RWM vs. QQQ

Last updated Aug 4, 2026

RWM (ProShares Short Russell2000) and QQQ (Invesco QQQ ETF) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while QQQ is a Nasdaq-100 fund tracking the NASDAQ-100 Index. Both are passively managed. Over the past 10 years, RWM returned -11.48%/yr vs 20.46%/yr for QQQ. Their -0.76 correlation means they have often moved in opposite directions in the past. RWM charges 0.95%/yr vs 0.18%/yr for QQQ.

Performance

RWM vs. QQQ - Performance Comparison

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

Returns By Period

In the year-to-date period, RWM achieves a -16.04% return, which is significantly lower than QQQ's 14.23% return. Over the past 10 years, RWM has underperformed QQQ with an annualized return of -11.48%, while QQQ has yielded a comparatively higher 20.46% 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%

QQQ

• 1D: 1.76%
• 1M: -1.76%
• 6M: 12.07%
• YTD: 14.23%
• 1Y: 27.00%
• 3Y*: 24.17%
• 5Y*: 14.45%
• 10Y*: 20.46%
• ALL TIME*: 10.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
QQQ Invesco QQQ ETF	$31.40B	$28.17B	$31.69B
RWM ProShares Short Russell2000	$356.63M	$306.99M	$253.47M

RWM vs. QQQ - 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%
QQQ Invesco QQQ ETF	14.23%	20.77%	25.58%	54.86%	-32.58%	27.42%	48.62%	38.96%	-0.13%	32.66%

Correlation

The correlation between RWM and QQQ 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 (3Y) Balances recent behavior with more history.	-0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.73
Correlation (10Y) Provides a long-term view across more market conditions.	-0.69
Correlation (All Time) Calculated using the full available price history since Jan 25, 2007	-0.76

The correlation between RWM and QQQ has been stable across timeframes, ranging from -0.76 to -0.66 - a consistent structural relationship.

RWM vs. QQQ - Sectors Allocation Comparison

Sectors	RWM	QQQ
Financial Services	88.7%	0.2%
Basic Materials	-	1.0%
Communication Services	-	13.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	6.3%
Energy	-	0.5%
Healthcare	-	3.6%
Industrials	-	2.7%
Real Estate	-	0.1%
Technology	-	60.9%
Utilities	-	1.1%

Return for Risk

RWM vs. QQQ — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 0
RWM Martin Ratio Rank: 0

QQQ

QQQ Risk / Return Rank: 58
QQQ Sharpe Ratio Rank: 58
QQQ Sortino Ratio Rank: 55
QQQ Omega Ratio Rank: 55
QQQ Calmar Ratio Rank: 64
QQQ Martin Ratio Rank: 59

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

RWM vs. QQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Invesco QQQ ETF (QQQ). 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	QQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	1.40	-2.77
Sortino ratio: Return per unit of downside risk	-1.94	1.95	-3.89
Omega ratio: Gain probability vs. loss probability	0.79	1.25	-0.46
Calmar ratio: Return relative to maximum drawdown	-1.01	2.27	-3.28
Martin ratio: Return relative to average drawdown	-1.68	7.21	-8.89

RWM vs. QQQ - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the QQQ Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of RWM and QQQ, 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. QQQ - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than QQQ's maximum drawdown of -82.97%. Use the drawdown chart below to compare losses from any high point for RWM and QQQ.

Drawdown Indicators

	RWM	QQQ	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-82.97%	-12.64%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-11.96%	-14.01%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	-22.77%	-20.35%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	-35.12%	-8.00%
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	-35.12%	-37.39%
Current Drawdown Current decline from peak	-95.52%	-6.07%	-89.45%
Average Drawdown Average peak-to-trough decline	-74.21%	-32.61%	-41.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	3.76%	+13.48%

Volatility

RWM vs. QQQ - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while Invesco QQQ ETF (QQQ) has a volatility of 6.96%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than QQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	QQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	6.96%	-2.92%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	16.12%	-2.04%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	19.37%	-0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	22.92%	-0.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	22.51%	+0.59%

RWM vs. QQQ - Expense Ratio Comparison

RWM has a 0.95% expense ratio, which is higher than QQQ's 0.18% expense ratio.

Dividends

RWM vs. QQQ - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than QQQ's 0.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
QQQ Invesco QQQ ETF	0.43%	0.45%	0.56%	0.62%	0.80%	0.43%	0.55%	0.74%	0.91%	0.84%	1.06%	0.99%
RWM ProShares Short Russell2000	3.80%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWM and QQQ in my portfolio?

RWM and QQQ 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.

Which is riskier, RWM or QQQ?

QQQ has higher volatility (6.96%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs QQQ's -82.97%.

Which ETF is better, RWM or QQQ?

On 10-year performance, QQQ leads with 20.46% vs -11.48% for RWM. On fees, QQQ is cheaper at 0.18% 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.

Which ETF has performed better, RWM or QQQ?

Over the 10-year period, QQQ has performed better with a 20.46% return vs -11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or QQQ?

QQQ is cheaper with a 0.18% expense ratio, compared with 0.95% for RWM.

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

RWM has the higher dividend yield at 3.80%, compared with 0.43% for QQQ.

What is the main difference between RWM and QQQ?

RWM is categorized as Inverse Equities, while QQQ is Nasdaq-100. RWM tracks Russell 2000 (-100%), while QQQ tracks NASDAQ-100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for RWM and 0.18% for QQQ.

Which has better risk-adjusted returns?

QQQ currently has the higher Sharpe Ratio (1.40 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.