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RWM vs YCS

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Yen

YCSBNYSE Arca

Overlap

Expense ratio

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

RWM0.95%YCS0.95%

Avg volume · 30D

RWM 1291.1×the volume

RWM30MYCS23.3K

10Y return · a year

YCS +23.9pt

RWM−11.1%YCS+12.8%

RWM vs YCS Performance

Oct 29, 2021 – Oct 30, 2026

−18.3%RWM+166.0%YCS

Oct 29, 2021 to Oct 30, 2026. RWM −18.3%. YCS +166.0%. Use the arrow keys to read each point.50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
RWM 0.95%
YCS 0.95%
Fund size
RWM $163M
YCS $27M
1Y total return
RWM −10.2%
YCS +11.7%, better
Yield (12M)
RWM 3.32%
YCS No data
Holdings
RWM 3
YCS 1
Avg volume (30D)
RWM 30M sh, better
YCS 23.3K sh
NAV per share
RWM $14.37
YCS $54.33
52W range

ETF.net Grade

RWM: Cost 50, Risk 61, Mission not scored, Tradability 90, Holdings 63, Durability 69. YCS: Cost 50, Risk 88, Mission not scored, Tradability 62, Holdings not scored, Durability 59.
Pillar letters and Scores for RWM, YCS, with each pillar’s weight
PillarRWMYCS
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB61A88Higher
Tradability15% weightA90HigherB62
Holdings10% weightB63Not scored
Durability5% weightB69HigherB59

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 YCS 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 YCS 5th 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 5BYCSProShares UltraShort YenScore 62
  7. Rank 7BEUOProShares UltraShort EuroScore 61

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

YCSBProShares UltraShort Yen

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.

YCS A 2008-vintage ProShares fund built for one job: expressing a bearish yen view at twice the daily move, in a brokerage account, without an FX platform or margin desk. Currency trading, ticker-sized.

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.

YCS YCS seeks daily results corresponding to -2 times the daily performance of the Japanese yen relative to the U.S. dollar, before fees and expenses.

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.
  • YCS One of the few listed ways to short the yen with leverage: YCS targets -2x the daily move of the Japanese yen against the U.S. dollar, before fees, using currency forwards.proshares.com
  • It has been running since 2008, through multiple yen regimes. Longevity is rare in leveraged and inverse land, where products get closed when the theme goes quiet.investing.com
  • The 0.95% expense ratio sits below the typical leveraged or inverse fund, and ETF.net rates the overall build among the strongest in that 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
  • YCS The -2x target resets daily. Hold longer than a day and compounding takes over, so results can differ from -2x the yen's move over that stretch, especially in choppy currency markets.proshares.com
  • It is a commodity pool, not a 1940 Act fund. That means Schedule K-1 tax paperwork instead of a 1099, and none of the Investment Company Act protections.proshares.comproshares.com 2
  • Small and thinly traded, so bid-ask spreads carry more weight than in a mega-cap ETF. Limit orders are the standard tool here. ProShares also does not expect these funds to pay distributions.proshares.com

Full RWM profile⁠

Full YCS profile⁠

RWM vs YCS 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 YCS 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

  • YCS 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

RWM 6th cheapest of 53 funds

YCS 6th cheapest of 53 funds

RWM vs YCS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
RWM 3.32%
YCS No data
Payout (12M)
RWM $0.48
YCS None
Last payment
RWM $0.09
YCS No data
Ex-dividend
RWM Sep 23, 2026
YCS No data
Paid on
RWM Sep 29, 2026
YCS No data
Frequency
RWM Quarterly
YCS No data

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$0.252017202020232026YTD
YCSAll YCS payments⁠

No distribution history available.

RWM vs YCS Risk

Fall from peak · 5 years

  • RWM
  • YCS
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%, betterYCS 20.1%
Return per unit of riskSharpe ratio, 3 years
RWM −0.99YCS 0.42, better
Worst fallMax drawdown, 5 years
RWM −43.7%YCS −27.3%, better
Market sensitivityBeta, 5 years
RWM −1.23YCS −0.39

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