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RWM vs. SRTY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWM vs. SRTY

Last updated Aug 4, 2026
Documentation

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 -11.48%/yr vs -42.99%/yr for SRTY. Their 1.00 correlation means they have historically moved very closely together. 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.

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Returns By Period

In the year-to-date period, RWM achieves a -16.04% return, which is significantly higher than SRTY's -46.25% return. Over the past 10 years, RWM has outperformed SRTY with an annualized return of -11.48%, while SRTY has yielded a comparatively lower -42.99% 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%

SRTY

1D
-5.09%
1M
1.45%
6M
-35.07%
YTD
-46.25%
1Y
-65.93%
3Y*
-43.21%
5Y*
-33.26%
10Y*
-42.99%
ALL TIME*
-45.72%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

RWM

ProShares Short Russell2000
$356.63M$306.99M$253.47M

SRTY

ProShares UltraPro Short Russell2000
$40.83M$38.19M$66.40M

RWM vs. SRTY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWM
ProShares Short Russell2000		-16.04%-9.40%-5.91%-10.43%18.34%-17.90%-31.04%-19.83%11.57%-13.61%
SRTY
ProShares UltraPro Short Russell2000		-46.25%-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 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

1.00

Correlation (3Y)
Balances recent behavior with more history.

1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

1.00

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

88.7%
40.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Financial Services

RWM
88.7%
SRTY
40.7%

Basic Materials

RWM

-

SRTY

-

Communication Services

RWM

-

SRTY

-

Consumer Cyclical

RWM

-

SRTY

-

Consumer Defensive

RWM

-

SRTY

-

Energy

RWM

-

SRTY

-

Healthcare

RWM

-

SRTY

-

Industrials

RWM

-

SRTY

-

Real Estate

RWM

-

SRTY

-

Technology

RWM

-

SRTY

-

Utilities

RWM

-

SRTY

-

Compare stocks, funds, or ETFs

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ProShares Short Russell2000

ProShares UltraPro Short Russell2000

Often compared with RWM:
RWM vs. IWMRWM vs. QIDRWM vs. TWMRWM vs. PSQRWM vs. SPYRWM vs. QQQRWM vs. SH
Often compared with SRTY:
SRTY vs. TZASRTY vs. URTYSRTY vs. YANGSRTY vs. SQQQSRTY vs. HIBSSRTY vs. SDOWSRTY vs. SPY

Return for Risk

RWM vs. SRTY — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 00
Calmar Ratio Rank
RWM Martin Ratio Rank: 00
Martin Ratio Rank
SRTY
SRTY Risk / Return Rank: 00
Overall Rank
SRTY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SRTY Sortino Ratio Rank: 00
Sortino Ratio Rank
SRTY Omega Ratio Rank: 11
Omega Ratio Rank
SRTY Calmar Ratio Rank: 00
Calmar Ratio Rank
SRTY Martin Ratio Rank: 00
Martin Ratio Rank
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. 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.

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.

RWMSRTYDifference
Sharpe ratioReturn per unit of total volatility
-1.37
-1.15

-0.22

Sortino ratioReturn per unit of downside risk
-1.94
-2.05

+0.11

Omega ratioGain probability vs. loss probability

0.79

0.78

+0.01

Calmar ratioReturn relative to maximum drawdown

-1.01

-1.01

0.00

Martin ratioReturn relative to average drawdown

-1.68

-1.52

-0.15

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.

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Drawdowns

RWM vs. SRTY - Drawdown Comparison

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

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Drawdown Indicators

RWMSRTYDifference

Max Drawdown

Largest peak-to-trough decline

-95.61%

-100.00%

+4.39%

Max Drawdown (1Y)

Largest decline over 1 year

-25.97%

-65.19%

+39.22%

Max Drawdown (3Y)

Largest decline over 3 years

-43.12%

-89.67%

+46.55%

Max Drawdown (5Y)

Largest decline over 5 years

-43.12%

-92.04%

+48.92%

Max Drawdown (10Y)

Largest decline over 10 years

-72.51%

-99.70%

+27.19%

Current Drawdown

Current decline from peak

-95.52%

-100.00%

+4.48%

Average Drawdown

Average peak-to-trough decline

-74.21%

-94.18%

+19.97%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.24%

46.51%

-29.27%

Volatility

RWM vs. SRTY - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while ProShares UltraPro Short Russell2000 (SRTY) has a volatility of 12.60%. 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.

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Volatility by Period

RWMSRTYDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

12.60%

-8.56%

Volatility (6M)

Calculated over the trailing 6-month period

14.08%

42.56%

-28.48%

Volatility (1Y)

Calculated over the trailing 1-year period

19.24%

57.81%

-38.57%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.52%

67.35%

-44.83%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.10%

68.30%

-45.20%

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 3.80%, less than SRTY's 8.54% yield.

PositionTTM202520242023202220212020201920182017
RWM
ProShares Short Russell2000		3.80%3.97%6.03%4.78%0.39%0.00%0.20%1.55%0.87%0.07%
SRTY
ProShares UltraPro Short Russell2000		8.54%6.87%9.40%4.93%0.17%0.00%0.95%2.13%0.70%0.04%

Frequently Asked Questions

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.

SRTY has higher volatility (12.60%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs SRTY's -100.00%.

On 10-year performance, RWM leads with -11.48% vs -42.99% for SRTY. 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.

Over the 10-year period, RWM has performed better with a -11.48% return vs -42.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SRTY has the higher dividend yield at 8.54%, compared with 3.80% for RWM.

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

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.

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