TWM vs. UVXY
TWM (ProShares UltraShort Russell2000) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - TWM is a Leveraged Equities fund tracking the Russell 2000 (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, TWM returned -27.72%/yr vs -72.73%/yr for UVXY. A 0.69 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
TWM vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, TWM achieves a -29.92% return, which is significantly lower than UVXY's -23.07% return. Over the past 10 years, TWM has outperformed UVXY with an annualized return of -27.72%, while UVXY has yielded a comparatively lower -72.73% annualized return.
TWM
- 1D
- -3.04%
- 1M
- -6.45%
- YTD
- -29.92%
- 6M
- -26.93%
- 1Y
- -50.45%
- 3Y*
- -30.55%
- 5Y*
- -17.63%
- 10Y*
- -27.72%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
TWM vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | -29.92% | -24.71% | -19.35% | -26.84% | 28.43% | -35.43% | -60.01% | -38.40% | 19.15% | -26.36% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between TWM and UVXY is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.69 |
The correlation between TWM and UVXY has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.
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Return for Risk
TWM vs. UVXY — Risk / Return Rank
TWM
UVXY
TWM vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Russell2000 (TWM) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.81 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.97 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.63 | -1.33 | -0.30 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.32 | -0.88 | -0.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.39 | -0.66 | +0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.61 | -0.64 | +0.03 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.57 | -0.68 | +0.11 |
Drawdowns
TWM vs. UVXY - Drawdown Comparison
The maximum TWM drawdown since its inception was -99.93%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for TWM and UVXY.
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Drawdown Indicators
| TWM | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -100.00% | +0.07% |
Max Drawdown (1Y)Largest decline over 1 year | -50.47% | -76.19% | +25.72% |
Max Drawdown (3Y)Largest decline over 3 years | -72.74% | -95.25% | +22.51% |
Max Drawdown (5Y)Largest decline over 5 years | -75.23% | -99.69% | +24.46% |
Max Drawdown (10Y)Largest decline over 10 years | -96.62% | -100.00% | +3.38% |
Current DrawdownCurrent decline from peak | -99.93% | -100.00% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -87.28% | -98.55% | +11.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.03% | 55.83% | -24.80% |
Volatility
TWM vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Russell2000 (TWM) is 11.50%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that TWM experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TWM | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.50% | 12.26% | -0.76% |
Volatility (6M)Calculated over the trailing 6-month period | 27.38% | 62.79% | -35.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.30% | 84.51% | -46.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.11% | 103.82% | -58.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.78% | 113.81% | -68.03% |
TWM vs. UVXY - Expense Ratio Comparison
Both TWM and UVXY have an expense ratio of 0.95%.
Dividends
TWM vs. UVXY - Dividend Comparison
TWM's dividend yield for the trailing twelve months is around 6.46%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
TWM ProShares UltraShort Russell2000 | 6.46% | 5.36% | 6.21% | 4.72% | 0.17% | 0.00% | 0.41% | 1.49% | 0.73% | 0.05% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
TWM and UVXY have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to TWM (11.50%). In terms of maximum drawdown, TWM dropped -99.93% vs UVXY's -100.00%.
On 10-year performance, TWM leads with -27.72% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, TWM has been the lower-risk option at 11.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TWM has performed better with a -27.72% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TWM and UVXY have the same expense ratio: 0.95% per year.
TWM has the higher dividend yield at 6.46%, compared with 0.00% for UVXY.
TWM is categorized as Leveraged Equities, while UVXY is Volatility. TWM tracks Russell 2000 (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
UVXY currently has the higher Sharpe Ratio (-0.88 vs -1.32), 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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