QID vs. RWM

Last updated Aug 3, 2026

QID (ProShares UltraShort QQQ) and RWM (ProShares Short Russell2000) are both exchange-traded funds - QID is a Leveraged Equities fund tracking the NASDAQ-100 Index (-200%), while RWM is a Inverse Equities fund tracking the Russell 2000 (-100%). Both are passively managed. Over the past 10 years, QID returned -37.32%/yr vs -11.55%/yr for RWM. Their 0.76 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.

Performance

QID vs. RWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ (QID) 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, QID achieves a -21.02% return, which is significantly lower than RWM's -14.68% return. Over the past 10 years, QID has underperformed RWM with an annualized return of -37.32%, while RWM has yielded a comparatively higher -11.55% annualized return.

QID

• 1D: -1.22%
• 1M: 6.86%
• 6M: -19.38%
• YTD: -21.02%
• 1Y: -35.07%
• 3Y*: -33.07%
• 5Y*: -27.97%
• 10Y*: -37.32%
• ALL TIME*: -34.54%

RWM

• 1D: 0.44%
• 1M: 2.46%
• 6M: -10.35%
• YTD: -14.68%
• 1Y: -24.96%
• 3Y*: -10.10%
• 5Y*: -5.74%
• 10Y*: -11.55%
• ALL TIME*: -11.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QID ProShares UltraShort QQQ	$255.66M	$222.38M	$304.58M
RWM ProShares Short Russell2000	$383.13M	$302.59M	$251.83M

QID vs. RWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
QID ProShares UltraShort QQQ	-21.02%	-34.97%	-34.06%	-57.19%	66.30%	-44.93%	-69.71%	-49.57%	-9.90%	-44.00%
RWM ProShares Short Russell2000	-14.68%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%

Correlation

The correlation between QID and RWM is 0.70, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	0.69
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	0.76

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

QID vs. RWM - Sectors Allocation Comparison

Sectors	QID	RWM
Financial Services	64.8%	88.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

QID vs. RWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

QID

QID Risk / Return Rank: 3
QID Sharpe Ratio Rank: 2
QID Sortino Ratio Rank: 3
QID Omega Ratio Rank: 3
QID Calmar Ratio Rank: 3
QID 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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

QID vs. RWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ (QID) 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.

	QID	RWM	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-1.22	+0.38
Sortino ratio: Return per unit of downside risk	-1.16	-1.70	+0.55
Omega ratio: Gain probability vs. loss probability	0.87	0.81	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.73	-0.85	+0.12
Martin ratio: Return relative to average drawdown	-1.34	-1.37	+0.02

QID vs. RWM - Sharpe Ratio Comparison

The current QID Sharpe Ratio is -0.84, which is higher than the RWM Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of QID 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

QID vs. RWM - Drawdown Comparison

The maximum QID drawdown since its inception was -99.99%, roughly equal to the maximum RWM drawdown of -95.61%. Use the drawdown chart below to compare losses from any high point for QID and RWM.

Drawdown Indicators

	QID	RWM	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-95.61%	-4.38%
Max Drawdown (1Y) Largest decline over 1 year	-44.65%	-27.57%	-17.08%
Max Drawdown (3Y) Largest decline over 3 years	-79.50%	-43.12%	-36.38%
Max Drawdown (5Y) Largest decline over 5 years	-88.72%	-43.12%	-45.60%
Max Drawdown (10Y) Largest decline over 10 years	-99.21%	-72.51%	-26.70%
Current Drawdown Current decline from peak	-99.99%	-95.45%	-4.54%
Average Drawdown Average peak-to-trough decline	-87.09%	-74.20%	-12.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.20%	17.16%	+7.04%

Volatility

QID vs. RWM - Volatility Comparison

ProShares UltraShort QQQ (QID) has a higher volatility of 13.93% compared to ProShares Short Russell2000 (RWM) at 3.70%. This indicates that QID'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

	QID	RWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.93%	3.70%	+10.23%
Volatility (6M) Calculated over the trailing 6-month period	32.16%	14.08%	+18.08%
Volatility (1Y) Calculated over the trailing 1-year period	38.79%	19.30%	+19.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.80%	22.50%	+23.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.96%	23.09%	+21.87%

QID vs. RWM - Expense Ratio Comparison

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

Dividends

QID vs. RWM - Dividend Comparison

QID's dividend yield for the trailing twelve months is around 7.46%, more than RWM's 3.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
QID ProShares UltraShort QQQ	7.46%	6.25%	7.99%	5.63%	0.15%	0.00%	0.92%	2.54%	1.38%	0.08%
RWM ProShares Short Russell2000	3.74%	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 QID and RWM in my portfolio?

QID and RWM have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QID or RWM?

QID has higher volatility (13.93%) compared to RWM (3.70%). In terms of maximum drawdown, QID dropped -99.99% vs RWM's -95.61%.

Which ETF is better, QID or RWM?

On 10-year performance, RWM leads with -11.55% vs -37.32% for QID. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 3.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QID or RWM?

Over the 10-year period, RWM has performed better with a -11.55% return vs -37.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QID or RWM?

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

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

QID has the higher dividend yield at 7.46%, compared with 3.74% for RWM.

What is the main difference between QID and RWM?

QID is categorized as Leveraged Equities, while RWM is Inverse Equities. QID tracks NASDAQ-100 Index (-200%), while RWM tracks Russell 2000 (-100%).

Which has better risk-adjusted returns?

QID currently has the higher Sharpe Ratio (-0.84 vs -1.22), 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.