RWM vs. TSLS

Last updated Aug 4, 2026

RWM (ProShares Short Russell2000) and TSLS (Direxion Daily TSLA Bear 1X ETF) are both Inverse Equities funds - RWM tracks the Russell 2000 (-100%) while TSLS tracks the Tesla, Inc. (-100% Daily). Both are passively managed. Over the past 3 years, RWM returned -11.17%/yr vs -29.03%/yr for TSLS. Their 0.49 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.

Performance

RWM vs. TSLS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and Direxion Daily TSLA Bear 1X ETF (TSLS). 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 lower than TSLS's 28.69% 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%

TSLS

• 1D: -3.45%
• 1M: 18.41%
• 6M: 21.28%
• YTD: 28.69%
• 1Y: -17.90%
• 3Y*: -29.03%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -25.83%

*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
TSLS Direxion Daily TSLA Bear 1X ETF	$28.31M	$26.86M	$30.95M

RWM vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RWM ProShares Short Russell2000	-16.04%	-9.40%	-5.91%	-10.43%	8.27%
TSLS Direxion Daily TSLA Bear 1X ETF	28.69%	-34.95%	-55.71%	-60.12%	105.60%

Correlation

The correlation between RWM and TSLS is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (3Y) Balances recent behavior with more history.	0.48
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.49

Return for Risk

RWM vs. TSLS — 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

TSLS

TSLS Risk / Return Rank: 7
TSLS Sharpe Ratio Rank: 6
TSLS Sortino Ratio Rank: 7
TSLS Omega Ratio Rank: 7
TSLS Calmar Ratio Rank: 6
TSLS Martin Ratio Rank: 7

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. TSLS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Direxion Daily TSLA Bear 1X ETF (TSLS). 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	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	-0.38	-0.98
Sortino ratio: Return per unit of downside risk	-1.94	-0.27	-1.67
Omega ratio: Gain probability vs. loss probability	0.79	0.97	-0.18
Calmar ratio: Return relative to maximum drawdown	-1.01	-0.45	-0.56
Martin ratio: Return relative to average drawdown	-1.68	-0.64	-1.04

RWM vs. TSLS - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the TSLS Sharpe Ratio of -0.38. The chart below compares the historical Sharpe Ratios of RWM and TSLS, 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. TSLS - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for RWM and TSLS.

Drawdown Indicators

	RWM	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-90.73%	-4.88%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-40.10%	+14.13%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	-84.16%	+41.04%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	—	—
Current Drawdown Current decline from peak	-95.52%	-87.03%	-8.49%
Average Drawdown Average peak-to-trough decline	-74.21%	-64.46%	-9.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	29.55%	-12.31%

Volatility

RWM vs. TSLS - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while Direxion Daily TSLA Bear 1X ETF (TSLS) has a volatility of 18.53%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	18.53%	-14.49%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	33.99%	-19.91%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	46.87%	-27.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	58.97%	-36.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	58.97%	-35.87%

RWM vs. TSLS - Expense Ratio Comparison

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

Dividends

RWM vs. TSLS - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than TSLS's 2.44% 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%
TSLS Direxion Daily TSLA Bear 1X ETF	2.44%	4.30%	7.62%	4.52%	3.46%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RWM and TSLS in my portfolio?

RWM and TSLS have a correlation of 0.49, 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 TSLS?

TSLS has higher volatility (18.53%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs TSLS's -90.73%.

Which ETF is better, RWM or TSLS?

On 3-year performance, RWM leads with -11.17% vs -29.03% for TSLS. 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 TSLS?

Over the 3-year period, RWM has performed better with a -11.17% return vs -29.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or TSLS?

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

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

RWM has the higher dividend yield at 3.80%, compared with 2.44% for TSLS.

What is the main difference between RWM and TSLS?

RWM tracks Russell 2000 (-100%), while TSLS tracks Tesla, Inc. (-100% Daily). They also come from different issuers: ProShares and Direxion.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.38 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.