The preparation of new phosphonium alkylidene ruthenium metathesis catalysts containing N-heterocyclic carbenes (NHCs) that result in a preference for degenerate metathesis is described. The reaction of the catalysts with ethylene or substrates relevant to ring-closing metathesis (RCM) produced ruthenacyclobutanes that could be characterized by cryogenic NMR spectroscopy. The rate of α/β methylene exchange in ethylene-only ruthenacycles was found to vary widely between ruthenacycles, in some cases being as low as 3.97 s−1 at −30 °C, suggesting that the NHC plays an important role in degenerative metathesis reactions. Attempts to generate RCM-relevant ruthenacycles resulted in the low-yielding formation of a previously unobserved species, which we assign to be a β-alkyl substituted ruthenacycle. Kinetic investigations of the RCM-relevant ruthenacycles in the presence of excess ethylene revealed a large increase in the kinetic barrier of the rate-limiting dissociation of the cyclopentene RCM product compared to previously investigated catalysts. Taken together, these results shed light on the degenerate/productive selectivity differences observed between different metathesis catalysts.