UWM vs. ARMG

Last updated Jun 4, 2026

UWM (ProShares Ultra Russell2000) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. UWM is passively managed, while ARMG is actively managed. Over the past year, UWM returned 76.77% vs 510.84% for ARMG. A 0.53 correlation means they provide meaningful diversification when combined. UWM charges 0.95%/yr vs 0.75%/yr for ARMG.

Performance

UWM vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWM achieves a 31.87% return, which is significantly lower than ARMG's 936.32% return.

UWM

• 1D: -2.69%
• 1M: 6.41%
• YTD: 31.87%
• 6M: 28.56%
• 1Y: 76.77%
• 3Y*: 25.03%
• 5Y*: 1.71%
• 10Y*: 12.16%

ARMG

• 1D: 4.85%
• 1M: 261.28%
• YTD: 936.32%
• 6M: 526.62%
• 1Y: 510.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

UWM vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
UWM ProShares Ultra Russell2000	31.87%	15.04%
ARMG Leverage Shares 2X Long ARM Daily ETF	936.32%	-61.80%

Correlation

The correlation between UWM and ARMG is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.53

The correlation between UWM and ARMG has been stable across timeframes, ranging from 0.47 to 0.53 - a consistent structural relationship.

Return for Risk

UWM vs. ARMG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

UWM

UWM Risk / Return Rank: 59
UWM Sharpe Ratio Rank: 60
UWM Sortino Ratio Rank: 54
UWM Omega Ratio Rank: 49
UWM Calmar Ratio Rank: 69
UWM Martin Ratio Rank: 65

ARMG

ARMG Risk / Return Rank: 84
ARMG Sharpe Ratio Rank: 95
ARMG Sortino Ratio Rank: 80
ARMG Omega Ratio Rank: 77
ARMG Calmar Ratio Rank: 94
ARMG Martin Ratio Rank: 71

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.

UWM vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	UWM	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	2.03	3.96	-1.92
Sortino ratio: Return per unit of downside risk	2.63	3.63	-1.00
Omega ratio: Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio: Return relative to maximum drawdown	3.46	7.56	-4.10
Martin ratio: Return relative to average drawdown	11.85	13.34	-1.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UWM vs. ARMG - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.03, which is lower than the ARMG Sharpe Ratio of 3.96. The chart below compares the historical Sharpe Ratios of UWM and ARMG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	UWM	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	3.96	-1.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	1.24	-1.10

Drawdowns

UWM vs. ARMG - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than ARMG's maximum drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for UWM and ARMG.

Drawdown Indicators

	UWM	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-80.28%	-7.93%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-68.13%	+45.85%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	—	—
Current Drawdown Current decline from peak	-3.55%	0.00%	-3.55%
Average Drawdown Average peak-to-trough decline	-30.88%	-53.04%	+22.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	38.55%	-32.05%

Volatility

UWM vs. ARMG - Volatility Comparison

The current volatility for ProShares Ultra Russell2000 (UWM) is 11.45%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 64.57%. This indicates that UWM experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWM	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	64.57%	-53.12%
Volatility (6M) Calculated over the trailing 6-month period	26.82%	103.90%	-77.08%
Volatility (1Y) Calculated over the trailing 1-year period	38.04%	130.31%	-92.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.01%	138.30%	-93.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.08%	138.30%	-92.22%

UWM vs. ARMG - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

UWM vs. ARMG - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.78%, more than ARMG's 0.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARMG Leverage Shares 2X Long ARM Daily ETF	0.47%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
UWM ProShares Ultra Russell2000	0.78%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%

Frequently Asked Questions

Can I hold both UWM and ARMG in my portfolio?

UWM and ARMG have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UWM or ARMG?

ARMG has higher volatility (64.57%) compared to UWM (11.45%). In terms of maximum drawdown, UWM dropped -88.21% vs ARMG's -80.28%.

Which ETF is better, UWM or ARMG?

On 1-year performance, ARMG leads with 510.84% vs 76.77% for UWM. On fees, ARMG is cheaper at 0.75% per year. On volatility, UWM has been the lower-risk option at 11.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or ARMG?

Over the 1-year period, ARMG has performed better with a 510.84% return vs 76.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 0.95% for UWM.

Which ETF pays a higher dividend yield, UWM or ARMG?

UWM has the higher dividend yield at 0.78%, compared with 0.47% for ARMG.

What is the main difference between UWM and ARMG?

They also come from different issuers: ProShares and Leverage Shares. Their fees differ too: 0.95% for UWM and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (3.96 vs 2.03), 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.