RWM vs. BRKD

Last updated Aug 4, 2026

RWM (ProShares Short Russell2000) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds - RWM tracks the Russell 2000 (-100%) while BRKD tracks the Berkshire Hathaway Inc. Class B (-100%). Both are passively managed. Over the past year, RWM returned -26.16% vs 1.54% for BRKD. Their 0.29 correlation means their historical movements had little consistent relationship. RWM charges 0.95%/yr vs 1.00%/yr for BRKD.

Performance

RWM vs. BRKD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and Direxion Daily BRKB Bear 1X Shares (BRKD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWM achieves a -16.04% return, which is significantly lower than BRKD's 5.90% return.

RWM

• 1D: -1.60%
• 1M: 0.82%
• 6M: -10.93%
• YTD: -16.04%
• 1Y: -26.16%
• 3Y*: -11.17%
• 5Y*: -6.29%
• 10Y*: -11.48%
• ALL TIME*: -12.05%

BRKD

• 1D: 0.00%
• 1M: 0.00%
• 6M: 2.22%
• YTD: 5.90%
• 1Y: 1.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 0.59%

*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)
BRKD Direxion Daily BRKB Bear 1X Shares	$0.00	$0.00	$0.00
RWM ProShares Short Russell2000	$356.63M	$306.99M	$253.47M

RWM vs. BRKD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RWM ProShares Short Russell2000	-16.04%	-9.40%	7.03%
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%

Correlation

The correlation between RWM and BRKD is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.29

Over the past year, the correlation between RWM and BRKD has dropped to 0.07 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.

Return for Risk

RWM vs. BRKD — Risk / Return Rank

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

RWM

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

BRKD

BRKD Risk / Return Rank: 13
BRKD Sharpe Ratio Rank: 13
BRKD Sortino Ratio Rank: 12
BRKD Omega Ratio Rank: 13
BRKD Calmar Ratio Rank: 13
BRKD Martin Ratio Rank: 13

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.

RWM vs. BRKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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.

	RWM	BRKD	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	0.13	-1.49
Sortino ratio: Return per unit of downside risk	-1.94	0.28	-2.23
Omega ratio: Gain probability vs. loss probability	0.79	1.04	-0.25
Calmar ratio: Return relative to maximum drawdown	-1.01	0.17	-1.18
Martin ratio: Return relative to average drawdown	-1.68	0.32	-2.00

RWM vs. BRKD - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the BRKD Sharpe Ratio of 0.13. The chart below compares the historical Sharpe Ratios of RWM and BRKD, 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

RWM vs. BRKD - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than BRKD's maximum drawdown of -17.92%. Use the drawdown chart below to compare losses from any high point for RWM and BRKD.

Drawdown Indicators

	RWM	BRKD	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-17.92%	-77.69%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-9.34%	-16.63%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	—	—
Current Drawdown Current decline from peak	-95.52%	-3.69%	-91.83%
Average Drawdown Average peak-to-trough decline	-74.21%	-7.32%	-66.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	4.84%	+12.40%

Volatility

RWM vs. BRKD - Volatility Comparison

ProShares Short Russell2000 (RWM) has a higher volatility of 4.04% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 0.00%. This indicates that RWM's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	BRKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	0.00%	+4.04%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	7.73%	+6.35%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	12.26%	+6.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	16.35%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	16.35%	+6.75%

RWM vs. BRKD - Expense Ratio Comparison

RWM has a 0.95% expense ratio, which is lower than BRKD's 1.00% expense ratio.

Dividends

RWM vs. BRKD - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than BRKD's 1.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRKD Direxion Daily BRKB Bear 1X Shares	1.91%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 RWM and BRKD in my portfolio?

RWM and BRKD have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWM or BRKD?

RWM has higher volatility (4.04%) compared to BRKD (0.00%). In terms of maximum drawdown, RWM dropped -95.61% vs BRKD's -17.92%.

Which ETF is better, RWM or BRKD?

On 1-year performance, BRKD leads with 1.54% vs -26.16% for RWM. On fees, RWM is cheaper at 0.95% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or BRKD?

Over the 1-year period, BRKD has performed better with a 1.54% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or BRKD?

RWM is cheaper with a 0.95% expense ratio, compared with 1.00% for BRKD.

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

RWM has the higher dividend yield at 3.80%, compared with 1.91% for BRKD.

What is the main difference between RWM and BRKD?

RWM tracks Russell 2000 (-100%), while BRKD tracks Berkshire Hathaway Inc. Class B (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for RWM and 1.00% for BRKD.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.13 vs -1.37), 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.