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RWM vs. SQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWM vs. SQQQ

Last updated Jun 24, 2026

RWM (ProShares Short Russell2000) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 10 years, RWM returned -12.35%/yr vs -56.24%/yr for SQQQ. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

RWM vs. SQQQ - Performance Comparison

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

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Returns By Period

In the year-to-date period, RWM achieves a -16.29% return, which is significantly higher than SQQQ's -40.31% return. Over the past 10 years, RWM has outperformed SQQQ with an annualized return of -12.35%, while SQQQ has yielded a comparatively lower -56.24% annualized return.

RWM

1D
0.89%
1M
-3.67%
YTD
-16.29%
6M
-14.25%
1Y
-27.19%
3Y*
-13.21%
5Y*
-5.30%
10Y*
-12.35%

SQQQ

1D
9.83%
1M
-2.27%
YTD
-40.31%
6M
-37.80%
1Y
-61.11%
3Y*
-53.86%
5Y*
-46.89%
10Y*
-56.24%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWM vs. SQQQ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWM
ProShares Short Russell2000		-16.29%-9.40%-5.91%-10.43%18.34%-17.90%-31.04%-19.83%11.57%-13.61%
SQQQ
ProShares UltraPro Short QQQ		-40.31%-53.05%-49.79%-73.61%82.40%-60.87%-86.40%-65.92%-20.83%-58.67%

Correlation

The correlation between RWM and SQQQ is 0.69, 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

0.69

Correlation (3Y)
Calculated over the trailing 3-year period

0.66

Correlation (5Y)
Calculated over the trailing 5-year period

0.72

Correlation (10Y)
Calculated over the trailing 10-year period

0.69

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

0.74

The correlation between RWM and SQQQ has been stable across timeframes, ranging from 0.66 to 0.74 - a consistent structural relationship.

RWM vs. SQQQ - Sectors Allocation Comparison

Sectors
RWM
SQQQ

Financial Services

96.0%
122.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

RWM
96.0%
SQQQ
122.0%

Basic Materials

RWM

-

SQQQ

-

Communication Services

RWM

-

SQQQ

-

Consumer Cyclical

RWM

-

SQQQ

-

Consumer Defensive

RWM

-

SQQQ

-

Energy

RWM

-

SQQQ

-

Healthcare

RWM

-

SQQQ

-

Industrials

RWM

-

SQQQ

-

Real Estate

RWM

-

SQQQ

-

Technology

RWM

-

SQQQ

-

Utilities

RWM

-

SQQQ

-

Compare stocks, funds, or ETFs

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ProShares Short Russell2000

ProShares UltraPro Short QQQ

Often compared with RWM:
RWM vs. IWMRWM vs. QIDRWM vs. TWMRWM vs. PSQRWM vs. SPYRWM vs. QQQRWM vs. SH
Often compared with SQQQ:
SQQQ vs. TQQQSQQQ vs. QQQSQQQ vs. PSQSQQQ vs. SOXSSQQQ vs. QIDSQQQ vs. SPXUSQQQ vs. UVXY

Return for Risk

RWM vs. SQQQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWM
RWM Risk / Return Rank: 00
Overall Rank
RWM Sharpe Ratio Rank: 00
Sharpe Ratio Rank
RWM Sortino Ratio Rank: 11
Sortino Ratio Rank
RWM Omega Ratio Rank: 11
Omega Ratio Rank
RWM Calmar Ratio Rank: 11
Calmar Ratio Rank
RWM Martin Ratio Rank: 00
Martin Ratio Rank
SQQQ
SQQQ Risk / Return Rank: 11
Overall Rank
SQQQ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SQQQ Sortino Ratio Rank: 00
Sortino Ratio Rank
SQQQ Omega Ratio Rank: 11
Omega Ratio Rank
SQQQ Calmar Ratio Rank: 11
Calmar Ratio Rank
SQQQ Martin Ratio Rank: 00
Martin Ratio Rank
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. SQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and ProShares UltraPro Short QQQ (SQQQ). 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.

RWMSQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.39
-1.14

-0.25

Sortino ratioReturn per unit of downside risk
-2.01
-2.07

+0.07

Omega ratioGain probability vs. loss probability

0.78

0.78

+0.01

Calmar ratioReturn relative to maximum drawdown

-0.98

-0.96

-0.02

Martin ratioReturn relative to average drawdown

-1.74

-1.81

+0.07

RWM vs. SQQQ - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.39, which is comparable to the SQQQ Sharpe Ratio of -1.14. The chart below compares the historical Sharpe Ratios of RWM and SQQQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

RWM vs. SQQQ - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.58%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RWM and SQQQ.

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Drawdown Indicators

RWMSQQQDifference

Max Drawdown

Largest peak-to-trough decline

-95.58%

-100.00%

+4.42%

Max Drawdown (1Y)

Largest decline over 1 year

-27.70%

-63.52%

+35.82%

Max Drawdown (3Y)

Largest decline over 3 years

-42.69%

-92.51%

+49.82%

Max Drawdown (5Y)

Largest decline over 5 years

-42.69%

-97.27%

+54.58%

Max Drawdown (10Y)

Largest decline over 10 years

-74.31%

-99.98%

+25.67%

Current Drawdown

Current decline from peak

-95.54%

-100.00%

+4.46%

Average Drawdown

Average peak-to-trough decline

-74.08%

-92.73%

+18.65%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.76%

36.37%

-20.61%

Volatility

RWM vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 6.51%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 26.69%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWMSQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.51%

26.69%

-20.18%

Volatility (6M)

Calculated over the trailing 6-month period

14.28%

43.33%

-29.05%

Volatility (1Y)

Calculated over the trailing 1-year period

19.61%

53.65%

-34.04%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.64%

67.53%

-44.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.14%

66.47%

-43.33%

RWM vs. SQQQ - Expense Ratio Comparison

Both RWM and SQQQ have an expense ratio of 0.95%.

Dividends

RWM vs. SQQQ - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 4.24%, less than SQQQ's 11.44% yield.

PositionTTM202520242023202220212020201920182017
RWM
ProShares Short Russell2000		4.24%3.97%6.03%4.78%0.39%0.00%0.20%1.55%0.87%0.07%
SQQQ
ProShares UltraPro Short QQQ		11.44%9.36%10.23%8.01%0.28%0.00%2.15%2.92%1.47%0.14%

Frequently Asked Questions

RWM and SQQQ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SQQQ has higher volatility (26.69%) compared to RWM (6.51%). In terms of maximum drawdown, RWM dropped -95.58% vs SQQQ's -100.00%.

On 10-year performance, RWM leads with -12.35% vs -56.24% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 6.51%. 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 -12.35% return vs -56.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RWM and SQQQ have the same expense ratio: 0.95% per year.

SQQQ has the higher dividend yield at 11.44%, compared with 4.24% for RWM.

RWM is categorized as Inverse Equities, while SQQQ is Leveraged Equities. RWM tracks Russell 2000 (-100%), while SQQQ tracks NASDAQ-100 Index (-300%).

SQQQ currently has the higher Sharpe Ratio (-1.14 vs -1.39), 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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