PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
RWM vs. UWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

RWM vs. UWM

Last updated Jun 4, 2026

RWM (ProShares Short Russell2000) and UWM (ProShares Ultra Russell2000) are both exchange-traded funds - RWM is a Inverse Equities fund tracking the Russell 2000 (-100%), while UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, RWM returned -11.85%/yr vs 12.16%/yr for UWM. At a correlation of -0.99, they often move in opposite directions. Both charge a 0.95% expense ratio.

Performance

RWM vs. UWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and ProShares Ultra Russell2000 (UWM). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, RWM achieves a -13.83% return, which is significantly lower than UWM's 31.87% return. Over the past 10 years, RWM has underperformed UWM with an annualized return of -11.85%, while UWM has yielded a comparatively higher 12.16% 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%

UWM

1D
-2.69%
1M
6.41%
YTD
31.87%
6M
28.56%
1Y
76.77%
3Y*
25.03%
5Y*
1.71%
10Y*
12.16%
*Multi-year figures are annualized to reflect compound growth (CAGR)

RWM vs. UWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
RWM
ProShares Short Russell2000		-13.83%-9.40%-5.91%-10.43%18.34%-17.90%-31.04%-19.83%11.57%-13.61%
UWM
ProShares Ultra Russell2000		31.87%13.59%11.32%22.62%-43.69%23.91%16.57%48.62%-25.89%26.92%

Correlation

The correlation between RWM and UWM 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 Jan 26, 2007

-0.99

The correlation between RWM and UWM has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

RWM vs. UWM - Sectors Allocation Comparison

Sectors
RWM
UWM

Financial Services

80.6%
15.8%

Basic Materials

-

4.8%

Communication Services

-

2.4%

Consumer Cyclical

-

8.4%

Consumer Defensive

-

2.4%

Energy

-

6.1%

Healthcare

-

16.5%

Industrials

-

17.7%

Real Estate

-

6.1%

Technology

-

17.0%

Utilities

-

2.9%

Financial Services

RWM
80.6%
UWM
15.8%

Basic Materials

RWM

-

UWM
4.8%

Communication Services

RWM

-

UWM
2.4%

Consumer Cyclical

RWM

-

UWM
8.4%

Consumer Defensive

RWM

-

UWM
2.4%

Energy

RWM

-

UWM
6.1%

Healthcare

RWM

-

UWM
16.5%

Industrials

RWM

-

UWM
17.7%

Real Estate

RWM

-

UWM
6.1%

Technology

RWM

-

UWM
17.0%

Utilities

RWM

-

UWM
2.9%

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 Ultra Russell2000

Often compared with RWM:
RWM vs. IWMRWM vs. QIDRWM vs. TWMRWM vs. SPYRWM vs. PSQRWM vs. QQQRWM vs. SH
Often compared with UWM:
UWM vs. IWMUWM vs. TNAUWM vs. URTYUWM vs. SPYUWM vs. TQQQUWM vs. VTWOUWM vs. IWO

Return for Risk

RWM vs. UWM — 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: 11
Calmar Ratio Rank
RWM Martin Ratio Rank: 11
Martin Ratio Rank
UWM
UWM Risk / Return Rank: 5959
Overall Rank
UWM Sharpe Ratio Rank: 6060
Sharpe Ratio Rank
UWM Sortino Ratio Rank: 5454
Sortino Ratio Rank
UWM Omega Ratio Rank: 4949
Omega Ratio Rank
UWM Calmar Ratio Rank: 6969
Calmar Ratio Rank
UWM Martin Ratio Rank: 6565
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. UWM - Risk-Adjusted Trends Comparison

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

RWMUWMDifference
Sharpe ratioReturn per unit of total volatility
-1.37
2.03

-3.40

Sortino ratioReturn per unit of downside risk
-1.95
2.63

-4.58

Omega ratioGain probability vs. loss probability

0.79

1.31

-0.52

Calmar ratioReturn relative to maximum drawdown

-0.95

3.46

-4.42

Martin ratioReturn relative to average drawdown

-1.65

11.85

-13.50

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RWM vs. UWM - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the UWM Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of RWM and UWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

RWMUWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.37

2.03

-3.40

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.23

0.04

-0.27

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.51

0.26

-0.78

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.49

0.14

-0.63

Drawdowns

RWM vs. UWM - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.47%, which is greater than UWM's maximum drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for RWM and UWM.

Loading charts...

Drawdown Indicators

RWMUWMDifference

Max Drawdown

Largest peak-to-trough decline

-95.47%

-88.21%

-7.26%

Max Drawdown (1Y)

Largest decline over 1 year

-27.26%

-22.28%

-4.98%

Max Drawdown (3Y)

Largest decline over 3 years

-41.38%

-49.79%

+8.41%

Max Drawdown (5Y)

Largest decline over 5 years

-41.38%

-61.62%

+20.24%

Max Drawdown (10Y)

Largest decline over 10 years

-73.72%

-71.46%

-2.26%

Current Drawdown

Current decline from peak

-95.41%

-3.55%

-91.86%

Average Drawdown

Average peak-to-trough decline

-74.04%

-30.88%

-43.16%

Ulcer Index

Depth and duration of drawdowns from previous peaks

15.73%

6.50%

+9.23%

Volatility

RWM vs. UWM - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 5.84%, while ProShares Ultra Russell2000 (UWM) has a volatility of 11.45%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

RWMUWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.84%

11.45%

-5.61%

Volatility (6M)

Calculated over the trailing 6-month period

13.52%

26.82%

-13.30%

Volatility (1Y)

Calculated over the trailing 1-year period

19.07%

38.04%

-18.97%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

22.56%

45.01%

-22.45%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.11%

46.08%

-22.97%

RWM vs. UWM - Expense Ratio Comparison

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

Dividends

RWM vs. UWM - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 4.12%, more than UWM's 0.78% yield.

PositionTTM20252024202320222021202020192018201720162015
RWM
ProShares Short Russell2000		4.12%3.97%6.03%4.78%0.39%0.00%0.20%1.55%0.87%0.07%0.00%0.00%
UWM
ProShares Ultra Russell2000		0.78%1.05%1.16%0.34%0.40%0.00%0.07%0.55%0.41%0.11%0.27%0.23%

Frequently Asked Questions

RWM and UWM 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.

UWM has higher volatility (11.45%) compared to RWM (5.84%). In terms of maximum drawdown, RWM dropped -95.47% vs UWM's -88.21%.

On 10-year performance, UWM leads with 12.16% vs -11.85% for RWM. 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, UWM has performed better with a 12.16% return vs -11.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

RWM has the higher dividend yield at 4.12%, compared with 0.78% for UWM.

RWM is categorized as Inverse Equities, while UWM is Leveraged Equities. RWM tracks Russell 2000 (-100%), while UWM tracks Russell 2000 Index (200%).

UWM currently has the higher Sharpe Ratio (2.03 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.

Portfolio Optimizer

Find the right allocation for RWM and UWM

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer