IWM vs. RB

Last updated Jun 4, 2026

IWM (iShares Russell 2000 ETF) and RB (ProShares Russell 2000 Dynamic Daily Buffer ETF) are both exchange-traded funds - IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index, while RB is a Defined Outcome fund tracking the Russell 2000. Both are passively managed. Their correlation of 0.81 suggests significant overlap in exposure. IWM charges 0.19%/yr vs 0.58%/yr for RB.

Performance

IWM vs. RB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell 2000 ETF (IWM) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWM achieves a 17.07% return, which is significantly higher than RB's 6.95% return.

IWM

• 1D: -1.37%
• 1M: 3.52%
• YTD: 17.07%
• 6M: 15.83%
• 1Y: 39.10%
• 3Y*: 17.88%
• 5Y*: 6.11%
• 10Y*: 10.93%

RB

• 1D: 0.09%
• 1M: 1.63%
• YTD: 6.95%
• 6M: 9.59%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

IWM vs. RB - Yearly Performance Comparison

	2026 (YTD)	2025
IWM iShares Russell 2000 ETF	17.07%	14.98%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	6.95%	10.58%

Correlation

The correlation between IWM and RB is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 27, 2025	0.81

Return for Risk

IWM vs. RB — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

IWM

IWM Risk / Return Rank: 62
IWM Sharpe Ratio Rank: 59
IWM Sortino Ratio Rank: 59
IWM Omega Ratio Rank: 53
IWM Calmar Ratio Rank: 70
IWM Martin Ratio Rank: 67

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

IWM vs. RB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell 2000 ETF (IWM) and ProShares Russell 2000 Dynamic Daily Buffer ETF (RB). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	IWM	RB	Difference
Sharpe ratio Return per unit of total volatility	2.05	—	—
Sortino ratio Return per unit of downside risk	2.85	—	—
Omega ratio Gain probability vs. loss probability	1.34	—	—
Calmar ratio Return relative to maximum drawdown	3.56	—	—
Martin ratio Return relative to average drawdown	12.64	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	IWM	RB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.05	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	3.19	-2.83

Drawdowns

IWM vs. RB - Drawdown Comparison

The maximum IWM drawdown since its inception was -59.05%, which is greater than RB's maximum drawdown of -1.70%. Use the drawdown chart below to compare losses from any high point for IWM and RB.

Drawdown Indicators

	IWM	RB	Difference
Max Drawdown Largest peak-to-trough decline	-59.05%	-1.70%	-57.35%
Max Drawdown (1Y) Largest decline over 1 year	-11.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-27.50%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-31.91%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.13%	—	—
Current Drawdown Current decline from peak	-1.49%	-0.30%	-1.19%
Average Drawdown Average peak-to-trough decline	-10.77%	-0.41%	-10.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	—	—

Volatility

Volatility by Period

	IWM	RB	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.75%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.53%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.20%	6.21%	+12.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	6.21%	+16.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.04%	6.21%	+16.83%

IWM vs. RB - Expense Ratio Comparison

IWM has a 0.19% expense ratio, which is lower than RB's 0.58% expense ratio.

Dividends

IWM vs. RB - Dividend Comparison

IWM's dividend yield for the trailing twelve months is around 0.88%, less than RB's 1.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWM iShares Russell 2000 ETF	0.88%	1.04%	1.15%	1.35%	1.48%	0.94%	1.04%	1.26%	1.40%	1.26%	1.38%	1.54%
RB ProShares Russell 2000 Dynamic Daily Buffer ETF	1.99%	1.78%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IWM and RB in my portfolio?

IWM and RB have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IWM or RB?

On fees, IWM is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IWM or RB?

IWM is cheaper with a 0.19% expense ratio, compared with 0.58% for RB.

Which ETF pays a higher dividend yield, IWM or RB?

RB has the higher dividend yield at 1.99%, compared with 0.88% for IWM.

What is the main difference between IWM and RB?

IWM is categorized as Small Cap Blend Equities, while RB is Defined Outcome. IWM tracks Russell 2000 Index, while RB tracks Russell 2000. They also come from different issuers: iShares and ProShares. Their fees differ too: 0.19% for IWM and 0.58% for RB.