RWM vs. SQQQ

Last updated Aug 4, 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 -11.48%/yr vs -54.51%/yr for SQQQ. Their 0.74 correlation means they have sometimes moved together and sometimes differently. 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.

Returns By Period

In the year-to-date period, RWM achieves a -16.04% return, which is significantly higher than SQQQ's -38.05% return. Over the past 10 years, RWM has outperformed SQQQ with an annualized return of -11.48%, while SQQQ has yielded a comparatively lower -54.51% annualized 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%

SQQQ

• 1D: -5.26%
• 1M: 3.70%
• 6M: -34.63%
• YTD: -38.05%
• 1Y: -54.82%
• 3Y*: -52.10%
• 5Y*: -44.80%
• 10Y*: -54.51%
• ALL TIME*: -52.82%

*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
SQQQ ProShares UltraPro Short QQQ	$2.77B	$2.43B	$2.72B

RWM vs. SQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWM ProShares Short Russell2000	-16.04%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%
SQQQ ProShares UltraPro Short QQQ	-38.05%	-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 0.71, 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.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.66
Correlation (5Y) Shows whether the relationship held over a longer period.	0.73
Correlation (10Y) Provides a long-term view across more market conditions.	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	88.7%	89.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RWM vs. SQQQ — 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

SQQQ

SQQQ Risk / Return Rank: 1
SQQQ Sharpe Ratio Rank: 2
SQQQ Sortino Ratio Rank: 2
SQQQ Omega Ratio Rank: 2
SQQQ Calmar Ratio Rank: 1
SQQQ 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. 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.

	RWM	SQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	-0.95	-0.42
Sortino ratio: Return per unit of downside risk	-1.94	-1.51	-0.43
Omega ratio: Gain probability vs. loss probability	0.79	0.84	-0.05
Calmar ratio: Return relative to maximum drawdown	-1.01	-0.92	-0.09
Martin ratio: Return relative to average drawdown	-1.68	-1.65	-0.03

RWM vs. SQQQ - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the SQQQ Sharpe Ratio of -0.95. 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.

Drawdowns

RWM vs. SQQQ - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, 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.

Drawdown Indicators

	RWM	SQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-100.00%	+4.39%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-59.62%	+33.65%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	-92.51%	+49.39%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	-97.27%	+54.15%
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	-99.97%	+27.46%
Current Drawdown Current decline from peak	-95.52%	-100.00%	+4.48%
Average Drawdown Average peak-to-trough decline	-74.21%	-92.78%	+18.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	35.25%	-18.01%

Volatility

RWM vs. SQQQ - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while ProShares UltraPro Short QQQ (SQQQ) has a volatility of 21.07%. 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.

Volatility by Period

	RWM	SQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	21.07%	-17.03%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	48.20%	-34.12%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	57.95%	-38.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	68.24%	-45.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	66.78%	-43.68%

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 3.80%, less than SQQQ's 9.64% 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%
SQQQ ProShares UltraPro Short QQQ	9.64%	9.36%	10.23%	8.01%	0.28%	0.00%	2.15%	2.92%	1.47%	0.14%

Frequently Asked Questions

Can I hold both RWM and SQQQ in my portfolio?

RWM and SQQQ have a correlation of 0.71, 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 SQQQ?

SQQQ has higher volatility (21.07%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs SQQQ's -100.00%.

Which ETF is better, RWM or SQQQ?

On 10-year performance, RWM leads with -11.48% vs -54.51% for SQQQ. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or SQQQ?

Over the 10-year period, RWM has performed better with a -11.48% return vs -54.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or SQQQ?

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

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

SQQQ has the higher dividend yield at 9.64%, compared with 3.80% for RWM.

What is the main difference between RWM and SQQQ?

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

Which has better risk-adjusted returns?

SQQQ currently has the higher Sharpe Ratio (-0.95 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.