RWM vs TZA
ProShares Short Russell2000 vs Direxion Daily Small Cap Bear 3X ETF
Which is better, RWM or TZA?
Nearly the same fund. RWM costs less.
RWM has a lower expense ratio. RWM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | RWM | TZA |
|---|---|---|
| Expense Ratio | 0.95%Best | 0.99% |
| AUM | $142M | $238M |
| Dividend Yield | 3.31% | 3.98% |
| Holdings | 18 | 22 |
| YTD Return | -7.01%Best | -27.78% |
| 1Y Return | -6.94%Best | -30.20% |
| 3Y Return (annualized) | -12.57%Best | -44.45% |
| 5Y Return (annualized) | -3.96%Best | -26.84% |
| Volatility (annualized) | 20.7%Best | 55.9% |
| Max Drawdown | -96.9% | - |
| $10,000 over 5 years | $8,171Best | $2,096 |
| Fund Family | ProShares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Trading-Inverse Equity | Trading-Inverse Equity |
| Inception | Jan 23, 2007 | Nov 5, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Nov 5, 2008 to Oct 14, 2026 (17.9 years).
RWM vs TZA growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 17.9 years both funds cover.
RWM vs TZA Performance
ProShares Short Russell2000 (RWM) is an ETF from ProShares and Direxion Daily Small Cap Bear 3X ETF (TZA) is an ETF from Direxion Shares ETF Trust. Over the past year RWM returned -6.94% while TZA returned -30.20%. Year to date, RWM is down 7.01% versus a loss of 27.78% for TZA.
Over three years, RWM compounded at -12.57% per year against -44.45% for TZA; over five years the annualized figures are -3.96% and -26.84% respectively. Across the full 18-year window we track, RWM has the edge at -15.81% annualized vs -47.69%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
TZA has been the more volatile fund, with annualized monthly volatility of 55.9% compared with 20.7% for RWM. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The two funds' monthly returns correlate at 0.96. They move almost in lockstep, so holding both mostly duplicates the same exposure.
Fees and Cost Over Time
RWM charges 0.95% per year while TZA charges 0.99%. On a $10,000 position that is $95 vs $99 annually, a gap of $4 per year that compounds over a long holding period. On income, RWM currently yields 3.31% against 3.98% for TZA.
Holdings Overlap
We hold position weights for 1 holding in RWM and 3 in TZA, totalling 99.1% and 96.1% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 1 positions we hold weights for in RWM and 3 in TZA, against full books of 18 and 22.
You are not choosing between two funds in isolation.
Whichever of RWM and TZA you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, RWM or TZA?
RWM has an expense ratio of 0.95% while TZA charges 0.99%. RWM is the cheaper option, by $4 a year on a $10,000 investment.
Which performed better, RWM or TZA?
Over the past year RWM returned -6.94% vs -30.20% for TZA, so RWM leads on 1-year performance. Over the longest common window we track (18 years), RWM annualized -15.81% vs -47.69% for TZA. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, RWM or TZA?
TZA has been the more volatile fund at 55.9% annualized versus 20.7% for RWM.
Should I hold both RWM and TZA?
RWM and TZA have a monthly-return correlation of 0.96, so they move almost identically. What is left to separate them is the fee and the index each one tracks. This is information, not a recommendation.
Which pays a higher dividend, RWM or TZA?
RWM yields 3.31% while TZA yields 3.98%, so TZA currently pays the higher dividend yield.
Is TZA better than RWM?
RWM has a lower expense ratio. RWM led over 1Y, 3Y, 5Y and the full window. The two have moved almost in lockstep, correlation 0.96. Which one suits a particular account depends on what it is for. This is information, not a recommendation.