RWM vs. FIAT

Last updated Jul 15, 2026

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 -22.93% vs 56.10% for FIAT. A 0.56 correlation means they provide meaningful diversification when combined. RWM charges 0.95%/yr vs 0.99%/yr for FIAT.

Performance

RWM vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWM achieves a -15.79% return, which is significantly lower than FIAT's 12.35% return.

RWM

• 1D: -0.29%
• 1M: -0.36%
• 6M: -10.78%
• YTD: -15.79%
• 1Y: -22.93%
• 3Y*: -11.37%
• 5Y*: -6.34%
• 10Y*: -11.66%

FIAT

• 1D: -1.91%
• 1M: -3.02%
• 6M: 22.51%
• YTD: 12.35%
• 1Y: 56.10%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

RWM vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RWM ProShares Short Russell2000	-15.79%	-9.40%	-8.06%
FIAT YieldMax Short COIN Option Income Strategy ETF	12.35%	-24.17%	-28.04%

Correlation

The correlation between RWM and FIAT is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
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 0.51 to 0.56 - a consistent structural relationship.

Return for Risk

RWM vs. FIAT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RWM

RWM Risk / Return Rank: 1
RWM Sharpe Ratio Rank: 1
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 2
RWM Calmar Ratio Rank: 2
RWM Martin Ratio Rank: 1

FIAT

FIAT Risk / Return Rank: 36
FIAT Sharpe Ratio Rank: 36
FIAT Sortino Ratio Rank: 35
FIAT Omega Ratio Rank: 38
FIAT Calmar Ratio Rank: 40
FIAT Martin Ratio Rank: 30

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.

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 ratio: Return per unit of total volatility	-1.19	1.07	-2.26
Sortino ratio: Return per unit of downside risk	-1.65	1.55	-3.21
Omega ratio: Gain probability vs. loss probability	0.82	1.21	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.83	1.65	-2.48
Martin ratio: Return relative to average drawdown	-1.42	3.54	-4.96

RWM vs. FIAT - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.19, which is lower than the FIAT Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of RWM and FIAT, 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. 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.

Drawdown Indicators

	RWM	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-70.50%	-25.11%
Max Drawdown (1Y) Largest decline over 1 year	-27.57%	-34.22%	+6.65%
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	-95.51%	-51.58%	-43.93%
Average Drawdown Average peak-to-trough decline	-74.14%	-45.53%	-28.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.16%	15.91%	+0.25%

Volatility

RWM vs. FIAT - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 3.80%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 14.13%. 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.

Volatility by Period

	RWM	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.80%	14.13%	-10.33%
Volatility (6M) Calculated over the trailing 6-month period	14.15%	43.67%	-29.52%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	52.59%	-33.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.58%	60.00%	-37.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	60.00%	-36.92%

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 3.79%, less than FIAT's 106.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
FIAT YieldMax Short COIN Option Income Strategy ETF	106.66%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWM ProShares Short Russell2000	3.79%	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 FIAT in my portfolio?

RWM and FIAT have a correlation of 0.51, 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 FIAT?

FIAT has higher volatility (14.13%) compared to RWM (3.80%). In terms of maximum drawdown, RWM dropped -95.61% vs FIAT's -70.50%.

Which ETF is better, RWM or FIAT?

On 1-year performance, FIAT leads with 56.10% vs -22.93% for RWM. On fees, RWM is cheaper at 0.95% per year. On volatility, RWM has been the lower-risk option at 3.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or FIAT?

Over the 1-year period, FIAT has performed better with a 56.10% return vs -22.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or FIAT?

RWM is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 106.66%, compared with 3.79% for RWM.

What is the main difference between RWM and FIAT?

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.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (1.07 vs -1.19), 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.