TWM vs. IWM
TWM (ProShares UltraShort Russell2000) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, TWM returned -27.19%/yr vs 10.70%/yr for IWM. Their -1.00 correlation means they have often moved in opposite directions in the past. TWM charges 0.95%/yr vs 0.19%/yr for IWM.
Performance
TWM vs. IWM - 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 IWM's 18.79% return. Over the past 10 years, TWM has underperformed IWM with an annualized return of -27.19%, while IWM has yielded a comparatively higher 10.70% annualized 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%
IWM
- 1D
- -0.48%
- 1M
- -2.14%
- 6M
- 12.62%
- YTD
- 18.79%
- 1Y
- 36.90%
- 3Y*
- 15.11%
- 5Y*
- 6.99%
- 10Y*
- 10.70%
- ALL TIME*
- 8.73%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $6.67B | $6.32B | $7.45B | |
| $12.61M | $12.23M | $13.72M |
TWM vs. IWM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -29.75% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
IWM iShares Russell 2000 ETF | 18.79% | 12.66% | 11.38% | 16.83% | -20.48% | 14.54% | 20.03% | 25.39% | -11.12% | 14.58% |
Correlation
The correlation between TWM and IWM 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 Jan 25, 2007 | -1.00 |
The correlation between TWM and IWM has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
TWM vs. IWM - Sectors Allocation Comparison
Sectors
TWM
IWM
Financial Services
Basic Materials
-
Communication Services
-
Consumer Cyclical
-
Consumer Defensive
-
Energy
-
Healthcare
-
Industrials
-
Real Estate
-
Technology
-
Utilities
-
Financial Services
TWM
IWM
Basic Materials
TWM
-
IWM
Communication Services
TWM
-
IWM
Consumer Cyclical
TWM
-
IWM
Consumer Defensive
TWM
-
IWM
Energy
TWM
-
IWM
Healthcare
TWM
-
IWM
Industrials
TWM
-
IWM
Real Estate
TWM
-
IWM
Technology
TWM
-
IWM
Utilities
TWM
-
IWM
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Return for Risk
TWM vs. IWM — Risk / Return Rank
TWM
IWM
TWM vs. IWM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) 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.
| TWM | IWM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.93 | ||
| Sortino ratioReturn per unit of downside risk | -4.29 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.30 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 3.11 | -4.00 |
| Martin ratioReturn relative to average drawdown | -1.36 | 11.02 | -12.37 |
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Drawdowns
TWM vs. IWM - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.94%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for TWM and IWM.
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Drawdown Indicators
| TWM | IWM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.94% | -59.05% | -40.89% |
Max Drawdown (1Y)Largest decline over 1 year | -50.65% | -11.03% | -39.62% |
Max Drawdown (3Y)Largest decline over 3 years | -74.44% | -27.50% | -46.94% |
Max Drawdown (5Y)Largest decline over 5 years | -76.78% | -31.91% | -44.87% |
Max Drawdown (10Y)Largest decline over 10 years | -96.29% | -41.13% | -55.16% |
Current DrawdownCurrent decline from peak | -99.93% | -3.08% | -96.85% |
Average DrawdownAverage peak-to-trough decline | -87.36% | -10.71% | -76.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.18% | 3.11% | +30.07% |
Volatility
TWM vs. IWM - Volatility Comparison
ProShares UltraShort Russell2000 (TWM) has a higher volatility of 7.56% compared to iShares Russell 2000 ETF (IWM) at 3.82%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier 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
| TWM | IWM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.56% | 3.82% | +3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 28.41% | 14.12% | +14.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.75% | 19.41% | +19.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.99% | 22.48% | +22.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.74% | 23.01% | +22.73% |
TWM vs. IWM - Expense Ratio Comparison
TWM has a 0.95% expense ratio, which is higher than IWM's 0.19% expense ratio.
Dividends
TWM vs. IWM - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 5.31%, more than IWM's 0.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IWM iShares Russell 2000 ETF | 0.91% | 1.04% | 1.15% | 1.35% | 1.48% | 0.94% | 1.04% | 1.26% | 1.40% | 1.26% | 1.38% | 1.54% |
TWM ProShares UltraShort Russell2000 | 5.31% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% | 0.00% | 0.00% |
Frequently Asked Questions
TWM and IWM 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.
TWM has higher volatility (7.56%) compared to IWM (3.82%). In terms of maximum drawdown, TWM dropped -99.94% vs IWM's -59.05%.
On 10-year performance, IWM leads with 10.70% vs -27.19% for TWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 3.82%. 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 10.70% return vs -27.19%. 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 TWM.
TWM has the higher dividend yield at 5.31%, compared with 0.91% for IWM.
TWM is categorized as Leveraged Equities, while IWM is Small Cap Blend Equities. TWM tracks Russell 2000 (-200%), while IWM tracks Russell 2000 Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TWM and 0.19% for IWM.
IWM currently has the higher Sharpe Ratio (1.77 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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