PSQ vs. RWM

Last updated Jul 17, 2026

PSQ (ProShares Short QQQ) and RWM (ProShares Short Russell2000) are both Inverse Equities funds from ProShares - PSQ tracks the NASDAQ-100 Index (-100%) while RWM tracks the Russell 2000 (-100%). Both are passively managed. Over the past 10 years, PSQ returned -18.59%/yr vs -11.67%/yr for RWM. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

PSQ vs. RWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short QQQ (PSQ) and ProShares Short Russell2000 (RWM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PSQ achieves a -12.26% return, which is significantly higher than RWM's -16.04% return. Over the past 10 years, PSQ has underperformed RWM with an annualized return of -18.59%, while RWM has yielded a comparatively higher -11.67% annualized return.

PSQ

• 1D: 1.67%
• 1M: 3.38%
• 6M: -11.38%
• YTD: -12.26%
• 1Y: -18.69%
• 3Y*: -15.73%
• 5Y*: -12.57%
• 10Y*: -18.59%

RWM

• 1D: 0.15%
• 1M: -0.80%
• 6M: -9.64%
• YTD: -16.04%
• 1Y: -23.91%
• 3Y*: -11.15%
• 5Y*: -6.63%
• 10Y*: -11.67%

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

PSQ vs. RWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	-12.26%	-15.51%	-15.68%	-32.01%	36.40%	-24.84%	-41.23%	-27.49%	-2.34%	-24.77%
RWM ProShares Short Russell2000	-16.04%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%

Correlation

The correlation between PSQ and RWM is 0.69, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.69
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.76

The correlation between PSQ and RWM has been stable across timeframes, ranging from 0.66 to 0.76 - a consistent structural relationship.

PSQ vs. RWM - Sectors Allocation Comparison

Sectors	PSQ	RWM
Financial Services	83.3%	105.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

PSQ vs. RWM — Risk / Return Rank

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

PSQ

PSQ Risk / Return Rank: 2
PSQ Sharpe Ratio Rank: 2
PSQ Sortino Ratio Rank: 2
PSQ Omega Ratio Rank: 2
PSQ Calmar Ratio Rank: 3
PSQ Martin Ratio Rank: 1

RWM

RWM Risk / Return Rank: 1
RWM Sharpe Ratio Rank: 0
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 1
RWM Calmar Ratio Rank: 2
RWM Martin Ratio Rank: 1

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.

PSQ vs. RWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) and ProShares Short Russell2000 (RWM). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	PSQ	RWM	Difference
Sharpe ratio: Return per unit of total volatility	-1.00	-1.25	+0.24
Sortino ratio: Return per unit of downside risk	-1.44	-1.75	+0.31
Omega ratio: Gain probability vs. loss probability	0.84	0.81	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.87	+0.11
Martin ratio: Return relative to average drawdown	-1.55	-1.47	-0.08

PSQ vs. RWM - Sharpe Ratio Comparison

The current PSQ Sharpe Ratio is -1.00, which is comparable to the RWM Sharpe Ratio of -1.25. The chart below compares the historical Sharpe Ratios of PSQ and RWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PSQ vs. RWM - Drawdown Comparison

The maximum PSQ drawdown since its inception was -98.26%, roughly equal to the maximum RWM drawdown of -95.61%. Use the drawdown chart below to compare losses from any high point for PSQ and RWM.

Drawdown Indicators

	PSQ	RWM	Difference
Max Drawdown Largest peak-to-trough decline	-98.26%	-95.61%	-2.65%
Max Drawdown (1Y) Largest decline over 1 year	-24.83%	-27.57%	+2.74%
Max Drawdown (3Y) Largest decline over 3 years	-49.65%	-43.12%	-6.53%
Max Drawdown (5Y) Largest decline over 5 years	-60.91%	-43.12%	-17.79%
Max Drawdown (10Y) Largest decline over 10 years	-87.91%	-72.51%	-15.40%
Current Drawdown Current decline from peak	-98.16%	-95.52%	-2.64%
Average Drawdown Average peak-to-trough decline	-74.10%	-74.15%	+0.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.11%	16.33%	-4.22%

Volatility

PSQ vs. RWM - Volatility Comparison

ProShares Short QQQ (PSQ) has a higher volatility of 7.47% compared to ProShares Short Russell2000 (RWM) at 3.65%. This indicates that PSQ's price experiences larger fluctuations and is considered to be riskier than RWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PSQ	RWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.47%	3.65%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	15.43%	14.15%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	18.67%	19.28%	-0.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.84%	22.57%	+0.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.40%	23.07%	-0.67%

PSQ vs. RWM - Expense Ratio Comparison

Both PSQ and RWM have an expense ratio of 0.95%.

Dividends

PSQ vs. RWM - Dividend Comparison

PSQ's dividend yield for the trailing twelve months is around 4.37%, more than RWM's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
PSQ ProShares Short QQQ	4.37%	4.97%	7.15%	6.01%	0.35%	0.00%	0.31%	1.75%	0.95%	0.02%
RWM ProShares Short Russell2000	3.80%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%

Frequently Asked Questions

Can I hold both PSQ and RWM in my portfolio?

PSQ and RWM have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PSQ or RWM?

PSQ has higher volatility (7.47%) compared to RWM (3.65%). In terms of maximum drawdown, PSQ dropped -98.26% vs RWM's -95.61%.

Which ETF is better, PSQ or RWM?

On 10-year performance, RWM leads with -11.67% vs -18.59% for PSQ. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PSQ or RWM?

Over the 10-year period, RWM has performed better with a -11.67% return vs -18.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PSQ or RWM?

PSQ and RWM have the same expense ratio: 0.95% per year.

Which ETF pays a higher dividend yield, PSQ or RWM?

PSQ has the higher dividend yield at 4.37%, compared with 3.80% for RWM.

What is the main difference between PSQ and RWM?

PSQ tracks NASDAQ-100 Index (-100%), while RWM tracks Russell 2000 (-100%).

Which has better risk-adjusted returns?

PSQ currently has the higher Sharpe Ratio (-1.00 vs -1.25), 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.