RWM vs. UVXY
RWM (ProShares Short Russell2000) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, RWM returned -11.48%/yr vs -71.03%/yr for UVXY. Their 0.68 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
RWM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, RWM achieves a -16.04% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, RWM has outperformed UVXY with an annualized return of -11.48%, while UVXY has yielded a comparatively lower -71.03% 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%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $356.63M | $306.99M | $253.47M | |
| $186.30M | $190.88M | $236.21M |
RWM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -16.04% | -9.40% | -5.91% | -10.43% | 18.34% | -17.90% | -31.04% | -19.83% | 11.57% | -13.61% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between RWM and UVXY is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.67 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.68 |
The correlation between RWM and UVXY has been stable across timeframes, ranging from 0.63 to 0.68 - a consistent structural relationship.
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Return for Risk
RWM vs. UVXY — Risk / Return Rank
RWM
UVXY
RWM vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.36 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.82 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.03 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.68 | -1.54 | -0.13 |
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Drawdowns
RWM vs. UVXY - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.61%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for RWM and UVXY.
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Drawdown Indicators
| RWM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.61% | -100.00% | +4.39% |
Max Drawdown (1Y)Largest decline over 1 year | -25.97% | -71.36% | +45.39% |
Max Drawdown (3Y)Largest decline over 3 years | -43.12% | -95.42% | +52.30% |
Max Drawdown (5Y)Largest decline over 5 years | -43.12% | -99.68% | +56.56% |
Max Drawdown (10Y)Largest decline over 10 years | -72.51% | -100.00% | +27.49% |
Current DrawdownCurrent decline from peak | -95.52% | -100.00% | +4.48% |
Average DrawdownAverage peak-to-trough decline | -74.21% | -98.76% | +24.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.24% | 51.81% | -34.57% |
Volatility
RWM vs. UVXY - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| RWM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.04% | 22.30% | -18.26% |
Volatility (6M)Calculated over the trailing 6-month period | 14.08% | 65.53% | -51.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.24% | 86.48% | -67.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.52% | 103.34% | -80.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.10% | 112.09% | -88.99% |
RWM vs. UVXY - Expense Ratio Comparison
Both RWM and UVXY have an expense ratio of 0.95%.
Dividends
RWM vs. UVXY - Dividend Comparison
RWM's dividend yield for the trailing twelve months is around 3.80%, while UVXY has not paid dividends to shareholders.
| 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RWM and UVXY have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs UVXY's -100.00%.
On 10-year performance, RWM leads with -11.48% vs -71.03% for UVXY. 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 -71.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWM and UVXY have the same expense ratio: 0.95% per year.
RWM has the higher dividend yield at 3.80%, compared with 0.00% for UVXY.
RWM is categorized as Inverse Equities, while UVXY is Volatility. RWM tracks Russell 2000 (-100%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.85 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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