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RWM vs. TQQQ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWM vs. TQQQ

Last updated Aug 4, 2026
Documentation

RWM (ProShares Short Russell2000) and TQQQ (ProShares UltraPro QQQ) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while TQQQ 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 39.51%/yr for TQQQ. Their -0.74 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

RWM vs. TQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and ProShares UltraPro QQQ (TQQQ). 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 lower than TQQQ's 29.42% return. Over the past 10 years, RWM has underperformed TQQQ with an annualized return of -11.48%, while TQQQ has yielded a comparatively higher 39.51% 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%

TQQQ

1D
5.17%
1M
-7.35%
6M
23.83%
YTD
29.42%
1Y
64.98%
3Y*
50.64%
5Y*
16.02%
10Y*
39.51%
ALL TIME*
42.74%
*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

TQQQ

ProShares UltraPro QQQ
$4.46B$4.47B$5.36B

RWM vs. TQQQ - 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%
TQQQ
ProShares UltraPro QQQ		29.42%34.35%58.27%198.04%-79.09%82.98%110.05%133.84%-19.79%118.06%

Correlation

The correlation between RWM and TQQQ is -0.71, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

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 TQQQ has been stable across timeframes, ranging from -0.74 to -0.66 - a consistent structural relationship.

RWM vs. TQQQ - Sectors Allocation Comparison

Sectors
RWM
TQQQ

Financial Services

88.7%
0.2%

Basic Materials

-

1.1%

Communication Services

-

15.8%

Consumer Cyclical

-

12.3%

Consumer Defensive

-

7.7%

Energy

-

0.6%

Healthcare

-

4.2%

Industrials

-

2.8%

Real Estate

-

0.1%

Technology

-

53.8%

Utilities

-

1.4%

Financial Services

RWM
88.7%
TQQQ
0.2%

Basic Materials

RWM

-

TQQQ
1.1%

Communication Services

RWM

-

TQQQ
15.8%

Consumer Cyclical

RWM

-

TQQQ
12.3%

Consumer Defensive

RWM

-

TQQQ
7.7%

Energy

RWM

-

TQQQ
0.6%

Healthcare

RWM

-

TQQQ
4.2%

Industrials

RWM

-

TQQQ
2.8%

Real Estate

RWM

-

TQQQ
0.1%

Technology

RWM

-

TQQQ
53.8%

Utilities

RWM

-

TQQQ
1.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Short Russell2000

ProShares UltraPro QQQ

Often compared with RWM:
RWM vs. IWMRWM vs. QIDRWM vs. TWMRWM vs. PSQRWM vs. SPYRWM vs. QQQRWM vs. SH
Often compared with TQQQ:
TQQQ vs. QQQTQQQ vs. SOXLTQQQ vs. QLDTQQQ vs. SQQQTQQQ vs. UPROTQQQ vs. SPXLTQQQ vs. TECL

Return for Risk

RWM vs. TQQQ — 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
TQQQ
TQQQ Risk / Return Rank: 4545
Overall Rank
TQQQ Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
TQQQ Sortino Ratio Rank: 4545
Sortino Ratio Rank
TQQQ Omega Ratio Rank: 4444
Omega Ratio Rank
TQQQ Calmar Ratio Rank: 4848
Calmar Ratio Rank
TQQQ Martin Ratio Rank: 4444
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. TQQQ - Risk-Adjusted Trends Comparison

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

RWMTQQQDifference
Sharpe ratioReturn per unit of total volatility
-1.37
1.14

-2.50

Sortino ratioReturn per unit of downside risk
-1.94
1.68

-3.62

Omega ratioGain probability vs. loss probability

0.79

1.21

-0.42

Calmar ratioReturn relative to maximum drawdown

-1.01

1.77

-2.78

Martin ratioReturn relative to average drawdown

-1.68

4.90

-6.58

RWM vs. TQQQ - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the TQQQ Sharpe Ratio of 1.14. The chart below compares the historical Sharpe Ratios of RWM and TQQQ, 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. TQQQ - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than TQQQ's maximum drawdown of -81.66%. Use the drawdown chart below to compare losses from any high point for RWM and TQQQ.

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Drawdown Indicators

RWMTQQQDifference

Max Drawdown

Largest peak-to-trough decline

-95.61%

-81.66%

-13.95%

Max Drawdown (1Y)

Largest decline over 1 year

-25.97%

-36.97%

+11.00%

Max Drawdown (3Y)

Largest decline over 3 years

-43.12%

-58.04%

+14.92%

Max Drawdown (5Y)

Largest decline over 5 years

-43.12%

-81.66%

+38.54%

Max Drawdown (10Y)

Largest decline over 10 years

-72.51%

-81.66%

+9.15%

Current Drawdown

Current decline from peak

-95.52%

-21.90%

-73.62%

Average Drawdown

Average peak-to-trough decline

-74.21%

-18.50%

-55.71%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.24%

13.31%

+3.93%

Volatility

RWM vs. TQQQ - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while ProShares UltraPro QQQ (TQQQ) has a volatility of 20.63%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than TQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWMTQQQDifference

Volatility (1M)

Calculated over the trailing 1-month period

4.04%

20.63%

-16.59%

Volatility (6M)

Calculated over the trailing 6-month period

14.08%

47.88%

-33.80%

Volatility (1Y)

Calculated over the trailing 1-year period

19.24%

57.57%

-38.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.52%

68.10%

-45.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.10%

66.61%

-43.51%

RWM vs. TQQQ - Expense Ratio Comparison

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

Dividends

RWM vs. TQQQ - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than TQQQ's 0.56% yield.

PositionTTM20252024202320222021202020192018201720162015
RWM
ProShares Short Russell2000		3.80%3.97%6.03%4.78%0.39%0.00%0.20%1.55%0.87%0.07%0.00%0.00%
TQQQ
ProShares UltraPro QQQ		0.56%0.65%1.27%1.26%0.57%0.00%0.00%0.06%0.11%0.00%0.00%0.01%

Frequently Asked Questions

RWM and TQQQ 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.

TQQQ has higher volatility (20.63%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs TQQQ's -81.66%.

On 10-year performance, TQQQ leads with 39.51% vs -11.48% for RWM. 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, TQQQ has performed better with a 39.51% return vs -11.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

RWM has the higher dividend yield at 3.80%, compared with 0.56% for TQQQ.

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

TQQQ currently has the higher Sharpe Ratio (1.14 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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