SJB vs. IWM
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 -3.86%/yr vs 11.58%/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
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly lower than IWM's 20.47% return. Over the past 10 years, SJB has underperformed IWM with an annualized return of -3.86%, while IWM has yielded a comparatively higher 11.58% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
IWM
- 1D
- -0.96%
- 1M
- 3.82%
- YTD
- 20.47%
- 6M
- 17.64%
- 1Y
- 40.90%
- 3Y*
- 19.22%
- 5Y*
- 6.27%
- 10Y*
- 11.58%
SJB vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
IWM iShares Russell 2000 ETF | 20.47% | 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 -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.68 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.65 |
The correlation between SJB and IWM has been stable across timeframes, ranging from -0.71 to -0.65 - a consistent structural relationship.
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Return for Risk
SJB vs. IWM — Risk / Return Rank
SJB
IWM
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.
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.
| SJB | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.10 | ||
| Sortino ratioReturn per unit of downside risk | -2.86 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.34 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 3.73 | -3.75 |
| Martin ratioReturn relative to average drawdown | -0.05 | 13.18 | -13.23 |
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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
| SJB | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -57.40% | -0.96% | -56.44% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -10.75% | -31.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 3.11% | -1.81% |
Volatility
SJB vs. IWM - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.06%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.56%. 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
| SJB | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 6.56% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 14.31% | -11.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 19.74% | -15.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 22.61% | -15.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 23.06% | -14.56% |
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 3.43%, more than IWM's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.90% | 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 | 3.43% | 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 -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IWM has higher volatility (6.56%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs IWM's -59.05%.
On 10-year performance, IWM leads with 11.58% vs -3.86% for SJB. On fees, IWM is cheaper at 0.19% per year. On volatility, SJB has been the lower-risk option at 1.06%. 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 11.58% return vs -3.86%. 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 3.43%, compared with 0.90% 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 (2.08 vs -0.02), 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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