47%

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

RWM 6th cheapest of 53 funds

SDP 6th cheapest of 53 funds

RWM vs SDP Dividends

Last 12 months to Nov 2, 2026

Yield (12M): RWM 3.31%; SDP 3.91%, better
Payout (12M): RWM $0.48; SDP $0.89
Last payment: RWM $0.09; SDP $0.17
Ex-dividend: RWM Sep 23, 2026; SDP Sep 23, 2026
Paid on: RWM Sep 29, 2026; SDP Sep 29, 2026
Frequency: RWM Quarterly; SDP Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

RWMQuarterly · 26 paymentsAll RWM payments⁠

SDPQuarterly · 23 paymentsAll SDP payments⁠

RWM vs SDP Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: RWM 18.4%, betterSDP 31.1%
Return per unit of riskSharpe ratio, 3 years: RWM −0.99SDP −0.84, better
Worst fallMax drawdown, 5 years: RWM −43.7%, betterSDP −66.1%
Market sensitivityBeta, 5 years: RWM −1.23SDP −0.79; Market = 1

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