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TWM vs. SPUU
Performance
Return for Risk
Drawdowns
Volatility
Dividends

TWM vs. SPUU

Last updated Jul 17, 2026
Documentation

TWM (ProShares UltraShort Russell2000) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both Leveraged Equities funds - TWM tracks the Russell 2000 (-200%) while SPUU tracks the S&P 500 Index (200% Daily). Both are passively managed. Over the past 10 years, TWM returned -27.39%/yr vs 23.84%/yr for SPUU. At a correlation of -0.80, they often move in opposite directions. TWM charges 0.95%/yr vs 0.60%/yr for SPUU.

Performance

TWM vs. SPUU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Russell2000 (TWM) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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 -32.00% return, which is significantly lower than SPUU's 18.22% return. Over the past 10 years, TWM has underperformed SPUU with an annualized return of -27.39%, while SPUU has yielded a comparatively higher 23.84% annualized return.

TWM

1D
0.19%
1M
-1.95%
6M
-21.02%
YTD
-32.00%
1Y
-45.85%
3Y*
-27.64%
5Y*
-19.69%
10Y*
-27.39%

SPUU

1D
-1.08%
1M
0.01%
6M
14.79%
YTD
18.22%
1Y
38.38%
3Y*
32.90%
5Y*
18.77%
10Y*
23.84%
*Multi-year figures are annualized to reflect compound growth (CAGR)

TWM vs. SPUU - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
TWM
ProShares UltraShort Russell2000		-32.00%-24.71%-19.35%-26.84%28.43%-35.43%-60.01%-38.40%19.15%-26.36%
SPUU
Direxion Daily S&P 500 Bull 2X ETF		18.22%26.55%44.25%47.28%-38.72%61.27%21.85%66.84%-14.59%44.33%

Correlation

The correlation between TWM and SPUU is -0.79, 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

-0.79

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

-0.78

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

-0.82

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

-0.79

Correlation (All Time)
Calculated using the full available price history since Jun 6, 2014

-0.80

The correlation between TWM and SPUU has been stable across timeframes, ranging from -0.82 to -0.78 - a consistent structural relationship.

TWM vs. SPUU - Sectors Allocation Comparison

Sectors
TWM
SPUU

Financial Services

99.7%
11.1%

Basic Materials

-

1.7%

Communication Services

-

10.6%

Consumer Cyclical

-

9.9%

Consumer Defensive

-

4.5%

Energy

-

3.1%

Healthcare

-

8.3%

Industrials

-

7.8%

Real Estate

-

1.8%

Technology

-

39.0%

Utilities

-

2.1%

Financial Services

TWM
99.7%
SPUU
11.1%

Basic Materials

TWM

-

SPUU
1.7%

Communication Services

TWM

-

SPUU
10.6%

Consumer Cyclical

TWM

-

SPUU
9.9%

Consumer Defensive

TWM

-

SPUU
4.5%

Energy

TWM

-

SPUU
3.1%

Healthcare

TWM

-

SPUU
8.3%

Industrials

TWM

-

SPUU
7.8%

Real Estate

TWM

-

SPUU
1.8%

Technology

TWM

-

SPUU
39.0%

Utilities

TWM

-

SPUU
2.1%

Compare stocks, funds, or ETFs

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ProShares UltraShort Russell2000

Direxion Daily S&P 500 Bull 2X ETF

Often compared with TWM:
TWM vs. TZATWM vs. IWMTWM vs. RWMTWM vs. TBTTWM vs. ^VIXTWM vs. FESMTWM vs. MULL
Often compared with SPUU:
SPUU vs. SSOSPUU vs. SPYSPUU vs. SPXLSPUU vs. VOOSPUU vs. QLDSPUU vs. QQQSPUU vs. DDM

Return for Risk

TWM vs. SPUU — 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: 11
Calmar Ratio Rank
TWM Martin Ratio Rank: 11
Martin Ratio Rank
SPUU
SPUU Risk / Return Rank: 5454
Overall Rank
SPUU Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SPUU Sortino Ratio Rank: 5151
Sortino Ratio Rank
SPUU Omega Ratio Rank: 5252
Omega Ratio Rank
SPUU Calmar Ratio Rank: 5252
Calmar Ratio Rank
SPUU Martin Ratio Rank: 6262
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. SPUU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and Direxion Daily S&P 500 Bull 2X ETF (SPUU). 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.

TWMSPUUDifference
Sharpe ratioReturn per unit of total volatility
-1.19
1.53

-2.71

Sortino ratioReturn per unit of downside risk
-1.83
2.06

-3.88

Omega ratioGain probability vs. loss probability

0.80

1.27

-0.47

Calmar ratioReturn relative to maximum drawdown

-0.91

2.12

-3.03

Martin ratioReturn relative to average drawdown

-1.45

8.78

-10.23

TWM vs. SPUU - Sharpe Ratio Comparison

The current TWM Sharpe Ratio is -1.19, which is lower than the SPUU Sharpe Ratio of 1.53. The chart below compares the historical Sharpe Ratios of TWM and SPUU, 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. SPUU - Drawdown Comparison

The maximum TWM drawdown since its inception was -99.94%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for TWM and SPUU.

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Drawdown Indicators

TWMSPUUDifference

Max Drawdown

Largest peak-to-trough decline

-99.94%

-59.35%

-40.59%

Max Drawdown (1Y)

Largest decline over 1 year

-50.65%

-18.19%

-32.46%

Max Drawdown (3Y)

Largest decline over 3 years

-74.44%

-35.18%

-39.26%

Max Drawdown (5Y)

Largest decline over 5 years

-76.78%

-46.59%

-30.19%

Max Drawdown (10Y)

Largest decline over 10 years

-96.29%

-59.35%

-36.94%

Current Drawdown

Current decline from peak

-99.93%

-2.59%

-97.34%

Average Drawdown

Average peak-to-trough decline

-87.33%

-9.45%

-77.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

31.65%

4.38%

+27.27%

Volatility

TWM vs. SPUU - Volatility Comparison

ProShares UltraShort Russell2000 (TWM) has a higher volatility of 7.55% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 6.85%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

TWMSPUUDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.55%

6.85%

+0.70%

Volatility (6M)

Calculated over the trailing 6-month period

28.50%

20.13%

+8.37%

Volatility (1Y)

Calculated over the trailing 1-year period

38.74%

25.27%

+13.47%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

45.13%

33.69%

+11.44%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.70%

35.75%

+9.95%

TWM vs. SPUU - Expense Ratio Comparison

TWM has a 0.95% expense ratio, which is higher than SPUU's 0.60% expense ratio.

Dividends

TWM vs. SPUU - Dividend Comparison

TWM's dividend yield for the trailing twelve months is around 5.49%, more than SPUU's 1.33% yield.

PositionTTM20252024202320222021202020192018201720162015
SPUU
Direxion Daily S&P 500 Bull 2X ETF		1.33%1.63%0.55%0.83%0.88%3.04%8.03%1.80%5.50%6.96%8.08%4.42%
TWM
ProShares UltraShort Russell2000		5.49%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 SPUU have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TWM has higher volatility (7.55%) compared to SPUU (6.85%). In terms of maximum drawdown, TWM dropped -99.94% vs SPUU's -59.35%.

On 10-year performance, SPUU leads with 23.84% vs -27.39% for TWM. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 6.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, SPUU has performed better with a 23.84% return vs -27.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

SPUU is cheaper with a 0.60% expense ratio, compared with 0.95% for TWM.

TWM has the higher dividend yield at 5.49%, compared with 1.33% for SPUU.

TWM tracks Russell 2000 (-200%), while SPUU tracks S&P 500 Index (200% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for TWM and 0.60% for SPUU.

SPUU currently has the higher Sharpe Ratio (1.53 vs -1.19), 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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