IWR vs. UWM

Last updated Jun 5, 2026

IWR (iShares Russell Midcap ETF) and UWM (ProShares Ultra Russell2000) are both exchange-traded funds - IWR is a Mid Cap Growth Equities fund tracking the Russell Midcap Index, while UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, IWR returned 11.55%/yr vs 12.25%/yr for UWM. Their correlation of 0.93 suggests significant overlap in exposure. IWR charges 0.19%/yr vs 0.95%/yr for UWM.

Performance

IWR vs. UWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Russell Midcap ETF (IWR) and ProShares Ultra Russell2000 (UWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IWR achieves a 13.02% return, which is significantly lower than UWM's 35.83% return. Over the past 10 years, IWR has underperformed UWM with an annualized return of 11.55%, while UWM has yielded a comparatively higher 12.25% annualized return.

IWR

• 1D: 0.52%
• 1M: 3.28%
• YTD: 13.02%
• 6M: 12.45%
• 1Y: 22.54%
• 3Y*: 17.59%
• 5Y*: 8.11%
• 10Y*: 11.55%

UWM

• 1D: 3.00%
• 1M: 5.97%
• YTD: 35.83%
• 6M: 30.09%
• 1Y: 83.17%
• 3Y*: 27.42%
• 5Y*: 2.31%
• 10Y*: 12.25%

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

IWR vs. UWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IWR iShares Russell Midcap ETF	13.02%	10.37%	15.21%	17.05%	-17.48%	22.44%	16.93%	30.23%	-9.10%	18.25%
UWM ProShares Ultra Russell2000	35.83%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%

Correlation

The correlation between IWR and UWM is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (3Y) Calculated over the trailing 3-year period	0.92
Correlation (5Y) Calculated over the trailing 5-year period	0.93
Correlation (10Y) Calculated over the trailing 10-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jan 26, 2007	0.93

The correlation between IWR and UWM has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

IWR vs. UWM - Sectors Allocation Comparison

Sectors	IWR	UWM
Industrials	18.4%	17.7%
Technology	17.2%	17.0%
Financial Services	12.5%	15.8%
Consumer Cyclical	11.2%	8.4%
Healthcare	8.7%	16.5%
Energy	7.2%	6.1%
Real Estate	7.0%	6.1%
Utilities	6.1%	2.9%
Basic Materials	4.3%	4.8%
Consumer Defensive	4.1%	2.4%
Communication Services	3.4%	2.4%

Return for Risk

IWR vs. UWM — Risk / Return Rank

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

IWR

IWR Risk / Return Rank: 53
IWR Sharpe Ratio Rank: 50
IWR Sortino Ratio Rank: 51
IWR Omega Ratio Rank: 48
IWR Calmar Ratio Rank: 57
IWR Martin Ratio Rank: 61

UWM

UWM Risk / Return Rank: 65
UWM Sharpe Ratio Rank: 68
UWM Sortino Ratio Rank: 60
UWM Omega Ratio Rank: 54
UWM Calmar Ratio Rank: 75
UWM Martin Ratio Rank: 70

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.

IWR vs. UWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Russell Midcap ETF (IWR) and ProShares Ultra Russell2000 (UWM). 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.

	IWR	UWM	Difference
Sharpe ratio: Return per unit of total volatility	1.69	2.20	-0.50
Sortino ratio: Return per unit of downside risk	2.44	2.78	-0.34
Omega ratio: Gain probability vs. loss probability	1.30	1.33	-0.03
Calmar ratio: Return relative to maximum drawdown	2.77	3.75	-0.98
Martin ratio: Return relative to average drawdown	10.70	12.84	-2.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IWR vs. UWM - Sharpe Ratio Comparison

The current IWR Sharpe Ratio is 1.69, which is comparable to the UWM Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of IWR and UWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IWR	UWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.69	2.20	-0.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	0.05	+0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.27	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.50	0.15	+0.35

Drawdowns

IWR vs. UWM - Drawdown Comparison

The maximum IWR drawdown since its inception was -58.78%, smaller than the maximum UWM drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for IWR and UWM.

Drawdown Indicators

	IWR	UWM	Difference
Max Drawdown Largest peak-to-trough decline	-58.78%	-88.21%	+29.43%
Max Drawdown (1Y) Largest decline over 1 year	-8.17%	-22.28%	+14.11%
Max Drawdown (3Y) Largest decline over 3 years	-21.09%	-49.79%	+28.70%
Max Drawdown (5Y) Largest decline over 5 years	-26.18%	-61.62%	+35.44%
Max Drawdown (10Y) Largest decline over 10 years	-40.59%	-71.46%	+30.87%
Current Drawdown Current decline from peak	0.00%	-0.65%	+0.65%
Average Drawdown Average peak-to-trough decline	-7.80%	-30.88%	+23.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.11%	6.50%	-4.39%

Volatility

IWR vs. UWM - Volatility Comparison

The current volatility for iShares Russell Midcap ETF (IWR) is 3.16%, while ProShares Ultra Russell2000 (UWM) has a volatility of 11.34%. This indicates that IWR experiences smaller price fluctuations and is considered to be less risky than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IWR	UWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.16%	11.34%	-8.18%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	26.95%	-17.11%
Volatility (1Y) Calculated over the trailing 1-year period	13.36%	38.03%	-24.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.22%	45.02%	-26.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.36%	46.08%	-26.72%

IWR vs. UWM - Expense Ratio Comparison

IWR has a 0.19% expense ratio, which is lower than UWM's 0.95% expense ratio.

Dividends

IWR vs. UWM - Dividend Comparison

IWR's dividend yield for the trailing twelve months is around 1.14%, more than UWM's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWR iShares Russell Midcap ETF	1.14%	1.29%	1.27%	1.43%	1.59%	1.04%	1.28%	1.43%	1.98%	1.52%	1.72%	1.59%
UWM ProShares Ultra Russell2000	0.76%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both IWR and UWM in my portfolio?

With a correlation of 0.91, IWR and UWM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, IWR or UWM?

UWM has higher volatility (11.34%) compared to IWR (3.16%). In terms of maximum drawdown, IWR dropped -58.78% vs UWM's -88.21%.

Which ETF is better, IWR or UWM?

On 10-year performance, UWM leads with 12.25% vs 11.55% for IWR. On fees, IWR is cheaper at 0.19% per year. On volatility, IWR has been the lower-risk option at 3.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IWR or UWM?

Over the 10-year period, UWM has performed better with a 12.25% return vs 11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IWR or UWM?

IWR is cheaper with a 0.19% expense ratio, compared with 0.95% for UWM.

Which ETF pays a higher dividend yield, IWR or UWM?

IWR has the higher dividend yield at 1.14%, compared with 0.76% for UWM.

What is the main difference between IWR and UWM?

IWR is categorized as Mid Cap Growth Equities, while UWM is Leveraged Equities. IWR tracks Russell Midcap Index, while UWM tracks Russell 2000 Index (200%). They also come from different issuers: iShares and ProShares. Their fees differ too: 0.19% for IWR and 0.95% for UWM.

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.20 vs 1.69), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.