TWM vs. FESM

Last updated Apr 1, 2026

Compare and contrast key facts about ProShares UltraShort Russell2000 (TWM) and Fidelity Enhanced Small Cap ETF (FESM).

TWM and FESM are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-200%). It was launched on Jan 23, 2007. FESM is an actively managed fund by Fidelity. It was launched on Dec 20, 2007.

Performance

TWM vs. FESM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and Fidelity Enhanced Small Cap ETF (FESM). The values are adjusted to include any dividend payments, if applicable.

TWM vs. FESM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TWM ProShares UltraShort Russell2000	-2.77%	-24.71%	-19.35%	-20.94%
FESM Fidelity Enhanced Small Cap ETF	0.82%	17.88%	16.22%	12.19%

Returns By Period

In the year-to-date period, TWM achieves a -2.77% return, which is significantly lower than FESM's 0.82% return.

TWM

• 1D: -7.08%
• 1M: 9.64%
• YTD: -2.77%
• 6M: -7.03%
• 1Y: -40.09%
• 3Y*: -22.79%
• 5Y*: -12.98%
• 10Y*: -26.22%

FESM

• 1D: 3.29%
• 1M: -4.77%
• YTD: 0.82%
• 6M: 4.42%
• 1Y: 29.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TWM vs. FESM - Expense Ratio Comparison

TWM has a 0.95% expense ratio, which is higher than FESM's 0.28% expense ratio.

TWM

ProShares UltraShort Russell2000

FESM

Fidelity Enhanced Small Cap ETF

Return for Risk

TWM vs. FESM — Risk / Return Rank

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

TWM

TWM Risk / Return Rank: 2
TWM Sharpe Ratio Rank: 1
TWM Sortino Ratio Rank: 1
TWM Omega Ratio Rank: 1
TWM Calmar Ratio Rank: 2
TWM Martin Ratio Rank: 5

FESM

FESM Risk / Return Rank: 76
FESM Sharpe Ratio Rank: 75
FESM Sortino Ratio Rank: 76
FESM Omega Ratio Rank: 69
FESM Calmar Ratio Rank: 82
FESM Martin Ratio Rank: 80

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.

TWM vs. FESM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and Fidelity Enhanced Small Cap ETF (FESM). 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.

	TWM	FESM	Difference
Sharpe ratio Return per unit of total volatility	-0.86	1.30	-2.16
Sortino ratio Return per unit of downside risk	-1.17	1.87	-3.04
Omega ratio Gain probability vs. loss probability	0.86	1.24	-0.39
Calmar ratio Return relative to maximum drawdown	-0.66	2.19	-2.85
Martin ratio Return relative to average drawdown	-0.86	8.40	-9.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TWM vs. FESM - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -0.86, which is lower than the FESM Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of TWM and FESM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TWM	FESM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.86	1.30	-2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.29	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.58	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	0.96	-1.51

Correlation

The correlation between TWM and FESM is -0.98. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

TWM vs. FESM - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 4.66%, more than FESM's 0.63% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
TWM ProShares UltraShort Russell2000	4.66%	5.36%	6.21%	4.72%	0.17%	0.00%	0.41%	1.49%	0.73%	0.05%
FESM Fidelity Enhanced Small Cap ETF	0.63%	0.82%	1.08%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

TWM vs. FESM - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.92%, which is greater than FESM's maximum drawdown of -26.93%. Use the drawdown chart below to compare losses from any high point for TWM and FESM.

Drawdown Indicators

	TWM	FESM	Difference
Max Drawdown Largest peak-to-trough decline	-99.92%	-26.93%	-72.99%
Max Drawdown (1Y) Largest decline over 1 year	-59.88%	-13.54%	-46.34%
Max Drawdown (5Y) Largest decline over 5 years	-70.51%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.07%	—	—
Current Drawdown Current decline from peak	-99.91%	-7.23%	-92.68%
Average Drawdown Average peak-to-trough decline	-87.16%	-5.04%	-82.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.89%	3.53%	+42.36%

Volatility

TWM vs. FESM - Volatility Comparison

ProShares UltraShort Russell2000 (TWM) has a higher volatility of 15.08% compared to Fidelity Enhanced Small Cap ETF (FESM) at 7.40%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than FESM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TWM	FESM	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.08%	7.40%	+7.68%
Volatility (6M) Calculated over the trailing 6-month period	28.97%	14.26%	+14.71%
Volatility (1Y) Calculated over the trailing 1-year period	46.52%	22.98%	+23.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.14%	21.49%	+23.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.69%	21.49%	+24.20%