RWM vs. FIAT
RWM (ProShares Short Russell2000) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while FIAT is a Derivative Income fund actively managed by YieldMax. RWM is passively managed, while FIAT is actively managed. Over the past year, RWM returned -26.16% vs 46.79% for FIAT. Their 0.56 correlation means they have sometimes moved together and sometimes differently. RWM charges 0.95%/yr vs 0.99%/yr for FIAT.
Performance
RWM vs. FIAT - Performance Comparison
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Returns By Period
In the year-to-date period, RWM achieves a -16.04% return, which is significantly lower than FIAT's 20.47% 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%
FIAT
- 1D
- 0.37%
- 1M
- 10.33%
- 6M
- 5.84%
- YTD
- 20.47%
- 1Y
- 46.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -18.39%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.18M | $1.16M | $1.55M | |
| $356.63M | $306.99M | $253.47M |
RWM vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
RWM ProShares Short Russell2000 | -16.04% | -9.40% | -8.06% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 20.47% | -24.17% | -28.04% |
Correlation
The correlation between RWM and FIAT is 0.53, 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. | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | 0.56 |
The correlation between RWM and FIAT has been stable across timeframes, ranging from 0.53 to 0.56 - a consistent structural relationship.
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Return for Risk
RWM vs. FIAT — Risk / Return Rank
RWM
FIAT
RWM vs. FIAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.25 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.18 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 1.37 | -2.38 |
| Martin ratioReturn relative to average drawdown | -1.68 | 2.83 | -4.51 |
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Drawdowns
RWM vs. FIAT - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for RWM and FIAT.
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Drawdown Indicators
| RWM | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -70.50% | -25.11% |
Max Drawdown (1Y)Largest decline over 1 year | -25.97% | -34.22% | +8.25% |
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 DrawdownCurrent decline from peak | -95.52% | -48.08% | -47.44% |
Average DrawdownAverage peak-to-trough decline | -74.21% | -45.69% | -28.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 16.56% | +0.68% |
Volatility
RWM vs. FIAT - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.57%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 15.57% | -11.53% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 45.14% | -31.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 53.41% | -34.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 60.06% | -37.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 60.06% | -36.96% |
RWM vs. FIAT - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.
Dividends
RWM vs. FIAT - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.80%, less than FIAT's 100.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
FIAT YieldMax Short COIN Option Income Strategy ETF | 100.80% | 178.11% | 70.99% | 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
RWM and FIAT have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAT has higher volatility (15.57%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with 46.79% vs -26.16% for RWM. On fees, RWM is cheaper at 0.95% per year. On volatility, RWM has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a 46.79% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWM is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 100.80%, compared with 3.80% for RWM.
RWM is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: ProShares and YieldMax. Their fees differ too: 0.95% for RWM and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (0.88 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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