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 -11.85%/yr vs -72.67%/yr for UVXY. A 0.68 correlation means they provide meaningful diversification when combined. 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 -13.83% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, RWM has outperformed UVXY with an annualized return of -11.85%, while UVXY has yielded a comparatively lower -72.67% annualized return.
RWM
- 1D
- 1.37%
- 1M
- -3.30%
- YTD
- -13.83%
- 6M
- -12.66%
- 1Y
- -25.94%
- 3Y*
- -12.10%
- 5Y*
- -5.21%
- 10Y*
- -11.85%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
RWM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | -13.83% | -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 | -19.06% | -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 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.68 |
The correlation between RWM and UVXY has been stable across timeframes, ranging from 0.60 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.
| RWM | UVXY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.37 | -0.87 | -0.50 |
Sortino ratioReturn per unit of downside risk | -1.95 | -1.60 | -0.35 |
Omega ratioGain probability vs. loss probability | 0.79 | 0.82 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.97 | +0.02 |
Martin ratioReturn relative to average drawdown | -1.65 | -1.31 | -0.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RWM | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.37 | -0.87 | -0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.23 | -0.66 | +0.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | -0.64 | +0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.68 | +0.19 |
Drawdowns
RWM vs. UVXY - Drawdown Comparison
The maximum RWM drawdown since its inception was -95.47%, 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 | -95.47% | -100.00% | +4.53% |
Max Drawdown (1Y)Largest decline over 1 year | -27.26% | -75.22% | +47.96% |
Max Drawdown (3Y)Largest decline over 3 years | -41.38% | -95.45% | +54.07% |
Max Drawdown (5Y)Largest decline over 5 years | -41.38% | -99.68% | +58.30% |
Max Drawdown (10Y)Largest decline over 10 years | -73.72% | -100.00% | +26.28% |
Current DrawdownCurrent decline from peak | -95.41% | -100.00% | +4.59% |
Average DrawdownAverage peak-to-trough decline | -74.04% | -98.55% | +24.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.73% | 55.63% | -39.90% |
Volatility
RWM vs. UVXY - Volatility Comparison
The current volatility for ProShares Short Russell2000 (RWM) is 5.84%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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 | 5.84% | 11.77% | -5.93% |
Volatility (6M)Calculated over the trailing 6-month period | 13.52% | 62.64% | -49.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.07% | 84.42% | -65.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.56% | 103.85% | -81.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.11% | 113.82% | -90.71% |
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 4.12%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
RWM ProShares Short Russell2000 | 4.12% | 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 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to RWM (5.84%). In terms of maximum drawdown, RWM dropped -95.47% vs UVXY's -100.00%.
On 10-year performance, RWM leads with -11.85% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, RWM has been the lower-risk option at 5.84%. 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 -11.85% return vs -72.67%. 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 4.12%, 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 (-0.87 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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