RWM vs. SPDN
Compare and contrast key facts about ProShares Short Russell2000 (RWM) and Direxion Daily S&P 500 Bear 1x Shares (SPDN).
RWM and SPDN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. RWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-100%). It was launched on Jan 23, 2007. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. Both RWM and SPDN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
RWM vs. SPDN - Performance Comparison
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RWM vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -0.52% | -9.40% | -5.91% | -10.43% | 18.34% | -17.90% | -31.04% | -19.83% | 11.57% | -13.61% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 6.05% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Returns By Period
In the year-to-date period, RWM achieves a -0.52% return, which is significantly lower than SPDN's 6.05% return.
RWM
- 1D
- -3.51%
- 1M
- 5.06%
- YTD
- -0.52%
- 6M
- -1.93%
- 1Y
- -19.15%
- 3Y*
- -8.15%
- 5Y*
- -2.92%
- 10Y*
- -11.01%
SPDN
- 1D
- -2.74%
- 1M
- 5.71%
- YTD
- 6.05%
- 6M
- 4.90%
- 1Y
- -11.05%
- 3Y*
- -9.57%
- 5Y*
- -7.35%
- 10Y*
- —
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RWM vs. SPDN - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Return for Risk
RWM vs. SPDN — Risk / Return Rank
RWM
SPDN
RWM vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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.
| RWM | SPDN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.83 | -0.60 | -0.23 |
Sortino ratioReturn per unit of downside risk | -1.09 | -0.73 | -0.35 |
Omega ratioGain probability vs. loss probability | 0.87 | 0.89 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.54 | -0.44 | -0.11 |
Martin ratioReturn relative to average drawdown | -0.74 | -0.53 | -0.21 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWM | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.83 | -0.60 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.13 | -0.44 | +0.31 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.46 | -0.63 | +0.17 |
Correlation
The correlation between RWM and SPDN is 0.81, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
RWM vs. SPDN - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.57%, which matches SPDN's 3.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | 3.57% | 3.97% | 6.03% | 4.78% | 0.39% | 0.00% | 0.20% | 1.55% | 0.87% | 0.07% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.56% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Drawdowns
RWM vs. SPDN - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.12%, which is greater than SPDN's maximum drawdown of -73.52%. Use the drawdown chart below to compare losses from any high point for RWM and SPDN.
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Drawdown Indicators
| RWM | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.12% | -73.52% | -21.60% |
Max Drawdown (1Y)Largest decline over 1 year | -34.53% | -26.44% | -8.09% |
Max Drawdown (5Y)Largest decline over 5 years | -36.80% | -39.78% | +2.98% |
Max Drawdown (10Y)Largest decline over 10 years | -71.94% | — | — |
Current DrawdownCurrent decline from peak | -94.70% | -71.44% | -23.26% |
Average DrawdownAverage peak-to-trough decline | -73.85% | -48.09% | -25.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.23% | 21.69% | +3.54% |
Volatility
RWM vs. SPDN - Volatility Comparison
ProShares Short Russell2000 (RWM) has a higher volatility of 7.47% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 5.48%. This indicates that RWM's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.47% | 5.48% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 14.43% | 9.67% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.18% | 18.51% | +4.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.58% | 16.87% | +5.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.07% | 18.13% | +4.94% |