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TWM vs. IWO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TWM vs. IWO

Last updated Jul 12, 2026
Documentation

TWM (ProShares UltraShort Russell2000) and IWO (iShares Russell 2000 Growth ETF) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while IWO is a Small Cap Growth Equities fund tracking the Russell 2000 Growth Index. Both are passively managed. Over the past 10 years, TWM returned -27.45%/yr vs 11.11%/yr for IWO. At a correlation of -0.97, they often move in opposite directions. TWM charges 0.95%/yr vs 0.24%/yr for IWO.

Performance

TWM vs. IWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and iShares Russell 2000 Growth ETF (IWO). 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 -32.22% return, which is significantly lower than IWO's 19.27% return. Over the past 10 years, TWM has underperformed IWO with an annualized return of -27.45%, while IWO has yielded a comparatively higher 11.11% annualized return.

TWM

1D
0.85%
1M
-2.27%
6M
-24.32%
YTD
-32.22%
1Y
-45.74%
3Y*
-28.65%
5Y*
-18.09%
10Y*
-27.45%

IWO

1D
-1.07%
1M
1.25%
6M
12.52%
YTD
19.27%
1Y
33.92%
3Y*
17.01%
5Y*
5.22%
10Y*
11.11%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TWM vs. IWO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TWM
ProShares UltraShort Russell2000		-32.22%-24.71%-19.35%-26.84%28.43%-35.43%-60.01%-38.40%19.15%-26.36%
IWO
iShares Russell 2000 Growth ETF		19.27%12.90%15.04%18.51%-26.27%2.54%34.68%28.48%-9.43%22.25%

Correlation

The correlation between TWM and IWO is -0.98, 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

-0.98

Correlation (3Y)
Calculated over the trailing 3-year period

-0.98

Correlation (5Y)
Calculated over the trailing 5-year period

-0.98

Correlation (10Y)
Calculated over the trailing 10-year period

-0.97

Correlation (All Time)
Calculated using the full available price history since Jan 25, 2007

-0.97

The correlation between TWM and IWO has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.

TWM vs. IWO - Sectors Allocation Comparison

Sectors
TWM
IWO

Financial Services

99.7%
7.8%

Basic Materials

-

4.0%

Communication Services

-

2.2%

Consumer Cyclical

-

7.0%

Consumer Defensive

-

2.3%

Energy

-

3.1%

Healthcare

-

21.9%

Industrials

-

23.0%

Real Estate

-

2.0%

Technology

-

25.9%

Utilities

-

0.6%

Financial Services

TWM
99.7%
IWO
7.8%

Basic Materials

TWM

-

IWO
4.0%

Communication Services

TWM

-

IWO
2.2%

Consumer Cyclical

TWM

-

IWO
7.0%

Consumer Defensive

TWM

-

IWO
2.3%

Energy

TWM

-

IWO
3.1%

Healthcare

TWM

-

IWO
21.9%

Industrials

TWM

-

IWO
23.0%

Real Estate

TWM

-

IWO
2.0%

Technology

TWM

-

IWO
25.9%

Utilities

TWM

-

IWO
0.6%

Compare stocks, funds, or ETFs

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

ProShares UltraShort Russell2000

iShares Russell 2000 Growth ETF

Often compared with TWM:
TWM vs. TZATWM vs. IWMTWM vs. RWMTWM vs. TBTTWM vs. ^VIXTWM vs. FESMTWM vs. MULL
Often compared with IWO:
IWO vs. IWMIWO vs. QQQIWO vs. IWNIWO vs. VTCLXIWO vs. VTWOIWO vs. SLYGIWO vs. IJR

Return for Risk

TWM vs. IWO — 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
IWO
IWO Risk / Return Rank: 5252
Overall Rank
IWO Sharpe Ratio Rank: 5252
Sharpe Ratio Rank
IWO Sortino Ratio Rank: 5151
Sortino Ratio Rank
IWO Omega Ratio Rank: 4646
Omega Ratio Rank
IWO Calmar Ratio Rank: 5454
Calmar Ratio Rank
IWO Martin Ratio Rank: 5656
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. IWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and iShares Russell 2000 Growth ETF (IWO). 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.

TWMIWODifference
Sharpe ratioReturn per unit of total volatility
-1.14
1.44

-2.58

Sortino ratioReturn per unit of downside risk
-1.72
2.05

-3.76

Omega ratioGain probability vs. loss probability

0.81

1.24

-0.43

Calmar ratioReturn relative to maximum drawdown

-0.88

2.15

-3.03

Martin ratioReturn relative to average drawdown

-1.43

7.66

-9.08

TWM vs. IWO - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.14, which is lower than the IWO Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of TWM and IWO, 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. IWO - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.94%, which is greater than IWO's maximum drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for TWM and IWO.

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Drawdown Indicators

TWMIWODifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-60.11%

-39.83%

Max Drawdown (1Y)

Largest decline over 1 year

-50.65%

-14.87%

-35.78%

Max Drawdown (3Y)

Largest decline over 3 years

-74.44%

-28.57%

-45.87%

Max Drawdown (5Y)

Largest decline over 5 years

-76.78%

-40.51%

-36.27%

Max Drawdown (10Y)

Largest decline over 10 years

-96.29%

-42.02%

-54.27%

Current Drawdown

Current decline from peak

-99.94%

-2.36%

-97.58%

Average Drawdown

Average peak-to-trough decline

-87.32%

-16.65%

-70.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.06%

4.17%

+26.89%

Volatility

TWM vs. IWO - Volatility Comparison

ProShares UltraShort Russell2000 (TWM) has a higher volatility of 9.96% compared to iShares Russell 2000 Growth ETF (IWO) at 6.33%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than IWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TWMIWODifference

Volatility (1M)

Calculated over the trailing 1-month period

9.96%

6.33%

+3.63%

Volatility (6M)

Calculated over the trailing 6-month period

28.51%

16.62%

+11.89%

Volatility (1Y)

Calculated over the trailing 1-year period

39.05%

22.14%

+16.91%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.17%

24.64%

+20.53%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.71%

24.13%

+21.58%

TWM vs. IWO - Expense Ratio Comparison

TWM has a 0.95% expense ratio, which is higher than IWO's 0.24% expense ratio.

Dividends

TWM vs. IWO - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 5.50%, more than IWO's 0.43% yield.

PositionTTM20252024202320222021202020192018201720162015
IWO
iShares Russell 2000 Growth ETF		0.43%0.56%0.80%0.73%0.73%0.32%0.44%0.71%0.76%0.73%0.97%0.89%
TWM
ProShares UltraShort Russell2000		5.50%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 IWO 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 (9.96%) compared to IWO (6.33%). In terms of maximum drawdown, TWM dropped -99.94% vs IWO's -60.11%.

On 10-year performance, IWO leads with 11.11% vs -27.45% for TWM. On fees, IWO is cheaper at 0.24% per year. On volatility, IWO has been the lower-risk option at 6.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWO has performed better with a 11.11% return vs -27.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWO is cheaper with a 0.24% expense ratio, compared with 0.95% for TWM.

TWM has the higher dividend yield at 5.50%, compared with 0.43% for IWO.

TWM is categorized as Leveraged Equities, while IWO is Small Cap Growth Equities. TWM tracks Russell 2000 (-200%), while IWO tracks Russell 2000 Growth Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for TWM and 0.24% for IWO.

IWO currently has the higher Sharpe Ratio (1.44 vs -1.14), 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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