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RWM vs TWM

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Russell2000

TWMCNYSE Arca

Overlap

Expense ratio

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

RWM0.95%TWM0.95%

Avg volume · 30D

RWM 40.8×the volume

RWM30MTWM736K

10Y return · a year

RWM +15.4pt

RWM−11.1%TWM−26.5%

RWM vs TWM Performance

Oct 29, 2021 – Oct 30, 2026

−18.3%RWM−55.8%TWM

Oct 29, 2021 to Oct 30, 2026. RWM −18.3%. TWM −55.8%. Use the arrow keys to read each point.0%25%50%Oct 2021Apr 2024Oct 2026
Expense ratio
RWM 0.95%
TWM 0.95%
Fund size
RWM $163M
TWM $56M
1Y total return
RWM −10.2%, better
TWM −23.8%
Yield (12M)
RWM 3.32%
TWM 3.87%, better
Holdings
RWM 3
TWM 1
Avg volume (30D)
RWM 30M sh, better
TWM 736K sh
NAV per share
RWM $14.37
TWM $23.96
52W range

ETF.net Grade

RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69. TWM: Cost 50, Risk 38, Mission 88, Tradability 67, Holdings 63, Durability 65.
Pillar letters and Scores for RWM, TWM, with each pillar’s weight
PillarRWMTWM
Cost30% weightC50C50
Mission25% weightNot scoredA88
Risk15% weightB61HigherD38
Tradability15% weightA90HigherB67
Holdings10% weightB63B63
Durability5% weightB69HigherB65

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 TWM 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 TWM 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 17CSVIX-1x Short VIX Futures ETFScore 52
  7. Rank 17CTWMProShares UltraShort Russell2000Score 52
  8. Rank 21CEFZProShares Short MSCI EAFEScore 51

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

TWMCProShares UltraShort Russell2000

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.

TWM The double-strength small-cap bear trade, running since 2007: TWM aims for two times the inverse of the Russell 2000's daily move, and resets every day. Built for short holds, by design.

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.

TWM The Fund seeks daily results, before fees and expenses, corresponding to two times the inverse (-2x) of the Russell 2000 Index's daily performance. It is not designed to achieve that inverse target over periods longer than one day.

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.
  • TWM Aims for two times the inverse of the Russell 2000's daily move: a 1% down day in small caps targets roughly 2% the other way, before fees.proshares.com
  • Listed January 2007 and actively traded since, through the financial crisis and every small-cap scare after it.
  • 0.95% net of a waiver through September 30, 2027 (1.17% gross), near the category median for leveraged and inverse funds.
  • Stays close to its stated daily target and sits in the upper half of its leveraged-bear peer group.

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
  • TWM Resets daily. Hold past one day and compounding takes over, so multi-day results can differ widely from -2x the index, especially in choppy markets.proshares.com
  • Leverage runs both ways: an up day for small caps targets roughly double the move against you, before fees.
  • Sibling RWM shorts the same Russell 2000 at -1x for the same 0.95% net (waiver through September 30, 2027), so the choice here is the leverage, not the fee.

Full RWM profile⁠

Full TWM profile⁠

RWM vs TWM 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 TWM 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

  • TWM 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

RWM 6th cheapest of 53 funds

TWM 6th cheapest of 53 funds

RWM vs TWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
RWM 3.32%
TWM 3.87%, better
Payout (12M)
RWM $0.48
TWM $0.93
Last payment
RWM $0.09
TWM $0.18
Ex-dividend
RWM Sep 23, 2026
TWM Sep 23, 2026
Paid on
RWM Sep 29, 2026
TWM Sep 29, 2026
Frequency
RWM Quarterly
TWM 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$12017202020232026YTD
TWMQuarterly · 26 paymentsAll TWM payments⁠
One bar per payment. 26 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.16; Mar 21, 2018 $0.48; Jun 20, 2018 $0.62; Sep 26, 2018 $0.72; Dec 26, 2018 $1.19; Mar 20, 2019 $0.73; Jun 25, 2019 $1.28; Sep 25, 2019 $0.99; Dec 24, 2019 $0.73; Mar 25, 2020 $0.41; Dec 22, 2022 $0.14; Mar 22, 2023 $0.36; Jun 21, 2023 $0.59; Sep 20, 2023 $0.63; Dec 20, 2023 $1.17; Mar 20, 2024 $0.43; Jun 26, 2024 $0.69; Sep 25, 2024 $0.85; Dec 23, 2024 $0.79; Mar 26, 2025 $0.42; Jun 25, 2025 $0.51; Sep 24, 2025 $0.43; Dec 24, 2025 $0.37; Mar 25, 2026 $0.14; Jun 24, 2026 $0.24; Sep 23, 2026 $0.18. Use the arrow keys to read each point.$0$12017202020232026YTD

RWM vs TWM Risk

Fall from peak · 5 years

  • RWM
  • TWM
Oct 29, 2021 to Oct 30, 2026. Worst fall: TWM −77.4% · Aug 2026. Use the arrow keys to read each point.−80%−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
RWM 18.4%, betterTWM 36.3%
Return per unit of riskSharpe ratio, 3 years
RWM −0.99, betterTWM −1.01
Worst fallMax drawdown, 5 years
RWM −43.7%, betterTWM −77.4%
Market sensitivityBeta, 5 years
RWM −1.23TWM −2.43

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