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REW vs. IYW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REW vs. IYW

Last updated Jun 5, 2026

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 -44.91%/yr vs 26.00%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) and iShares U.S. Technology ETF (IYW). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, REW achieves a -46.84% return, which is significantly lower than IYW's 28.46% return. Over the past 10 years, REW has underperformed IYW with an annualized return of -44.91%, while IYW has yielded a comparatively higher 26.00% annualized return.

REW

1D
3.10%
1M
-27.36%
YTD
-46.84%
6M
-45.91%
1Y
-64.13%
3Y*
-46.81%
5Y*
-39.85%
10Y*
-44.91%

IYW

1D
-0.44%
1M
13.87%
YTD
28.46%
6M
27.22%
1Y
58.25%
3Y*
35.17%
5Y*
22.76%
10Y*
26.00%
*Multi-year figures are annualized to reflect compound growth (CAGR)

REW vs. IYW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REW
ProShares UltraShort Technology		-46.84%-43.15%-33.70%-61.35%65.72%-53.61%-71.34%-56.83%-10.02%-49.11%
IYW
iShares U.S. Technology ETF		28.46%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 5, 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.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Technology

iShares U.S. Technology ETF

Often compared with REW:
REW vs. TECSREW vs. ^VVIXREW vs. XLKREW vs. VXXREW vs. SPYREW vs. ^GSPCREW vs. SSG
Often compared with IYW:
IYW vs. VGTIYW vs. QQQIYW vs. XLKIYW vs. IGMIYW vs. SMHIYW vs. IWFIYW vs. SOXX

Return for Risk

REW vs. IYW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REW
REW Risk / Return Rank: 00
Overall Rank
REW Sharpe Ratio Rank: 00
Sharpe Ratio Rank
REW Sortino Ratio Rank: 00
Sortino Ratio Rank
REW Omega Ratio Rank: 00
Omega Ratio Rank
REW Calmar Ratio Rank: 11
Calmar Ratio Rank
REW Martin Ratio Rank: 00
Martin Ratio Rank
IYW
IYW Risk / Return Rank: 7676
Overall Rank
IYW Sharpe Ratio Rank: 8888
Sharpe Ratio Rank
IYW Sortino Ratio Rank: 8282
Sortino Ratio Rank
IYW Omega Ratio Rank: 8080
Omega Ratio Rank
IYW Calmar Ratio Rank: 6767
Calmar Ratio Rank
IYW Martin Ratio Rank: 6161
Martin Ratio Rank
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.

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.

REWIYWDifference
Sharpe ratioReturn per unit of total volatility
-1.52
2.92

-4.44

Sortino ratioReturn per unit of downside risk
-2.92
3.63

-6.56

Omega ratioGain probability vs. loss probability

0.70

1.47

-0.78

Calmar ratioReturn relative to maximum drawdown

-0.97

3.29

-4.26

Martin ratioReturn relative to average drawdown

-1.95

10.76

-12.71

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. IYW - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.52, which is lower than the IYW Sharpe Ratio of 2.92. The chart below compares the historical Sharpe Ratios of REW and IYW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

REWIYWDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.52

2.92

-4.44

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.77

0.88

-1.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.92

1.04

-1.96

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.79

0.35

-1.14

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

REWIYWDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-81.90%

-18.09%

Max Drawdown (1Y)

Largest decline over 1 year

-66.25%

-17.81%

-48.44%

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

-99.79%

-39.44%

-60.35%

Current Drawdown

Current decline from peak

-99.99%

-1.35%

-98.64%

Average Drawdown

Average peak-to-trough decline

-86.88%

-34.65%

-52.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

32.85%

5.43%

+27.42%

Volatility

REW vs. IYW - Volatility Comparison

ProShares UltraShort Technology (REW) has a higher volatility of 15.34% compared to iShares U.S. Technology ETF (IYW) at 6.28%. 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

REWIYWDifference

Volatility (1M)

Calculated over the trailing 1-month period

15.34%

6.28%

+9.06%

Volatility (6M)

Calculated over the trailing 6-month period

34.28%

15.84%

+18.44%

Volatility (1Y)

Calculated over the trailing 1-year period

42.16%

20.07%

+22.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.63%

25.86%

+25.77%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

48.84%

25.09%

+23.75%

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 10.71%, more than IYW's 0.11% yield.

PositionTTM20252024202320222021202020192018201720162015
IYW
iShares U.S. Technology ETF		0.11%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		10.71%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 (15.34%) compared to IYW (6.28%). In terms of maximum drawdown, REW dropped -99.99% vs IYW's -81.90%.

On 10-year performance, IYW leads with 26.00% vs -44.91% for REW. On fees, IYW is cheaper at 0.38% per year. On volatility, IYW has been the lower-risk option at 6.28%. 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 26.00% return vs -44.91%. 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 10.71%, compared with 0.11% 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 (2.92 vs -1.52), 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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