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SRTY vs. UWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRTY vs. UWM

Last updated Aug 2, 2026
Documentation

SRTY (ProShares UltraPro Short Russell2000) and UWM (ProShares Ultra Russell2000) are both Leveraged Equities funds from ProShares - SRTY tracks the Russell 2000 Index (-300%) while UWM tracks the Russell 2000 Index (200%). Both are passively managed. Over the past 10 years, SRTY returned -43.10%/yr vs 11.65%/yr for UWM. Their -1.00 correlation means they have often moved in opposite directions in the past. Both charge a 0.95% expense ratio.

Performance

SRTY vs. UWM - Performance Comparison

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

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Returns By Period

In the year-to-date period, SRTY achieves a -43.37% return, which is significantly lower than UWM's 34.04% return. Over the past 10 years, SRTY has underperformed UWM with an annualized return of -43.10%, while UWM has yielded a comparatively higher 11.65% annualized return.

SRTY

1D
1.42%
1M
6.89%
6M
-33.55%
YTD
-43.37%
1Y
-64.11%
3Y*
-41.11%
5Y*
-32.01%
10Y*
-43.10%
ALL TIME*
-45.57%

UWM

1D
-0.88%
1M
-4.73%
6M
21.37%
YTD
34.04%
1Y
71.18%
3Y*
19.23%
5Y*
3.29%
10Y*
11.65%
ALL TIME*
7.15%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

SRTY

ProShares UltraPro Short Russell2000
$39.69M$38.76M$67.41M

UWM

ProShares Ultra Russell2000
$17.68M$17.26M$19.83M

SRTY vs. UWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SRTY
ProShares UltraPro Short Russell2000		-43.37%-40.55%-32.91%-42.02%28.99%-51.67%-80.61%-53.83%23.37%-38.31%
UWM
ProShares Ultra Russell2000		34.04%13.59%11.32%22.62%-43.69%23.91%16.57%48.62%-25.89%26.92%

Correlation

The correlation between SRTY and UWM is -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

-1.00

Correlation (3Y)
Balances recent behavior with more history.

-1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

-1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

-1.00

Correlation (All Time)
Calculated using the full available price history since Feb 11, 2010

-1.00

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

SRTY vs. UWM - Sectors Allocation Comparison

Sectors
SRTY
UWM

Financial Services

40.7%
41.4%

Basic Materials

-

2.6%

Communication Services

-

0.9%

Consumer Cyclical

-

5.1%

Consumer Defensive

-

1.6%

Energy

-

3.4%

Healthcare

-

11.1%

Industrials

-

7.6%

Real Estate

-

4.0%

Technology

-

7.8%

Utilities

-

1.8%

Financial Services

SRTY
40.7%
UWM
41.4%

Basic Materials

SRTY

-

UWM
2.6%

Communication Services

SRTY

-

UWM
0.9%

Consumer Cyclical

SRTY

-

UWM
5.1%

Consumer Defensive

SRTY

-

UWM
1.6%

Energy

SRTY

-

UWM
3.4%

Healthcare

SRTY

-

UWM
11.1%

Industrials

SRTY

-

UWM
7.6%

Real Estate

SRTY

-

UWM
4.0%

Technology

SRTY

-

UWM
7.8%

Utilities

SRTY

-

UWM
1.8%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraPro Short Russell2000

ProShares Ultra Russell2000

Often compared with SRTY:
SRTY vs. TZASRTY vs. URTYSRTY vs. YANGSRTY vs. SQQQSRTY vs. HIBSSRTY vs. SDOWSRTY vs. SPY
Often compared with UWM:
UWM vs. IWMUWM vs. TNAUWM vs. URTYUWM vs. VTWOUWM vs. TQQQUWM vs. SPYUWM vs. IWP

Return for Risk

SRTY vs. UWM — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
SRTY
SRTY Risk / Return Rank: 11
Overall Rank
SRTY Sharpe Ratio Rank: 11
Sharpe Ratio Rank
SRTY Sortino Ratio Rank: 11
Sortino Ratio Rank
SRTY Omega Ratio Rank: 11
Omega Ratio Rank
SRTY Calmar Ratio Rank: 11
Calmar Ratio Rank
SRTY Martin Ratio Rank: 22
Martin Ratio Rank
UWM
UWM Risk / Return Rank: 7373
Overall Rank
UWM Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
UWM Sortino Ratio Rank: 7171
Sortino Ratio Rank
UWM Omega Ratio Rank: 6464
Omega Ratio Rank
UWM Calmar Ratio Rank: 8080
Calmar Ratio Rank
UWM Martin Ratio Rank: 7878
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SRTY vs. UWM - Risk-Adjusted Trends Comparison

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

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.

SRTYUWMDifference
Sharpe ratioReturn per unit of total volatility
-1.07
1.68

-2.75

Sortino ratioReturn per unit of downside risk
-1.81
2.30

-4.10

Omega ratioGain probability vs. loss probability

0.80

1.27

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.92

2.90

-3.82

Martin ratioReturn relative to average drawdown

-1.34

9.90

-11.24

SRTY vs. UWM - Sharpe Ratio Comparison

The current SRTY Sharpe Ratio is -1.07, which is lower than the UWM Sharpe Ratio of 1.68. The chart below compares the historical Sharpe Ratios of SRTY 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.

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Drawdowns

SRTY vs. UWM - Drawdown Comparison

The maximum SRTY drawdown since its inception was -100.00%, which is greater than UWM's maximum drawdown of -88.21%. Use the drawdown chart below to compare losses from any high point for SRTY and UWM.

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Drawdown Indicators

SRTYUWMDifference

Max Drawdown

Largest peak-to-trough decline

-100.00%

-88.21%

-11.79%

Max Drawdown (1Y)

Largest decline over 1 year

-67.43%

-22.28%

-45.15%

Max Drawdown (3Y)

Largest decline over 3 years

-89.67%

-49.79%

-39.88%

Max Drawdown (5Y)

Largest decline over 5 years

-92.04%

-61.62%

-30.42%

Max Drawdown (10Y)

Largest decline over 10 years

-99.70%

-71.46%

-28.24%

Current Drawdown

Current decline from peak

-100.00%

-6.49%

-93.51%

Average Drawdown

Average peak-to-trough decline

-94.18%

-30.65%

-63.53%

Ulcer Index

Depth and duration of drawdowns from previous peaks

46.32%

6.51%

+39.81%

Volatility

SRTY vs. UWM - Volatility Comparison

ProShares UltraPro Short Russell2000 (SRTY) has a higher volatility of 11.43% compared to ProShares Ultra Russell2000 (UWM) at 7.49%. This indicates that SRTY's price experiences larger fluctuations and is considered to be riskier than UWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SRTYUWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.43%

7.49%

+3.94%

Volatility (6M)

Calculated over the trailing 6-month period

42.52%

27.96%

+14.56%

Volatility (1Y)

Calculated over the trailing 1-year period

57.96%

38.46%

+19.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

67.29%

44.91%

+22.38%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

68.27%

46.02%

+22.25%

SRTY vs. UWM - Expense Ratio Comparison

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

Dividends

SRTY vs. UWM - Dividend Comparison

SRTY's dividend yield for the trailing twelve months is around 8.11%, more than UWM's 0.84% yield.

PositionTTM20252024202320222021202020192018201720162015
SRTY
ProShares UltraPro Short Russell2000		8.11%6.87%9.40%4.93%0.17%0.00%0.95%2.13%0.70%0.04%0.00%0.00%
UWM
ProShares Ultra Russell2000		0.84%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

SRTY 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.

SRTY has higher volatility (11.43%) compared to UWM (7.49%). In terms of maximum drawdown, SRTY dropped -100.00% vs UWM's -88.21%.

On 10-year performance, UWM leads with 11.65% vs -43.10% for SRTY. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 7.49%. 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 11.65% return vs -43.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

SRTY has the higher dividend yield at 8.11%, compared with 0.84% for UWM.

SRTY tracks Russell 2000 Index (-300%), while UWM tracks Russell 2000 Index (200%).

UWM currently has the higher Sharpe Ratio (1.68 vs -1.07), 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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