RWM vs. SHRT

Last updated Aug 4, 2026

RWM (ProShares Short Russell2000) and SHRT (Gotham Short Strategies ETF) are both Inverse Equities funds. RWM is passively managed, while SHRT is actively managed. Over the past year, RWM returned -26.16% vs -15.96% for SHRT. Their 0.53 correlation means they have sometimes moved together and sometimes differently. RWM charges 0.95%/yr vs 1.35%/yr for SHRT.

Performance

RWM vs. SHRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and Gotham Short Strategies ETF (SHRT). 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 SHRT's -14.58% 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%

SHRT

• 1D: -1.40%
• 1M: 1.58%
• 6M: -12.27%
• YTD: -14.58%
• 1Y: -15.96%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -8.31%

*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)
RWM ProShares Short Russell2000	$356.63M	$306.99M	$253.47M
SHRT Gotham Short Strategies ETF	$279.70K	$140.77K	$64.30K

RWM vs. SHRT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
RWM ProShares Short Russell2000	-16.04%	-9.40%	-5.91%	-12.96%
SHRT Gotham Short Strategies ETF	-14.58%	-0.91%	-1.44%	-5.51%

Correlation

The correlation between RWM and SHRT is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Nov 6, 2023	0.53

The correlation between RWM and SHRT has been stable across timeframes, ranging from 0.52 to 0.53 - a consistent structural relationship.

RWM vs. SHRT - Sectors Allocation Comparison

Sectors	RWM	SHRT
Financial Services	88.7%	1.2%
Basic Materials	-	18.3%
Communication Services	-	2.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	6.7%
Energy	-	5.4%
Healthcare	-	10.4%
Industrials	-	13.5%
Real Estate	-	-
Technology	-	17.0%
Utilities	-	0.0%

Return for Risk

RWM vs. SHRT — 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

SHRT

SHRT Risk / Return Rank: 1
SHRT Sharpe Ratio Rank: 1
SHRT Sortino Ratio Rank: 1
SHRT Omega Ratio Rank: 2
SHRT Calmar Ratio Rank: 3
SHRT Martin Ratio Rank: 0

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. SHRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Gotham Short Strategies ETF (SHRT). 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	SHRT	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	-1.13	-0.24
Sortino ratio: Return per unit of downside risk	-1.94	-1.63	-0.31
Omega ratio: Gain probability vs. loss probability	0.79	0.82	-0.04
Calmar ratio: Return relative to maximum drawdown	-1.01	-0.76	-0.25
Martin ratio: Return relative to average drawdown	-1.68	-1.61	-0.07

RWM vs. SHRT - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is comparable to the SHRT Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of RWM and SHRT, 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. SHRT - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than SHRT's maximum drawdown of -27.84%. Use the drawdown chart below to compare losses from any high point for RWM and SHRT.

Drawdown Indicators

	RWM	SHRT	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-27.84%	-67.77%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-21.19%	-4.78%
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	-95.52%	-23.39%	-72.13%
Average Drawdown Average peak-to-trough decline	-74.21%	-9.07%	-65.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	9.94%	+7.30%

Volatility

RWM vs. SHRT - Volatility Comparison

ProShares Short Russell2000 (RWM) has a higher volatility of 4.04% compared to Gotham Short Strategies ETF (SHRT) at 3.40%. This indicates that RWM's price experiences larger fluctuations and is considered to be riskier than SHRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	SHRT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	3.40%	+0.64%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	11.99%	+2.09%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	14.19%	+5.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	13.00%	+9.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	13.00%	+10.10%

RWM vs. SHRT - Expense Ratio Comparison

RWM has a 0.95% expense ratio, which is lower than SHRT's 1.35% expense ratio.

Dividends

RWM vs. SHRT - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than SHRT's 0.08% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWM ProShares Short Russell2000	3.80%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%
SHRT Gotham Short Strategies ETF	0.08%	0.07%	0.85%	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWM and SHRT in my portfolio?

RWM and SHRT have a correlation of 0.52, 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 SHRT?

RWM has higher volatility (4.04%) compared to SHRT (3.40%). In terms of maximum drawdown, RWM dropped -95.61% vs SHRT's -27.84%.

Which ETF is better, RWM or SHRT?

On 1-year performance, SHRT leads with -15.96% vs -26.16% for RWM. On fees, RWM is cheaper at 0.95% per year. On volatility, SHRT has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or SHRT?

Over the 1-year period, SHRT has performed better with a -15.96% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or SHRT?

RWM is cheaper with a 0.95% expense ratio, compared with 1.35% for SHRT.

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

RWM has the higher dividend yield at 3.80%, compared with 0.08% for SHRT.

What is the main difference between RWM and SHRT?

They also come from different issuers: ProShares and Gotham. Their fees differ too: 0.95% for RWM and 1.35% for SHRT.

Which has better risk-adjusted returns?

SHRT currently has the higher Sharpe Ratio (-1.13 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.