TWM vs. TBT
Compare and contrast key facts about ProShares UltraShort Russell2000 (TWM) and ProShares UltraShort 20+ Year Treasury (TBT).
TWM and TBT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. TWM is a passively managed fund by ProShares that tracks the performance of the Russell 2000 (-200%). It was launched on Jan 23, 2007. TBT is a passively managed fund by ProShares that tracks the performance of the U.S. Treasury 20+ Year Index (-200%). It was launched on May 1, 2008. Both TWM and TBT are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
TWM vs. TBT - Performance Comparison
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TWM vs. TBT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -2.77% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
TBT ProShares UltraShort 20+ Year Treasury | 1.05% | -1.45% | 27.66% | -2.42% | 93.29% | 2.86% | -37.93% | -22.90% | 4.98% | -17.25% |
Returns By Period
In the year-to-date period, TWM achieves a -2.77% return, which is significantly lower than TBT's 1.05% return. Over the past 10 years, TWM has underperformed TBT with an annualized return of -26.22%, while TBT has yielded a comparatively higher 1.35% annualized return.
TWM
- 1D
- -7.08%
- 1M
- 9.64%
- YTD
- -2.77%
- 6M
- -7.03%
- 1Y
- -40.09%
- 3Y*
- -22.79%
- 5Y*
- -12.98%
- 10Y*
- -26.22%
TBT
- 1D
- 0.31%
- 1M
- 9.41%
- YTD
- 1.05%
- 6M
- 5.45%
- 1Y
- 7.58%
- 3Y*
- 12.55%
- 5Y*
- 13.91%
- 10Y*
- 1.35%
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TWM vs. TBT - Expense Ratio Comparison
TWM has a 0.95% expense ratio, which is higher than TBT's 0.92% expense ratio.
Return for Risk
TWM vs. TBT — Risk / Return Rank
TWM
TBT
TWM vs. TBT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and ProShares UltraShort 20+ Year Treasury (TBT). 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.
| TWM | TBT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.86 | 0.33 | -1.20 |
Sortino ratioReturn per unit of downside risk | -1.17 | 0.66 | -1.83 |
Omega ratioGain probability vs. loss probability | 0.86 | 1.07 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.66 | 0.33 | -0.99 |
Martin ratioReturn relative to average drawdown | -0.86 | 0.59 | -1.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TWM | TBT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.86 | 0.33 | -1.20 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.29 | 0.44 | -0.73 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.58 | 0.05 | -0.62 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.33 | -0.22 |
Correlation
The correlation between TWM and TBT is -0.25. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
TWM vs. TBT - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 4.66%, more than TBT's 2.95% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | 4.66% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
TBT ProShares UltraShort 20+ Year Treasury | 2.95% | 3.21% | 4.64% | 4.98% | 0.42% | 0.00% | 0.32% | 2.12% | 0.99% | 0.00% |
Drawdowns
TWM vs. TBT - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.92%, which is greater than TBT's maximum drawdown of -94.99%. Use the drawdown chart below to compare losses from any high point for TWM and TBT.
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Drawdown Indicators
| TWM | TBT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.92% | -94.99% | -4.93% |
Max Drawdown (1Y)Largest decline over 1 year | -59.88% | -17.29% | -42.59% |
Max Drawdown (5Y)Largest decline over 5 years | -70.51% | -33.83% | -36.68% |
Max Drawdown (10Y)Largest decline over 10 years | -96.07% | -65.09% | -30.98% |
Current DrawdownCurrent decline from peak | -99.91% | -85.92% | -13.99% |
Average DrawdownAverage peak-to-trough decline | -87.16% | -77.25% | -9.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.89% | 9.57% | +36.32% |
Volatility
TWM vs. TBT - Volatility Comparison
ProShares UltraShort Russell2000 (TWM) has a higher volatility of 15.08% compared to ProShares UltraShort 20+ Year Treasury (TBT) at 7.56%. This indicates that TWM's price experiences larger fluctuations and is considered to be riskier than TBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWM | TBT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.08% | 7.56% | +7.52% |
Volatility (6M)Calculated over the trailing 6-month period | 28.97% | 13.28% | +15.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.52% | 22.93% | +23.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.14% | 31.47% | +13.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.69% | 28.84% | +16.85% |