REW vs. IYW
REW (ProShares UltraShort Technology) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. Both are passively managed. Over the past 10 years, REW returned -44.51%/yr vs 25.51%/yr for IYW. At a correlation of -0.96, they often move in opposite directions. REW charges 0.95%/yr vs 0.38%/yr for IYW.
Performance
REW vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -44.87% return, which is significantly lower than IYW's 25.32% return. Over the past 10 years, REW has underperformed IYW with an annualized return of -44.51%, while IYW has yielded a comparatively higher 25.51% annualized return.
REW
- 1D
- -0.46%
- 1M
- -2.99%
- 6M
- -43.22%
- YTD
- -44.87%
- 1Y
- -56.63%
- 3Y*
- -44.90%
- 5Y*
- -37.28%
- 10Y*
- -44.51%
IYW
- 1D
- 0.32%
- 1M
- 2.17%
- 6M
- 24.04%
- YTD
- 25.32%
- 1Y
- 43.02%
- 3Y*
- 32.58%
- 5Y*
- 20.14%
- 10Y*
- 25.51%
REW vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -44.87% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
IYW iShares U.S. Technology ETF | 25.32% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 47.45% | 46.64% | -0.93% | 36.60% |
Correlation
The correlation between REW and IYW is -0.98, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.96 |
The correlation between REW and IYW has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
REW vs. IYW — Risk / Return Rank
REW
IYW
REW vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and iShares U.S. Technology ETF (IYW). 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.
| REW | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.02 | ||
| Sortino ratioReturn per unit of downside risk | -4.43 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.32 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.40 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.94 | 7.47 | -9.41 |
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Drawdowns
REW vs. IYW - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than IYW's maximum drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for REW and IYW.
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Drawdown Indicators
| REW | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -81.90% | -18.09% |
Max Drawdown (1Y)Largest decline over 1 year | -60.36% | -17.81% | -42.55% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -26.47% | -60.29% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -39.44% | -54.18% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -39.44% | -60.30% |
Current DrawdownCurrent decline from peak | -99.99% | -3.76% | -96.23% |
Average DrawdownAverage peak-to-trough decline | -86.93% | -34.54% | -52.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.02% | 5.70% | +23.32% |
Volatility
REW vs. IYW - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 22.51% compared to iShares U.S. Technology ETF (IYW) at 9.87%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.51% | 9.87% | +12.64% |
Volatility (6M)Calculated over the trailing 6-month period | 41.91% | 19.15% | +22.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.12% | 22.83% | +26.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.86% | 26.33% | +26.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.40% | 25.27% | +24.13% |
REW vs. IYW - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
REW vs. IYW - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 9.04%, more than IYW's 0.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.10% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
REW ProShares UltraShort Technology | 9.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REW and IYW have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (22.51%) compared to IYW (9.87%). In terms of maximum drawdown, REW dropped -99.99% vs IYW's -81.90%.
On 10-year performance, IYW leads with 25.51% vs -44.51% for REW. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 9.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYW has performed better with a 25.51% return vs -44.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 0.95% for REW.
REW has the higher dividend yield at 9.04%, compared with 0.10% for IYW.
REW is categorized as Leveraged Equities, while IYW is Technology Equities. REW tracks Dow Jones U.S. Technology Index (-200%), while IYW tracks Russell 1000 Technology RIC 22.5/45 Capped Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for REW and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (1.87 vs -1.15), 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.
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