RWM vs. SPY

Last updated Jul 12, 2026

RWM (ProShares Short Russell2000) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, RWM returned -11.71%/yr vs 15.22%/yr for SPY. At a correlation of -0.85, they often move in opposite directions. RWM charges 0.95%/yr vs 0.09%/yr for SPY.

Performance

RWM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWM achieves a -16.23% return, which is significantly lower than SPY's 11.30% return. Over the past 10 years, RWM has underperformed SPY with an annualized return of -11.71%, while SPY has yielded a comparatively higher 15.22% annualized return.

RWM

• 1D: 0.45%
• 1M: -0.87%
• 6M: -11.58%
• YTD: -16.23%
• 1Y: -23.83%
• 3Y*: -11.76%
• 5Y*: -5.71%
• 10Y*: -11.71%

SPY

• 1D: 0.43%
• 1M: 2.04%
• 6M: 9.35%
• YTD: 11.30%
• 1Y: 22.40%
• 3Y*: 20.99%
• 5Y*: 13.15%
• 10Y*: 15.22%

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

RWM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWM ProShares Short Russell2000	-16.23%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%
SPY State Street SPDR S&P 500 ETF	11.30%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between RWM and SPY is -0.79, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.79
Correlation (3Y) Calculated over the trailing 3-year period	-0.78
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 Jan 25, 2007	-0.85

The correlation between RWM and SPY has been stable across timeframes, ranging from -0.85 to -0.78 - a consistent structural relationship.

RWM vs. SPY - Sectors Allocation Comparison

Sectors	RWM	SPY
Financial Services	105.6%	11.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%
Utilities	-	2.1%

Return for Risk

RWM vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

RWM

RWM Risk / Return Rank: 1
RWM Sharpe Ratio Rank: 1
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 1
RWM Calmar Ratio Rank: 2
RWM Martin Ratio Rank: 1

SPY

SPY Risk / Return Rank: 67
SPY Sharpe Ratio Rank: 68
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 67
SPY Calmar Ratio Rank: 62
SPY Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

RWM vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	-1.18	1.76	-2.93
Sortino ratio: Return per unit of downside risk	-1.64	2.42	-4.06
Omega ratio: Gain probability vs. loss probability	0.82	1.32	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.83	2.48	-3.31
Martin ratio: Return relative to average drawdown	-1.43	10.83	-12.26

RWM vs. SPY - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.18, which is lower than the SPY Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of RWM and SPY, 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. SPY - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for RWM and SPY.

Drawdown Indicators

	RWM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-55.19%	-40.42%
Max Drawdown (1Y) Largest decline over 1 year	-27.57%	-8.88%	-18.69%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	-18.76%	-24.36%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	-24.50%	-18.62%
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	-33.72%	-38.79%
Current Drawdown Current decline from peak	-95.53%	-0.35%	-95.18%
Average Drawdown Average peak-to-trough decline	-74.14%	-9.03%	-65.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.00%	2.03%	+13.97%

Volatility

RWM vs. SPY - Volatility Comparison

ProShares Short Russell2000 (RWM) has a higher volatility of 4.85% compared to State Street SPDR S&P 500 ETF (SPY) at 4.52%. This indicates that RWM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.85%	4.52%	+0.33%
Volatility (6M) Calculated over the trailing 6-month period	14.16%	9.98%	+4.18%
Volatility (1Y) Calculated over the trailing 1-year period	19.43%	12.55%	+6.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.60%	17.16%	+5.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.08%	17.92%	+5.16%

RWM vs. SPY - Expense Ratio Comparison

RWM has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

RWM vs. SPY - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.81%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RWM ProShares Short Russell2000	3.81%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both RWM and SPY in my portfolio?

RWM and SPY have a correlation of -0.79, 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 SPY?

RWM has higher volatility (4.85%) compared to SPY (4.52%). In terms of maximum drawdown, RWM dropped -95.61% vs SPY's -55.19%.

Which ETF is better, RWM or SPY?

On 10-year performance, SPY leads with 15.22% vs -11.71% for RWM. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or SPY?

Over the 10-year period, SPY has performed better with a 15.22% return vs -11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for RWM.

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

RWM has the higher dividend yield at 3.81%, compared with 1.00% for SPY.

What is the main difference between RWM and SPY?

RWM is categorized as Inverse Equities, while SPY is S&P 500. RWM tracks Russell 2000 (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for RWM and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (1.76 vs -1.18), 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.