SRTY vs. RWM

Last updated Jun 4, 2026

SRTY (ProShares UltraPro Short Russell2000) and RWM (ProShares Short Russell2000) are both exchange-traded funds - SRTY is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while RWM is a Inverse Equities fund tracking the Russell 2000 (-100%). Both are passively managed. Over the past 10 years, SRTY returned -43.65%/yr vs -11.85%/yr for RWM. With a 1.00 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.

Performance

SRTY vs. RWM - Performance Comparison

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

Returns By Period

In the year-to-date period, SRTY achieves a -40.40% return, which is significantly lower than RWM's -13.83% return. Over the past 10 years, SRTY has underperformed RWM with an annualized return of -43.65%, while RWM has yielded a comparatively higher -11.85% annualized return.

SRTY

• 1D: 4.15%
• 1M: -10.54%
• YTD: -40.40%
• 6M: -38.33%
• 1Y: -65.58%
• 3Y*: -45.16%
• 5Y*: -30.75%
• 10Y*: -43.65%

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%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SRTY vs. RWM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRTY ProShares UltraPro Short Russell2000	-40.40%	-40.55%	-32.91%	-42.02%	28.99%	-51.67%	-80.61%	-53.83%	23.37%	-38.31%
RWM ProShares Short Russell2000	-13.83%	-9.40%	-5.91%	-10.43%	18.34%	-17.90%	-31.04%	-19.83%	11.57%	-13.61%

Correlation

The correlation between SRTY and RWM is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Feb 12, 2010	1.00

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

SRTY vs. RWM - Sectors Allocation Comparison

Sectors	SRTY	RWM
Financial Services	86.7%	80.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SRTY vs. RWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRTY

SRTY Risk / Return Rank: 1
SRTY Sharpe Ratio Rank: 1
SRTY Sortino Ratio Rank: 1
SRTY Omega Ratio Rank: 1
SRTY Calmar Ratio Rank: 1
SRTY Martin Ratio Rank: 1

RWM

RWM Risk / Return Rank: 1
RWM Sharpe Ratio Rank: 0
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 1
RWM Calmar Ratio Rank: 1
RWM Martin Ratio Rank: 1

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.

SRTY vs. RWM - Risk-Adjusted Trends Comparison

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

	SRTY	RWM	Difference
Sharpe ratio Return per unit of total volatility	-1.15	-1.37	+0.22
Sortino ratio Return per unit of downside risk	-2.07	-1.95	-0.12
Omega ratio Gain probability vs. loss probability	0.78	0.79	-0.01
Calmar ratio Return relative to maximum drawdown	-0.97	-0.95	-0.02
Martin ratio Return relative to average drawdown	-1.50	-1.65	+0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRTY vs. RWM - Sharpe Ratio Comparison

The current SRTY Sharpe Ratio is -1.15, which is comparable to the RWM Sharpe Ratio of -1.37. The chart below compares the historical Sharpe Ratios of SRTY and RWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SRTY	RWM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.15	-1.37	+0.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.46	-0.23	-0.23
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.51	-0.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.69	-0.49	-0.20

Drawdowns

SRTY vs. RWM - Drawdown Comparison

The maximum SRTY drawdown since its inception was -100.00%, roughly equal to the maximum RWM drawdown of -95.47%. Use the drawdown chart below to compare losses from any high point for SRTY and RWM.

Drawdown Indicators

	SRTY	RWM	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-95.47%	-4.53%
Max Drawdown (1Y) Largest decline over 1 year	-67.42%	-27.26%	-40.16%
Max Drawdown (3Y) Largest decline over 3 years	-88.56%	-41.38%	-47.18%
Max Drawdown (5Y) Largest decline over 5 years	-91.18%	-41.38%	-49.80%
Max Drawdown (10Y) Largest decline over 10 years	-99.74%	-73.72%	-26.02%
Current Drawdown Current decline from peak	-99.99%	-95.41%	-4.58%
Average Drawdown Average peak-to-trough decline	-93.78%	-74.04%	-19.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.59%	15.73%	+27.86%

Volatility

SRTY vs. RWM - Volatility Comparison

ProShares UltraPro Short Russell2000 (SRTY) has a higher volatility of 17.30% compared to ProShares Short Russell2000 (RWM) at 5.84%. This indicates that SRTY's price experiences larger fluctuations and is considered to be riskier than RWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRTY	RWM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.30%	5.84%	+11.46%
Volatility (6M) Calculated over the trailing 6-month period	40.81%	13.52%	+27.29%
Volatility (1Y) Calculated over the trailing 1-year period	57.22%	19.07%	+38.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.43%	22.56%	+44.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.34%	23.11%	+45.23%

SRTY vs. RWM - Expense Ratio Comparison

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

Dividends

SRTY vs. RWM - Dividend Comparison

SRTY's dividend yield for the trailing twelve months is around 9.17%, more than RWM's 4.12% yield.

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%
SRTY ProShares UltraPro Short Russell2000	9.17%	6.87%	9.40%	4.93%	0.17%	0.00%	0.95%	2.13%	0.70%	0.04%

Frequently Asked Questions

Can I hold both SRTY and RWM in my portfolio?

With a correlation of 1.00, SRTY and RWM move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SRTY or RWM?

SRTY has higher volatility (17.30%) compared to RWM (5.84%). In terms of maximum drawdown, SRTY dropped -100.00% vs RWM's -95.47%.

Which ETF is better, SRTY or RWM?

On 10-year performance, RWM leads with -11.85% vs -43.65% for SRTY. 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.

Which ETF has performed better, SRTY or RWM?

Over the 10-year period, RWM has performed better with a -11.85% return vs -43.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRTY or RWM?

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

Which ETF pays a higher dividend yield, SRTY or RWM?

SRTY has the higher dividend yield at 9.17%, compared with 4.12% for RWM.

What is the main difference between SRTY and RWM?

SRTY is categorized as Leveraged Equities, while RWM is Inverse Equities. SRTY tracks Russell 2000 Index (-300%), while RWM tracks Russell 2000 (-100%).

Which has better risk-adjusted returns?

SRTY currently has the higher Sharpe Ratio (-1.15 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.