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RWM vs. URTY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWM vs. URTY

Last updated Jul 17, 2026
Documentation

RWM (ProShares Short Russell2000) and URTY (ProShares UltraPro Russell2000) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while URTY is a Leveraged Equities fund tracking the Russell 2000 Index (300%). Both are passively managed. Over the past 10 years, RWM returned -11.67%/yr vs 7.39%/yr for URTY. At a correlation of -1.00, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

RWM vs. URTY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and ProShares UltraPro Russell2000 (URTY). 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 URTY's 56.37% return. Over the past 10 years, RWM has underperformed URTY with an annualized return of -11.67%, while URTY has yielded a comparatively higher 7.39% annualized return.

RWM

1D
0.15%
1M
-0.80%
6M
-9.64%
YTD
-16.04%
1Y
-23.91%
3Y*
-11.15%
5Y*
-6.63%
10Y*
-11.67%

URTY

1D
-0.17%
1M
2.54%
6M
25.58%
YTD
56.37%
1Y
99.74%
3Y*
23.18%
5Y*
-2.06%
10Y*
7.39%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWM vs. URTY - 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%
URTY
ProShares UltraPro Russell2000		56.37%9.26%7.38%24.43%-62.81%28.47%-7.72%72.37%-39.59%38.85%

Correlation

The correlation between RWM and URTY is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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 11, 2010

-1.00

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

RWM vs. URTY - Sectors Allocation Comparison

Sectors
RWM
URTY

Financial Services

105.6%
15.5%

Basic Materials

-

4.7%

Communication Services

-

2.5%

Consumer Cyclical

-

7.9%

Consumer Defensive

-

2.2%

Energy

-

5.4%

Healthcare

-

16.3%

Industrials

-

17.8%

Real Estate

-

5.9%

Technology

-

19.1%

Utilities

-

2.7%

Financial Services

RWM
105.6%
URTY
15.5%

Basic Materials

RWM

-

URTY
4.7%

Communication Services

RWM

-

URTY
2.5%

Consumer Cyclical

RWM

-

URTY
7.9%

Consumer Defensive

RWM

-

URTY
2.2%

Energy

RWM

-

URTY
5.4%

Healthcare

RWM

-

URTY
16.3%

Industrials

RWM

-

URTY
17.8%

Real Estate

RWM

-

URTY
5.9%

Technology

RWM

-

URTY
19.1%

Utilities

RWM

-

URTY
2.7%

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 Russell2000

Often compared with RWM:
RWM vs. IWMRWM vs. QIDRWM vs. TWMRWM vs. PSQRWM vs. SPYRWM vs. SHRWM vs. QQQ
Often compared with URTY:
URTY vs. TNAURTY vs. SRTYURTY vs. UWMURTY vs. SAAURTY vs. TQQQURTY vs. UPROURTY vs. JNUG

Return for Risk

RWM vs. URTY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
RWM
RWM Risk / Return Rank: 11
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: 22
Calmar Ratio Rank
RWM Martin Ratio Rank: 11
Martin Ratio Rank
URTY
URTY Risk / Return Rank: 6565
Overall Rank
URTY Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
URTY Sortino Ratio Rank: 6161
Sortino Ratio Rank
URTY Omega Ratio Rank: 5353
Omega Ratio Rank
URTY Calmar Ratio Rank: 7575
Calmar Ratio Rank
URTY Martin Ratio Rank: 7070
Martin Ratio Rank
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. URTY - Risk-Adjusted Trends Comparison

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

RWMURTYDifference
Sharpe ratioReturn per unit of total volatility
-1.25
1.73

-2.98

Sortino ratioReturn per unit of downside risk
-1.75
2.29

-4.04

Omega ratioGain probability vs. loss probability

0.81

1.27

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.87

3.08

-3.95

Martin ratioReturn relative to average drawdown

-1.47

10.07

-11.54

RWM vs. URTY - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.25, which is lower than the URTY Sharpe Ratio of 1.73. The chart below compares the historical Sharpe Ratios of RWM and URTY, 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. URTY - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than URTY's maximum drawdown of -88.09%. Use the drawdown chart below to compare losses from any high point for RWM and URTY.

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Drawdown Indicators

RWMURTYDifference

Max Drawdown

Largest peak-to-trough decline

-95.61%

-88.09%

-7.52%

Max Drawdown (1Y)

Largest decline over 1 year

-27.57%

-32.56%

+4.99%

Max Drawdown (3Y)

Largest decline over 3 years

-43.12%

-65.85%

+22.73%

Max Drawdown (5Y)

Largest decline over 5 years

-43.12%

-82.76%

+39.64%

Max Drawdown (10Y)

Largest decline over 10 years

-72.51%

-88.09%

+15.58%

Current Drawdown

Current decline from peak

-95.52%

-35.62%

-59.90%

Average Drawdown

Average peak-to-trough decline

-74.15%

-34.79%

-39.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

16.33%

9.94%

+6.39%

Volatility

RWM vs. URTY - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 3.65%, while ProShares UltraPro Russell2000 (URTY) has a volatility of 11.21%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than URTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

RWMURTYDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.65%

11.21%

-7.56%

Volatility (6M)

Calculated over the trailing 6-month period

14.15%

42.37%

-28.22%

Volatility (1Y)

Calculated over the trailing 1-year period

19.28%

57.99%

-38.71%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.57%

67.50%

-44.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.07%

69.20%

-46.13%

RWM vs. URTY - Expense Ratio Comparison

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

Dividends

RWM vs. URTY - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than URTY's 0.76% yield.

PositionTTM2025202420232022202120202019201820172016
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%
URTY
ProShares UltraPro Russell2000		0.76%1.02%1.16%0.55%0.28%0.00%0.00%0.18%0.28%0.00%0.03%

Frequently Asked Questions

RWM and URTY have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

URTY has higher volatility (11.21%) compared to RWM (3.65%). In terms of maximum drawdown, RWM dropped -95.61% vs URTY's -88.09%.

On 10-year performance, URTY leads with 7.39% vs -11.67% for RWM. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, URTY has performed better with a 7.39% return vs -11.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

RWM has the higher dividend yield at 3.80%, compared with 0.76% for URTY.

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

URTY currently has the higher Sharpe Ratio (1.73 vs -1.25), 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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