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RWM vs ZSL

ProShares Short Russell2000

RWMBNYSE Arca

ProShares UltraShort Silver

ZSLCNYSE Arca

Overlap

13.6%by weight

Expense ratio

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

RWM0.95%ZSL0.95%

Avg volume · 30D

RWM 9.7×the volume

RWM30MZSL3.09M

10Y return · a year

RWM +11.0pt

RWM−11.3%ZSL−22.3%

RWM vs ZSL Performance

Nov 2, 2021 – Nov 2, 2026

−15.9%RWM−64.5%ZSL

Nov 2, 2021 to Nov 2, 2026. RWM −15.9%. ZSL −64.5%. Use the arrow keys to read each point.−100%0%25%Nov 2021May 2024Nov 2026
Expense ratio
RWM 0.95%
ZSL 0.95%
Fund size
RWM $163M
ZSL $66M
1Y total return
RWM −10.1%
ZSL +182.9%, better
Yield (12M)
RWM 3.31%
ZSL No data
Holdings
RWM 3
ZSL 1
Avg volume (30D)
RWM 30M sh, better
ZSL 3.09M sh
NAV per share
RWM $14.37
ZSL $37.78
52W range

ETF.net Grade

RWM: Cost 50, Risk 60, Mission not scored, Tradability 90, Holdings 63, Durability 69. ZSL: Cost 50, Risk 40, Mission not scored, Tradability 58, Holdings not scored, Durability 65.
Pillar letters and Scores for RWM, ZSL, with each pillar’s weight
PillarRWMZSL
Cost30% weightC50C50
Mission25% weightNot scoredNot scored
Risk15% weightB60HigherC40
Tradability15% weightA90HigherB58
Holdings10% weightB63Not scored
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 ZSL 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 ZSL 23rd of 53 funds in the Leveraged Inverse (2x & Other) Category.

  1. Rank 1BDOGProShares Short Dow30Score 65
  2. Rank 1BPSQProShares Short QQQScore 65
  3. Rank 1BSVXYProShares Short VIX Short-Term Futures ETFScore 65
  4. Rank 4BRWMProShares Short Russell2000Score 63
  5. Rank 5BSJBProShares Short High YieldScore 62
  6. Rank 21CQQQDDirexion Daily Magnificent 7 Bear 1X ETFScore 51
  7. Rank 23CZSLProShares UltraShort SilverScore 50
  8. Rank 24CGLLProShares UltraShort GoldScore 48

Our read on each fund

ETF.net Research

RWMBProShares Short Russell2000

ZSLCProShares UltraShort Silver

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.

ZSL Silver runs hot, and ZSL leans the other way. Live since 2008, it aims to deliver twice the inverse of the Bloomberg Silver Subindex's daily move, reset every day: a short-term trading tool in a corner with almost no rivals.

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.

ZSL The fund seeks daily results, before fees and expenses, equal to two times the inverse of the Bloomberg Silver Subindex’s daily performance.

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.
  • ZSL Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
  • ProShares calls it the only US ETF designed to gain when daily silver futures prices fall. Inverse silver exposure via one ticker, no futures account or margin short.proshares.com
  • Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
  • Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.

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
  • ZSL The -2x target resets daily. Held longer, compounding can push results far from twice the inverse of the index's move over the period.sec.gov
  • The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
  • It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 at tax time rather than a 1099.proshares.com

Full RWM profile⁠

Full ZSL profile⁠

RWM vs ZSL Holdings

How RWM and ZSL differ

Overlap by weight

13.6%

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

Level by level

  • Asset classEquity, Commodities0.0%
  • Holdings0 in both13.6%

Sector

No Sector split for ZSL.

Country, concentration and asset class

Country by domicile

No country split for ZSL.

Concentration

Weight in the 10 largest Holdings

  • RWM100.0%
  • ZSL100.0%

Securities held

  • RWM2
  • ZSL0

Asset class

RWM
Equity
ZSL
Commodities

Holdings

  • Only in RWM2
  • In both0
  • Only in ZSL0

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 ZSL

0 securities, 0.0% of ZSL by weight

Weight gaps

RWM and ZSL share no securities.

All 12 RWM holdings⁠All 6 ZSL 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 ZSL 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

  • ZSL 0.95%

    $17,869

$10,000
30 years

Cost over time

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

Year by year

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

Expense ratio

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

RWM 6th cheapest of 53 funds

ZSL 6th cheapest of 53 funds

RWM vs ZSL Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
RWM 3.31%
ZSL No data
Payout (12M)
RWM $0.48
ZSL None
Last payment
RWM $0.09
ZSL No data
Ex-dividend
RWM Sep 23, 2026
ZSL No data
Paid on
RWM Sep 29, 2026
ZSL No data
Frequency
RWM Quarterly
ZSL 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
ZSLAll ZSL payments⁠

No distribution history available.

RWM vs ZSL Risk

Fall from peak · 5 years

  • RWM
  • ZSL
Nov 2, 2021 to Nov 2, 2026. Worst fall: ZSL −98.9% · Jan 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
RWM 18.4%, betterZSL 212.6%
Return per unit of riskSharpe ratio, 3 years
RWM −0.99ZSL 0.30, better
Worst fallMax drawdown, 5 years
RWM −43.7%, betterZSL −98.9%
Market sensitivityBeta, 5 years
RWM −1.23ZSL −1.90

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