RWM vs. HIMS

Last updated Jun 24, 2026

RWM (ProShares Short Russell2000) is Inverse Equities fund tracking the Russell 2000 (-100%), while HIMS (Hims & Hers Health, Inc.) is a stock. Over the past 5 years, RWM returned -5.30%/yr vs 25.12%/yr for HIMS. At a correlation of -0.43, they often move in opposite directions.

Performance

RWM vs. HIMS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and Hims & Hers Health, Inc. (HIMS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWM achieves a -16.29% return, which is significantly lower than HIMS's 1.51% return.

RWM

• 1D: 0.89%
• 1M: -3.67%
• YTD: -16.29%
• 6M: -14.25%
• 1Y: -27.19%
• 3Y*: -13.21%
• 5Y*: -5.30%
• 10Y*: -12.35%

HIMS

• 1D: -1.73%
• 1M: 38.78%
• YTD: 1.51%
• 6M: -5.29%
• 1Y: -21.49%
• 3Y*: 57.60%
• 5Y*: 25.12%
• 10Y*: —

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

RWM vs. HIMS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
RWM ProShares Short Russell2000	-16.29%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-5.63%
HIMS Hims & Hers Health, Inc.	1.51%	34.28%	171.69%	38.85%	-2.14%	-55.14%	47.47%	1.23%

Correlation

The correlation between RWM and HIMS is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (3Y) Calculated over the trailing 3-year period	-0.47
Correlation (5Y) Calculated over the trailing 5-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019	-0.43

The correlation between RWM and HIMS has been stable across timeframes, ranging from -0.51 to -0.43 - a consistent structural relationship.

Return for Risk

RWM vs. HIMS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 1
RWM Martin Ratio Rank: 0

HIMS

HIMS Risk / Return Rank: 35
HIMS Sharpe Ratio Rank: 33
HIMS Sortino Ratio Rank: 38
HIMS Omega Ratio Rank: 37
HIMS Calmar Ratio Rank: 34
HIMS Martin Ratio Rank: 35

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. HIMS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Hims & Hers Health, Inc. (HIMS). 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	HIMS	Difference
Sharpe ratio: Return per unit of total volatility	-1.39	-0.24	-1.16
Sortino ratio: Return per unit of downside risk	-2.01	0.28	-2.29
Omega ratio: Gain probability vs. loss probability	0.78	1.03	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.98	-0.28	-0.71
Martin ratio: Return relative to average drawdown	-1.74	-0.45	-1.30

RWM vs. HIMS - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.39, which is lower than the HIMS Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of RWM and HIMS, 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. HIMS - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.58%, which is greater than HIMS's maximum drawdown of -87.29%. Use the drawdown chart below to compare losses from any high point for RWM and HIMS.

Drawdown Indicators

	RWM	HIMS	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-87.29%	-8.29%
Max Drawdown (1Y) Largest decline over 1 year	-27.70%	-78.06%	+50.36%
Max Drawdown (3Y) Largest decline over 3 years	-42.69%	-78.88%	+36.19%
Max Drawdown (5Y) Largest decline over 5 years	-42.69%	-78.88%	+36.19%
Max Drawdown (10Y) Largest decline over 10 years	-74.31%	—	—
Current Drawdown Current decline from peak	-95.54%	-52.05%	-43.49%
Average Drawdown Average peak-to-trough decline	-74.08%	-43.26%	-30.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.76%	48.15%	-32.39%

Volatility

RWM vs. HIMS - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 6.51%, while Hims & Hers Health, Inc. (HIMS) has a volatility of 23.50%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than HIMS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	HIMS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	23.50%	-16.99%
Volatility (6M) Calculated over the trailing 6-month period	14.28%	69.23%	-54.95%
Volatility (1Y) Calculated over the trailing 1-year period	19.61%	97.66%	-78.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.64%	83.58%	-60.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.14%	77.37%	-54.23%

Dividends

RWM vs. HIMS - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 4.24%, while HIMS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIMS Hims & Hers Health, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWM ProShares Short Russell2000	4.24%	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 HIMS in my portfolio?

RWM and HIMS have a correlation of -0.45, 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 HIMS?

HIMS has higher volatility (23.50%) compared to RWM (6.51%). In terms of maximum drawdown, RWM dropped -95.58% vs HIMS's -87.29%.

Which has better risk-adjusted returns?

HIMS currently has the higher Sharpe Ratio (-0.24 vs -1.39), 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.