Where did you get the expectation of 1 from?
Your understanding of bitwise operations clearly shows is lacking, it would be prudent to work through them first before posting in here...
you're not confusing with a ! which is a logical NOT, are you?
a ~ bitwise complement or a bitwise NOT operation flips all the bits from 1 to 0 and vice versa depending on where in the bitmask is set, so for example, a 1 is
00000000 00000000 00000000 00000001
doing a ~ bitwise NOT on that flips it to
11111111 11111111 11111111 11111110
which gives you the maximum value less 1 of the integer datatype on a 32bit system.
Here is a worthy linky to this which shows you how to do bit-twiddling here.