RWM vs. BTC-USD
RWM (ProShares Short Russell2000) is Inverse Equities fund tracking the Russell 2000 (-100%), while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, RWM returned -11.48%/yr vs 59.80%/yr for BTC-USD. Their -0.14 correlation means they have often moved in opposite directions in the past.
Performance
RWM vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, RWM achieves a -16.04% return, which is significantly higher than BTC-USD's -27.65% return. Over the past 10 years, RWM has underperformed BTC-USD with an annualized return of -11.48%, while BTC-USD has yielded a comparatively higher 59.80% annualized 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%
BTC-USD
- 1D
- -0.30%
- 1M
- 0.35%
- 6M
- -19.52%
- YTD
- -27.65%
- 1Y
- -44.57%
- 3Y*
- 29.61%
- 5Y*
- 9.77%
- 10Y*
- 59.80%
- ALL TIME*
- 87.13%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
BTC-USD Bitcoin | $1541.04T | $1614.90T | $2068.30T |
| $356.63M | $306.99M | $253.47M |
RWM vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -16.04% | -9.40% | -5.91% | -10.43% | 18.34% | -17.90% | -31.04% | -19.83% | 11.57% | -13.61% |
BTC-USD Bitcoin | -27.65% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between RWM and BTC-USD is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.38 |
Correlation (3Y) Balances recent behavior with more history. | -0.32 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.35 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.20 |
Correlation (All Time) Calculated using the full available price history since Nov 18, 2012 | -0.14 |
Over the past year, the inverse relationship between RWM and BTC-USD has strengthened: their correlation has moved from -0.14 to -0.38, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
RWM vs. BTC-USD — Risk / Return Rank
RWM
BTC-USD
RWM vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.41 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.85 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -0.84 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.29 | -0.39 |
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Drawdowns
RWM vs. BTC-USD - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for RWM and BTC-USD.
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Drawdown Indicators
| RWM | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -85.30% | -10.31% |
Max Drawdown (1Y)Largest decline over 1 year | -25.97% | -53.08% | +27.11% |
Max Drawdown (3Y)Largest decline over 3 years | -43.12% | -53.08% | +9.96% |
Max Drawdown (5Y)Largest decline over 5 years | -43.12% | -76.67% | +33.55% |
Max Drawdown (10Y)Largest decline over 10 years | -72.51% | -83.80% | +11.29% |
Current DrawdownCurrent decline from peak | -95.52% | -49.24% | -46.28% |
Average DrawdownAverage peak-to-trough decline | -74.21% | -42.74% | -31.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 25.03% | -7.79% |
Volatility
RWM vs. BTC-USD - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while Bitcoin (BTC-USD) has a volatility of 8.46%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 8.46% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 33.65% | -19.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 35.87% | -16.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 43.64% | -21.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 56.22% | -33.12% |
Frequently Asked Questions
RWM and BTC-USD have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (8.46%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-1.03 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.
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