RWM vs. SPDN
RWM (ProShares Short Russell2000) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - RWM tracks the Russell 2000 (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 10 years, RWM returned -11.66%/yr vs -12.26%/yr for SPDN. Their correlation of 0.81 suggests significant overlap in exposure. RWM charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
RWM vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, RWM achieves a -15.79% return, which is significantly lower than SPDN's -7.28% return. Over the past 10 years, RWM has outperformed SPDN with an annualized return of -11.66%, while SPDN has yielded a comparatively lower -12.26% annualized return.
RWM
- 1D
- -0.29%
- 1M
- -0.36%
- 6M
- -10.78%
- YTD
- -15.79%
- 1Y
- -22.93%
- 3Y*
- -11.37%
- 5Y*
- -6.34%
- 10Y*
- -11.66%
SPDN
- 1D
- -0.46%
- 1M
- -1.25%
- 6M
- -5.88%
- YTD
- -7.28%
- 1Y
- -12.83%
- 3Y*
- -11.38%
- 5Y*
- -8.18%
- 10Y*
- -12.26%
RWM vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -15.79% | -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 | -7.28% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between RWM and SPDN is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.81 |
The correlation between RWM and SPDN has been stable across timeframes, ranging from 0.77 to 0.82 - a consistent structural relationship.
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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.
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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.23 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.84 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.81 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.54 | +0.12 |
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Drawdowns
RWM vs. SPDN - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, which is greater than SPDN's maximum drawdown of -75.31%. 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 | -95.61% | -75.31% | -20.30% |
Max Drawdown (1Y)Largest decline over 1 year | -27.57% | -15.93% | -11.64% |
Max Drawdown (3Y)Largest decline over 3 years | -43.12% | -38.24% | -4.88% |
Max Drawdown (5Y)Largest decline over 5 years | -43.12% | -43.85% | +0.73% |
Max Drawdown (10Y)Largest decline over 10 years | -72.51% | -73.97% | +1.46% |
Current DrawdownCurrent decline from peak | -95.51% | -75.03% | -20.48% |
Average DrawdownAverage peak-to-trough decline | -74.14% | -48.80% | -25.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.16% | 8.34% | +7.82% |
Volatility
RWM vs. SPDN - Volatility Comparison
ProShares Short Russell2000 (RWM) and Direxion Daily S&P 500 Bear 1x Shares (SPDN) have volatilities of 3.80% and 3.87%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 3.80% | 3.87% | -0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 14.15% | 10.06% | +4.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.39% | 12.71% | +6.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.58% | 16.97% | +5.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.08% | 18.01% | +5.07% |
RWM vs. SPDN - Expense Ratio Comparison
RWM has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
RWM vs. SPDN - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.79%, more than SPDN's 3.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | 3.79% | 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 | 3.35% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
RWM and SPDN have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPDN has higher volatility (3.87%) compared to RWM (3.80%). In terms of maximum drawdown, RWM dropped -95.61% vs SPDN's -75.31%.
On 10-year performance, RWM leads with -11.66% vs -12.26% for SPDN. On fees, SPDN is cheaper at 0.50% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RWM has performed better with a -11.66% return vs -12.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for RWM.
RWM has the higher dividend yield at 3.79%, compared with 3.35% for SPDN.
RWM tracks Russell 2000 (-100%), while SPDN tracks S&P 500 Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for RWM and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.01 vs -1.19), 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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