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SVXY vs TWM

ProShares Short VIX Short-Term Futures ETF

SVXYBCboe

ProShares UltraShort Russell2000

TWMCNYSE Arca

Overlap

Expense ratio

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

SVXY0.95%TWM0.95%

Avg volume · 30D

SVXY 2.0×the volume

SVXY1.49MTWM736K

10Y return · a year

SVXY +24.8pt

SVXY−1.7%TWM−26.5%

SVXY vs TWM Performance

Oct 29, 2021 – Oct 30, 2026

+96.6%SVXY−55.8%TWM

Oct 29, 2021 to Oct 30, 2026. SVXY +96.6%. TWM −55.8%. Use the arrow keys to read each point.−25%0%25%50%75%Oct 2021Apr 2024Oct 2026
Expense ratio
SVXY 0.95%
TWM 0.95%
Fund size
SVXY $201M
TWM $56M
1Y total return
SVXY +21.9%, better
TWM −23.8%
Yield (12M)
SVXY No data
TWM 3.87%
Holdings
SVXY 1
TWM 1
Avg volume (30D)
SVXY 1.49M sh, better
TWM 736K sh
NAV per share
SVXY $60.55
TWM $23.96
52W range

ETF.net Grade

SVXY: Cost 50, Risk 75, Mission not scored, Tradability 84, Holdings not scored, Durability 76. TWM: Cost 50, Risk 38, Mission 88, Tradability 67, Holdings 63, Durability 65.
Pillar letters and Scores for SVXY, TWM, with each pillar’s weight
PillarSVXYTWM
Cost30% weightC50C50
Mission25% weightNot scoredA88
Risk15% weightA75HigherD38
Tradability15% weightA84HigherB67
Holdings10% weightNot scoredB63
Durability5% weightA76HigherB65

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. SVXY 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 ›

SVXY ranks 1st 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 17CSVIX-1x Short VIX Futures ETFScore 52
  5. Rank 17CTWMProShares UltraShort Russell2000Score 52
  6. Rank 21CEFZProShares Short MSCI EAFEScore 51

Our read on each fund

ETF.net Research

SVXYBProShares Short VIX Short-Term Futures ETF

TWMCProShares UltraShort Russell2000

In short

SVXY Short volatility, half dose. SVXY targets one-half the inverse of a VIX short-term futures index each day, a deliberately de-tuned take on the short-vol trade, and it has run that mandate since 2011.

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

SVXY SVXY seeks daily results equal to one-half the inverse of the S&P 500 VIX Short-Term Futures Index. Its objective is measured daily, so returns over longer periods can differ from the stated daily target.

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

  • SVXY The half-strength design is the whole idea: a -0.5x daily target rather than full inverse, so a jump in VIX futures lands with half the force of a one-for-one short.proshares.com
  • 0.95% a year sits below the typical leveraged and inverse fund, and among that crowd this is one of the stronger implementations in its peer group.
  • Launched in 2011 and actively traded, so it has a long operating history and a working market for getting in and out.
  • 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

  • SVXY The objective resets daily. Hold longer and compounding takes over, so results over weeks or months can look nothing like half the inverse of the index.proshares.com
  • It is a commodity pool holding VIX futures, not a basket of stocks. Reporting and tax treatment follow different rules than a standard equity ETF.proshares.com
  • Pure price vehicle with no distribution stream, and volatility spikes arrive fast, which is exactly what a short-vol position is on the wrong side of.
  • 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 SVXY profile⁠

Full TWM profile⁠

SVXY 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.

SVXY vs TWM Cost

Same expense ratio

$17,869

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • SVXY 0.95%

    $17,869

  • TWM 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SVXY 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$20K051015202530SVXY $17,869TWM $17,869

Year by year

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

Expense ratio

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

SVXY 6th cheapest of 53 funds

TWM 6th cheapest of 53 funds

SVXY vs TWM Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SVXY No data
TWM 3.87%
Payout (12M)
SVXY None
TWM $0.93
Last payment
SVXY No data
TWM $0.18
Ex-dividend
SVXY No data
TWM Sep 23, 2026
Paid on
SVXY No data
TWM Sep 29, 2026
Frequency
SVXY No data
TWM Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SVXYAll SVXY payments⁠

No distribution history available.

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

SVXY vs TWM Risk

Fall from peak · 5 years

  • SVXY
  • 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
SVXY 26.5%, betterTWM 36.3%
Return per unit of riskSharpe ratio, 3 years
SVXY 0.42, betterTWM −1.01
Worst fallMax drawdown, 5 years
SVXY −46.4%, betterTWM −77.4%
Market sensitivityBeta, 5 years
SVXY 1.32TWM −2.43

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