RWM vs. SRTY

Last updated Jun 4, 2026

RWM (ProShares Short Russell2000) and SRTY (ProShares UltraPro Short Russell2000) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while SRTY is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). Both are passively managed. Over the past 10 years, RWM returned -11.85%/yr vs -43.65%/yr for SRTY. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

RWM vs. SRTY - Performance Comparison

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

Returns By Period

In the year-to-date period, RWM achieves a -13.83% return, which is significantly higher than SRTY's -40.40% return. Over the past 10 years, RWM has outperformed SRTY with an annualized return of -11.85%, while SRTY has yielded a comparatively lower -43.65% annualized return.

RWM

• 1D: 1.37%
• 1M: -3.30%
• YTD: -13.83%
• 6M: -12.66%
• 1Y: -25.94%
• 3Y*: -12.10%
• 5Y*: -5.21%
• 10Y*: -11.85%

SRTY

• 1D: 4.15%
• 1M: -10.54%
• YTD: -40.40%
• 6M: -38.33%
• 1Y: -65.58%
• 3Y*: -45.16%
• 5Y*: -30.75%
• 10Y*: -43.65%

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

RWM vs. SRTY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWM ProShares Short Russell2000	-13.83%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%
SRTY ProShares UltraPro Short Russell2000	-40.40%	-40.55%	-32.91%	-42.02%	28.99%	-51.67%	-80.61%	-53.83%	23.37%	-38.31%

Correlation

The correlation between RWM and SRTY is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Feb 12, 2010	1.00

The correlation between RWM and SRTY has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

RWM vs. SRTY - Sectors Allocation Comparison

Sectors	RWM	SRTY
Financial Services	80.6%	86.7%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

RWM vs. SRTY — 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: 0
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 1
RWM Calmar Ratio Rank: 1
RWM Martin Ratio Rank: 1

SRTY

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

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. SRTY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and ProShares UltraPro Short Russell2000 (SRTY). 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	SRTY	Difference
Sharpe ratio Return per unit of total volatility	-1.37	-1.15	-0.22
Sortino ratio Return per unit of downside risk	-1.95	-2.07	+0.12
Omega ratio Gain probability vs. loss probability	0.79	0.78	+0.01
Calmar ratio Return relative to maximum drawdown	-0.95	-0.97	+0.02
Martin ratio Return relative to average drawdown	-1.65	-1.50	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWM vs. SRTY - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is comparable to the SRTY Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of RWM and SRTY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RWM	SRTY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.37	-1.15	-0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.23	-0.46	+0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.51	-0.64	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.49	-0.69	+0.20

Drawdowns

RWM vs. SRTY - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.47%, roughly equal to the maximum SRTY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RWM and SRTY.

Drawdown Indicators

	RWM	SRTY	Difference
Max Drawdown Largest peak-to-trough decline	-95.47%	-100.00%	+4.53%
Max Drawdown (1Y) Largest decline over 1 year	-27.26%	-67.42%	+40.16%
Max Drawdown (3Y) Largest decline over 3 years	-41.38%	-88.56%	+47.18%
Max Drawdown (5Y) Largest decline over 5 years	-41.38%	-91.18%	+49.80%
Max Drawdown (10Y) Largest decline over 10 years	-73.72%	-99.74%	+26.02%
Current Drawdown Current decline from peak	-95.41%	-99.99%	+4.58%
Average Drawdown Average peak-to-trough decline	-74.04%	-93.78%	+19.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.73%	43.59%	-27.86%

Volatility

RWM vs. SRTY - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 5.84%, while ProShares UltraPro Short Russell2000 (SRTY) has a volatility of 17.30%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than SRTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	SRTY	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.84%	17.30%	-11.46%
Volatility (6M) Calculated over the trailing 6-month period	13.52%	40.81%	-27.29%
Volatility (1Y) Calculated over the trailing 1-year period	19.07%	57.22%	-38.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.56%	67.43%	-44.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.11%	68.34%	-45.23%

RWM vs. SRTY - Expense Ratio Comparison

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

Dividends

RWM vs. SRTY - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 4.12%, less than SRTY's 9.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
RWM ProShares Short Russell2000	4.12%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%
SRTY ProShares UltraPro Short Russell2000	9.17%	6.87%	9.40%	4.93%	0.17%	0.00%	0.95%	2.13%	0.70%	0.04%

Frequently Asked Questions

Can I hold both RWM and SRTY in my portfolio?

With a correlation of 1.00, RWM and SRTY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, RWM or SRTY?

SRTY has higher volatility (17.30%) compared to RWM (5.84%). In terms of maximum drawdown, RWM dropped -95.47% vs SRTY's -100.00%.

Which ETF is better, RWM or SRTY?

On 10-year performance, RWM leads with -11.85% vs -43.65% for SRTY. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 5.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or SRTY?

Over the 10-year period, RWM has performed better with a -11.85% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or SRTY?

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

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

SRTY has the higher dividend yield at 9.17%, compared with 4.12% for RWM.

What is the main difference between RWM and SRTY?

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

Which has better risk-adjusted returns?

SRTY currently has the higher Sharpe Ratio (-1.15 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.