RWM vs. IQQQ
RWM (ProShares Short Russell2000) and IQQQ (ProShares Nasdaq-100 High Income ETF) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while IQQQ is a Nasdaq-100 fund tracking the Nasdaq-100 Daily Covered Call Index. Both are passively managed. Over the past year, RWM returned -26.16% vs 23.94% for IQQQ. Their -0.68 correlation means they have often moved in opposite directions in the past. RWM charges 0.95%/yr vs 0.55%/yr for IQQQ.
Performance
RWM vs. IQQQ - 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 IQQQ's 11.89% 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%
IQQQ
- 1D
- 1.65%
- 1M
- -1.59%
- 6M
- 9.64%
- YTD
- 11.89%
- 1Y
- 23.94%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 18.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.03M | $2.38M | $2.95M | |
| $356.63M | $306.99M | $253.47M |
RWM vs. IQQQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
RWM ProShares Short Russell2000 | -16.04% | -9.40% | -6.31% |
IQQQ ProShares Nasdaq-100 High Income ETF | 11.89% | 17.11% | 14.82% |
Correlation
The correlation between RWM and IQQQ is -0.70, 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. | -0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 20, 2024 | -0.68 |
The correlation between RWM and IQQQ has been stable across timeframes, ranging from -0.70 to -0.68 - a consistent structural relationship.
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Return for Risk
RWM vs. IQQQ — Risk / Return Rank
RWM
IQQQ
RWM vs. IQQQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and ProShares Nasdaq-100 High Income ETF (IQQQ). 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 | IQQQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.67 | ||
| Sortino ratioReturn per unit of downside risk | -3.75 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.22 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | 2.14 | -3.15 |
| Martin ratioReturn relative to average drawdown | -1.68 | 6.34 | -8.02 |
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Drawdowns
RWM vs. IQQQ - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than IQQQ's maximum drawdown of -20.41%. Use the drawdown chart below to compare losses from any high point for RWM and IQQQ.
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Drawdown Indicators
| RWM | IQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -20.41% | -75.20% |
Max Drawdown (1Y)Largest decline over 1 year | -25.97% | -11.25% | -14.72% |
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% | -6.04% | -89.48% |
Average DrawdownAverage peak-to-trough decline | -74.21% | -3.71% | -70.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 3.78% | +13.46% |
Volatility
RWM vs. IQQQ - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while ProShares Nasdaq-100 High Income ETF (IQQQ) has a volatility of 6.91%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than IQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | IQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 6.91% | -2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 15.14% | -1.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 18.47% | +0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 19.31% | +3.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 19.31% | +3.79% |
RWM vs. IQQQ - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is higher than IQQQ's 0.55% expense ratio.
Dividends
RWM vs. IQQQ - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.80%, less than IQQQ's 5.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
IQQQ ProShares Nasdaq-100 High Income ETF | 5.81% | 10.34% | 7.27% | 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 IQQQ have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQQQ has higher volatility (6.91%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs IQQQ's -20.41%.
On 1-year performance, IQQQ leads with 23.94% vs -26.16% for RWM. On fees, IQQQ is cheaper at 0.55% 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, IQQQ has performed better with a 23.94% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQQQ is cheaper with a 0.55% expense ratio, compared with 0.95% for RWM.
IQQQ has the higher dividend yield at 5.81%, compared with 3.80% for RWM.
RWM is categorized as Inverse Equities, while IQQQ is Nasdaq-100. RWM tracks Russell 2000 (-100%), while IQQQ tracks Nasdaq-100 Daily Covered Call Index. Their fees differ too: 0.95% for RWM and 0.55% for IQQQ.
IQQQ currently has the higher Sharpe Ratio (1.30 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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