RWM vs. GLD
RWM (ProShares Short Russell2000) and GLD (SPDR Gold Shares) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while GLD is a Gold fund tracking the LBMA Gold Price PM. Both are passively managed. Over the past 10 years, RWM returned -11.48%/yr vs 11.29%/yr for GLD. Their -0.07 correlation means they have often moved in opposite directions in the past. RWM charges 0.95%/yr vs 0.40%/yr for GLD.
Performance
RWM vs. GLD - 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 GLD's -6.21% return. Over the past 10 years, RWM has underperformed GLD with an annualized return of -11.48%, while GLD has yielded a comparatively higher 11.29% 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%
GLD
- 1D
- 0.05%
- 1M
- -1.70%
- 6M
- -12.97%
- YTD
- -6.21%
- 1Y
- 20.25%
- 3Y*
- 27.30%
- 5Y*
- 17.00%
- 10Y*
- 11.29%
- ALL TIME*
- 10.28%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.42B | $2.35B | $2.72B | |
| $356.63M | $306.99M | $253.47M |
RWM vs. GLD - 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% |
GLD SPDR Gold Shares | -6.21% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
Correlation
The correlation between RWM and GLD is -0.32, 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. | -0.32 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.15 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.07 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007 | -0.07 |
Over the past year, the inverse relationship between RWM and GLD has strengthened: their correlation has moved from -0.07 to -0.32, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
RWM vs. GLD — Risk / Return Rank
RWM
GLD
RWM vs. GLD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and SPDR Gold Shares (GLD). 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 | GLD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.09 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.15 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 0.77 | -1.78 |
| Martin ratioReturn relative to average drawdown | -1.68 | 1.65 | -3.33 |
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Drawdowns
RWM vs. GLD - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than GLD's maximum drawdown of -45.56%. Use the drawdown chart below to compare losses from any high point for RWM and GLD.
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Drawdown Indicators
| RWM | GLD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -45.56% | -50.05% |
Max Drawdown (1Y)Largest decline over 1 year | -25.97% | -26.40% | +0.43% |
Max Drawdown (3Y)Largest decline over 3 years | -43.12% | -26.40% | -16.72% |
Max Drawdown (5Y)Largest decline over 5 years | -43.12% | -26.40% | -16.72% |
Max Drawdown (10Y)Largest decline over 10 years | -72.51% | -26.40% | -46.11% |
Current DrawdownCurrent decline from peak | -95.52% | -25.04% | -70.48% |
Average DrawdownAverage peak-to-trough decline | -74.21% | -16.21% | -58.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 12.29% | +4.95% |
Volatility
RWM vs. GLD - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while SPDR Gold Shares (GLD) has a volatility of 6.05%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than GLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | GLD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 6.05% | -2.01% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 20.95% | -6.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 28.11% | -8.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 18.49% | +4.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 16.14% | +6.96% |
RWM vs. GLD - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is higher than GLD's 0.40% expense ratio.
Dividends
RWM vs. GLD - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.80%, while GLD has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | 0.00% | 0.00% | 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
RWM and GLD have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GLD has higher volatility (6.05%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs GLD's -45.56%.
On 10-year performance, GLD leads with 11.29% vs -11.48% for RWM. On fees, GLD is cheaper at 0.40% 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 10-year period, GLD has performed better with a 11.29% return vs -11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 0.95% for RWM.
RWM has the higher dividend yield at 3.80%, compared with 0.00% for GLD.
RWM is categorized as Inverse Equities, while GLD is Gold. RWM tracks Russell 2000 (-100%), while GLD tracks LBMA Gold Price PM. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for RWM and 0.40% for GLD.
GLD currently has the higher Sharpe Ratio (0.72 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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