TWM vs. ITWO
TWM (ProShares UltraShort Russell2000) and ITWO (Proshares Russell 2000 High Income ETF) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while ITWO is a Derivative Income fund tracking the Cboe Russell 2000 Daily Covered Call Index. Both are passively managed. Over the past year, TWM returned -47.19% vs 36.25% for ITWO. Their -0.98 correlation means they have often moved in opposite directions in the past. TWM charges 0.95%/yr vs 0.55%/yr for ITWO.
Performance
TWM vs. ITWO - Performance Comparison
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Returns By Period
In the year-to-date period, TWM achieves a -29.75% return, which is significantly lower than ITWO's 19.97% return.
TWM
- 1D
- 1.14%
- 1M
- 4.83%
- 6M
- -22.08%
- YTD
- -29.75%
- 1Y
- -47.19%
- 3Y*
- -25.83%
- 5Y*
- -18.13%
- 10Y*
- -27.19%
- ALL TIME*
- -27.90%
ITWO
- 1D
- -0.61%
- 1M
- -1.90%
- 6M
- 14.08%
- YTD
- 19.97%
- 1Y
- 36.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 19.96%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.04M | $1.30M | $1.41M | |
| $12.61M | $12.23M | $13.72M |
TWM vs. ITWO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -29.75% | -24.71% | -8.22% |
ITWO Proshares Russell 2000 High Income ETF | 19.97% | 14.25% | 3.10% |
Correlation
The correlation between TWM and ITWO is -0.98, 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. | -0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 5, 2024 | -0.98 |
The correlation between TWM and ITWO has been stable across timeframes, ranging from -0.98 to -0.98 - a consistent structural relationship.
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Return for Risk
TWM vs. ITWO — Risk / Return Rank
TWM
ITWO
TWM vs. ITWO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and Proshares Russell 2000 High Income ETF (ITWO). 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.
| TWM | ITWO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.45 | -4.34 |
| Martin ratioReturn relative to average drawdown | -1.36 | 11.68 | -13.03 |
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Drawdowns
TWM vs. ITWO - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.94%, which is greater than ITWO's maximum drawdown of -24.77%. Use the drawdown chart below to compare losses from any high point for TWM and ITWO.
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Drawdown Indicators
| TWM | ITWO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -24.77% | -75.17% |
Max Drawdown (1Y)Largest decline over 1 year | -50.65% | -9.79% | -40.86% |
Max Drawdown (3Y)Largest decline over 3 years | -74.44% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -76.78% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.29% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -2.90% | -97.03% |
Average DrawdownAverage peak-to-trough decline | -87.36% | -4.84% | -82.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.18% | 2.89% | +30.29% |
Volatility
TWM vs. ITWO - Volatility Comparison
ProShares UltraShort Russell2000 (TWM) has a higher volatility of 7.56% compared to Proshares Russell 2000 High Income ETF (ITWO) at 3.74%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than ITWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWM | ITWO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 3.74% | +3.82% |
Volatility (6M)Calculated over the trailing 6-month period | 28.41% | 13.79% | +14.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.75% | 18.87% | +19.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.99% | 20.25% | +24.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.74% | 20.25% | +25.49% |
TWM vs. ITWO - Expense Ratio Comparison
TWM has a 0.95% expense ratio, which is higher than ITWO's 0.55% expense ratio.
Dividends
TWM vs. ITWO - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 5.31%, less than ITWO's 7.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ITWO Proshares Russell 2000 High Income ETF | 7.03% | 12.12% | 4.11% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
TWM ProShares UltraShort Russell2000 | 5.31% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
Frequently Asked Questions
TWM and ITWO have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TWM has higher volatility (7.56%) compared to ITWO (3.74%). In terms of maximum drawdown, TWM dropped -99.94% vs ITWO's -24.77%.
On 1-year performance, ITWO leads with 36.25% vs -47.19% for TWM. On fees, ITWO is cheaper at 0.55% per year. On volatility, ITWO has been the lower-risk option at 3.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ITWO has performed better with a 36.25% return vs -47.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ITWO is cheaper with a 0.55% expense ratio, compared with 0.95% for TWM.
ITWO has the higher dividend yield at 7.03%, compared with 5.31% for TWM.
TWM is categorized as Leveraged Equities, while ITWO is Derivative Income. TWM tracks Russell 2000 (-200%), while ITWO tracks Cboe Russell 2000 Daily Covered Call Index. Their fees differ too: 0.95% for TWM and 0.55% for ITWO.
ITWO currently has the higher Sharpe Ratio (1.79 vs -1.17), 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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