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TWM vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TWM vs. IWM

Last updated Jul 14, 2026
Documentation

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 -27.31%/yr vs 10.76%/yr for IWM. At a correlation of -1.00, they often move in opposite directions. TWM charges 0.95%/yr vs 0.19%/yr for IWM.

Performance

TWM vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, TWM achieves a -30.99% return, which is significantly lower than IWM's 19.72% return. Over the past 10 years, TWM has underperformed IWM with an annualized return of -27.31%, while IWM has yielded a comparatively higher 10.76% annualized return.

TWM

1D
1.83%
1M
-0.49%
6M
-22.26%
YTD
-30.99%
1Y
-44.75%
3Y*
-27.78%
5Y*
-18.87%
10Y*
-27.31%

IWM

1D
-0.85%
1M
0.42%
6M
12.70%
YTD
19.72%
1Y
33.75%
3Y*
16.65%
5Y*
7.37%
10Y*
10.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TWM vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TWM
ProShares UltraShort Russell2000		-30.99%-24.71%-19.35%-26.84%28.43%-35.43%-60.01%-38.40%19.15%-26.36%
IWM
iShares Russell 2000 ETF		19.72%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 tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

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 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

99.7%
18.1%

Basic Materials

-

4.3%

Communication Services

-

2.0%

Consumer Cyclical

-

8.9%

Consumer Defensive

-

2.5%

Energy

-

5.7%

Healthcare

-

20.1%

Industrials

-

13.8%

Real Estate

-

6.3%

Technology

-

14.9%

Utilities

-

2.9%

Financial Services

TWM
99.7%
IWM
18.1%

Basic Materials

TWM

-

IWM
4.3%

Communication Services

TWM

-

IWM
2.0%

Consumer Cyclical

TWM

-

IWM
8.9%

Consumer Defensive

TWM

-

IWM
2.5%

Energy

TWM

-

IWM
5.7%

Healthcare

TWM

-

IWM
20.1%

Industrials

TWM

-

IWM
13.8%

Real Estate

TWM

-

IWM
6.3%

Technology

TWM

-

IWM
14.9%

Utilities

TWM

-

IWM
2.9%

Compare stocks, funds, or ETFs

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ProShares UltraShort Russell2000

iShares Russell 2000 ETF

Often compared with TWM:
TWM vs. TZATWM vs. RWMTWM vs. TBTTWM vs. ^VIXTWM vs. FESMTWM vs. MULLTWM vs. KORU
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. IWO

Return for Risk

TWM vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
TWM
TWM Risk / Return Rank: 11
Overall Rank
TWM Sharpe Ratio Rank: 11
Sharpe Ratio Rank
TWM Sortino Ratio Rank: 11
Sortino Ratio Rank
TWM Omega Ratio Rank: 11
Omega Ratio Rank
TWM Calmar Ratio Rank: 22
Calmar Ratio Rank
TWM Martin Ratio Rank: 11
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6969
Overall Rank
IWM Sharpe Ratio Rank: 6767
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6868
Sortino Ratio Rank
IWM Omega Ratio Rank: 6060
Omega Ratio Rank
IWM Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWM Martin Ratio Rank: 7474
Martin Ratio Rank
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. 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.

TWMIWMDifference
Sharpe ratioReturn per unit of total volatility
-1.15
1.74

-2.89

Sortino ratioReturn per unit of downside risk
-1.75
2.47

-4.22

Omega ratioGain probability vs. loss probability

0.81

1.29

-0.48

Calmar ratioReturn relative to maximum drawdown

-0.89

3.07

-3.96

Martin ratioReturn relative to average drawdown

-1.44

10.87

-12.30

TWM vs. IWM - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.15, which is lower than the IWM Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of TWM and IWM, 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

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

TWMIWMDifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-99.93%

-2.32%

-97.61%

Average Drawdown

Average peak-to-trough decline

-87.32%

-10.73%

-76.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.21%

3.11%

+28.10%

Volatility

TWM vs. IWM - Volatility Comparison

ProShares UltraShort Russell2000 (TWM) has a higher volatility of 9.88% compared to iShares Russell 2000 ETF (IWM) at 4.81%. 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

TWMIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.88%

4.81%

+5.07%

Volatility (6M)

Calculated over the trailing 6-month period

28.51%

14.19%

+14.32%

Volatility (1Y)

Calculated over the trailing 1-year period

39.06%

19.54%

+19.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.17%

22.56%

+22.61%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.72%

23.00%

+22.72%

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 5.40%, more than IWM's 0.91% yield.

PositionTTM20252024202320222021202020192018201720162015
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		5.40%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 (9.88%) compared to IWM (4.81%). In terms of maximum drawdown, TWM dropped -99.94% vs IWM's -59.05%.

On 10-year performance, IWM leads with 10.76% vs -27.31% for TWM. On fees, IWM is cheaper at 0.19% per year. On volatility, IWM has been the lower-risk option at 4.81%. 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 10.76% return vs -27.31%. 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 5.40%, 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 (1.74 vs -1.15), 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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