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SJB vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SJB vs. IWM

Last updated Jun 4, 2026

SJB (ProShares Short High Yield) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, SJB returned -3.85%/yr vs 10.93%/yr for IWM. At a correlation of -0.65, they often move in opposite directions. SJB charges 0.95%/yr vs 0.19%/yr for IWM.

Performance

SJB vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short High Yield (SJB) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SJB achieves a 0.67% return, which is significantly lower than IWM's 17.07% return. Over the past 10 years, SJB has underperformed IWM with an annualized return of -3.85%, while IWM has yielded a comparatively higher 10.93% annualized return.

SJB

1D
0.20%
1M
-0.20%
YTD
0.67%
6M
0.75%
1Y
-0.44%
3Y*
-1.91%
5Y*
-0.54%
10Y*
-3.85%

IWM

1D
-1.37%
1M
3.52%
YTD
17.07%
6M
15.83%
1Y
39.10%
3Y*
17.88%
5Y*
6.11%
10Y*
10.93%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SJB vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SJB
ProShares Short High Yield		0.67%-1.87%-0.84%-5.63%9.57%-6.69%-9.23%-11.42%2.47%-6.17%
IWM
iShares Russell 2000 ETF		17.07%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between SJB and IWM is -0.68, 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

-0.68

Correlation (3Y)
Calculated over the trailing 3-year period

-0.68

Correlation (5Y)
Calculated over the trailing 5-year period

-0.70

Correlation (10Y)
Calculated over the trailing 10-year period

-0.68

Correlation (All Time)
Calculated using the full available price history since Mar 23, 2011

-0.65

The correlation between SJB and IWM has been stable across timeframes, ranging from -0.70 to -0.65 - a consistent structural relationship.

SJB vs. IWM - Sectors Allocation Comparison

Sectors
SJB
IWM

Financial Services

97.9%
15.8%

Basic Materials

-

4.5%

Communication Services

-

2.0%

Consumer Cyclical

-

7.8%

Consumer Defensive

-

2.1%

Energy

-

6.0%

Healthcare

-

15.8%

Industrials

-

17.1%

Real Estate

-

5.7%

Technology

-

19.5%

Utilities

-

3.0%

Financial Services

SJB
97.9%
IWM
15.8%

Basic Materials

SJB

-

IWM
4.5%

Communication Services

SJB

-

IWM
2.0%

Consumer Cyclical

SJB

-

IWM
7.8%

Consumer Defensive

SJB

-

IWM
2.1%

Energy

SJB

-

IWM
6.0%

Healthcare

SJB

-

IWM
15.8%

Industrials

SJB

-

IWM
17.1%

Real Estate

SJB

-

IWM
5.7%

Technology

SJB

-

IWM
19.5%

Utilities

SJB

-

IWM
3.0%

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 High Yield

iShares Russell 2000 ETF

Often compared with SJB:
SJB vs. TAILSJB vs. SJNKSJB vs. CAOSSJB vs. SPYSJB vs. CLIPSJB vs. SIXHSJB vs. EEM
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

SJB vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SJB
SJB Risk / Return Rank: 77
Overall Rank
SJB Sharpe Ratio Rank: 77
Sharpe Ratio Rank
SJB Sortino Ratio Rank: 77
Sortino Ratio Rank
SJB Omega Ratio Rank: 66
Omega Ratio Rank
SJB Calmar Ratio Rank: 77
Calmar Ratio Rank
SJB Martin Ratio Rank: 77
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6262
Overall Rank
IWM Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 5959
Sortino Ratio Rank
IWM Omega Ratio Rank: 5353
Omega Ratio Rank
IWM Calmar Ratio Rank: 7070
Calmar Ratio Rank
IWM Martin Ratio Rank: 6767
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.

SJB vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) and iShares Russell 2000 ETF (IWM). 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.

SJBIWMDifference
Sharpe ratioReturn per unit of total volatility
-0.12
2.05

-2.17

Sortino ratioReturn per unit of downside risk
-0.14
2.85

-2.99

Omega ratioGain probability vs. loss probability

0.98

1.34

-0.35

Calmar ratioReturn relative to maximum drawdown

-0.16

3.56

-3.72

Martin ratioReturn relative to average drawdown

-0.31

12.64

-12.95

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

SJB vs. IWM - Sharpe Ratio Comparison

The current SJB Sharpe Ratio is -0.12, which is lower than the IWM Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of SJB and IWM, 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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Sharpe Ratios by Period

SJBIWMDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.12

2.05

-2.17

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.07

0.27

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.45

0.48

-0.93

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.60

0.37

-0.97

Drawdowns

SJB vs. IWM - Drawdown Comparison

The maximum SJB drawdown since its inception was -58.06%, roughly equal to the maximum IWM drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for SJB and IWM.

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Drawdown Indicators

SJBIWMDifference

Max Drawdown

Largest peak-to-trough decline

-58.06%

-59.05%

+0.99%

Max Drawdown (1Y)

Largest decline over 1 year

-2.74%

-11.03%

+8.29%

Max Drawdown (3Y)

Largest decline over 3 years

-10.54%

-27.50%

+16.96%

Max Drawdown (5Y)

Largest decline over 5 years

-13.30%

-31.91%

+18.61%

Max Drawdown (10Y)

Largest decline over 10 years

-34.57%

-41.13%

+6.56%

Current Drawdown

Current decline from peak

-57.42%

-1.49%

-55.93%

Average Drawdown

Average peak-to-trough decline

-42.47%

-10.77%

-31.70%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

3.10%

-1.66%

Volatility

SJB vs. IWM - Volatility Comparison

The current volatility for ProShares Short High Yield (SJB) is 1.23%, while iShares Russell 2000 ETF (IWM) has a volatility of 5.75%. This indicates that SJB experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SJBIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.23%

5.75%

-4.52%

Volatility (6M)

Calculated over the trailing 6-month period

2.95%

13.53%

-10.58%

Volatility (1Y)

Calculated over the trailing 1-year period

3.83%

19.20%

-15.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

7.51%

22.52%

-15.01%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

8.52%

23.04%

-14.52%

SJB vs. IWM - Expense Ratio Comparison

SJB has a 0.95% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

SJB vs. IWM - Dividend Comparison

SJB's dividend yield for the trailing twelve months is around 3.44%, more than IWM's 0.88% yield.

PositionTTM20252024202320222021202020192018201720162015
IWM
iShares Russell 2000 ETF		0.88%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%
SJB
ProShares Short High Yield		3.44%3.86%5.86%4.10%0.46%0.00%0.07%1.27%0.71%0.00%0.00%0.00%

Frequently Asked Questions

SJB and IWM have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (5.75%) compared to SJB (1.23%). In terms of maximum drawdown, SJB dropped -58.06% vs IWM's -59.05%.

On 10-year performance, IWM leads with 10.93% vs -3.85% for SJB. On fees, IWM is cheaper at 0.19% per year. On volatility, SJB has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 10.93% return vs -3.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 0.95% for SJB.

SJB has the higher dividend yield at 3.44%, compared with 0.88% for IWM.

SJB is categorized as Inverse Bonds, while IWM is Small Cap Blend Equities. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while IWM tracks Russell 2000 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SJB and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.05 vs -0.12), 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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