UWM vs. IWO

Last updated Jun 3, 2026

UWM (ProShares Ultra Russell2000) and IWO (iShares Russell 2000 Growth ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 Index (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, UWM returned 12.46%/yr vs 11.39%/yr for IWO. With a 0.97 correlation, they move nearly in lockstep. UWM charges 0.95%/yr vs 0.24%/yr for IWO.

Performance

UWM vs. IWO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and iShares Russell 2000 Growth ETF (IWO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, UWM achieves a 35.51% return, which is significantly higher than IWO's 18.42% return. Over the past 10 years, UWM has outperformed IWO with an annualized return of 12.46%, while IWO has yielded a comparatively lower 11.39% annualized return.

UWM

• 1D: 1.74%
• 1M: 8.25%
• YTD: 35.51%
• 6M: 36.83%
• 1Y: 87.21%
• 3Y*: 26.17%
• 5Y*: 2.44%
• 10Y*: 12.46%

IWO

• 1D: 0.79%
• 1M: 5.50%
• YTD: 18.42%
• 6M: 18.82%
• 1Y: 41.41%
• 3Y*: 18.57%
• 5Y*: 6.04%
• 10Y*: 11.39%

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

UWM vs. IWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	35.51%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
IWO iShares Russell 2000 Growth ETF	18.42%	12.90%	15.04%	18.51%	-26.27%	2.54%	34.68%	28.48%	-9.43%	22.25%

Correlation

The correlation between UWM and IWO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
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 26, 2007	0.97

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

UWM vs. IWO - Sectors Allocation Comparison

Sectors	UWM	IWO
Industrials	17.7%	23.1%
Technology	17.0%	23.6%
Healthcare	16.5%	22.4%
Financial Services	15.8%	8.2%
Consumer Cyclical	8.4%	7.7%
Real Estate	6.1%	2.1%
Energy	6.1%	3.5%
Basic Materials	4.8%	4.2%
Utilities	2.9%	0.7%
Communication Services	2.4%	2.2%
Consumer Defensive	2.4%	2.6%

Return for Risk

UWM vs. IWO — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 67
UWM Sharpe Ratio Rank: 69
UWM Sortino Ratio Rank: 61
UWM Omega Ratio Rank: 54
UWM Calmar Ratio Rank: 77
UWM Martin Ratio Rank: 71

IWO

IWO Risk / Return Rank: 55
IWO Sharpe Ratio Rank: 57
IWO Sortino Ratio Rank: 55
IWO Omega Ratio Rank: 51
IWO Calmar Ratio Rank: 57
IWO Martin Ratio Rank: 58

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. IWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) 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.

	UWM	IWO	Difference
Sharpe ratio Return per unit of total volatility	2.31	1.95	+0.36
Sortino ratio Return per unit of downside risk	2.88	2.66	+0.22
Omega ratio Gain probability vs. loss probability	1.34	1.32	+0.02
Calmar ratio Return relative to maximum drawdown	3.97	2.86	+1.11
Martin ratio Return relative to average drawdown	13.60	10.28	+3.32
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. IWO - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.31, which is comparable to the IWO Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of UWM 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.

Sharpe Ratios by Period

	UWM	IWO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.31	1.95	+0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.05	0.25	-0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.47	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.29	-0.14

Drawdowns

UWM vs. IWO - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than IWO's maximum drawdown of -60.11%. Use the drawdown chart below to compare losses from any high point for UWM and IWO.

Drawdown Indicators

	UWM	IWO	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-60.11%	-28.10%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-14.87%	-7.41%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-28.57%	-21.22%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-40.51%	-21.11%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-42.02%	-29.44%
Current Drawdown Current decline from peak	-0.89%	-0.10%	-0.79%
Average Drawdown Average peak-to-trough decline	-30.89%	-16.71%	-14.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	4.14%	+2.36%

Volatility

UWM vs. IWO - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 11.10% compared to iShares Russell 2000 Growth ETF (IWO) at 6.41%. This indicates that UWM'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.

Volatility by Period

	UWM	IWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.10%	6.41%	+4.69%
Volatility (6M) Calculated over the trailing 6-month period	26.79%	15.69%	+11.10%
Volatility (1Y) Calculated over the trailing 1-year period	37.92%	21.29%	+16.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.00%	24.48%	+20.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.08%	24.13%	+21.95%

UWM vs. IWO - Expense Ratio Comparison

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

Dividends

UWM vs. IWO - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.76%, more than IWO's 0.40% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IWO iShares Russell 2000 Growth ETF	0.40%	0.56%	0.80%	0.73%	0.73%	0.32%	0.44%	0.71%	0.76%	0.73%	0.97%	0.89%
UWM ProShares Ultra Russell2000	0.76%	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 IWO in my portfolio?

With a correlation of 0.97, UWM and IWO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, UWM or IWO?

UWM has higher volatility (11.10%) compared to IWO (6.41%). In terms of maximum drawdown, UWM dropped -88.21% vs IWO's -60.11%.

Which ETF is better, UWM or IWO?

On 10-year performance, UWM leads with 12.46% vs 11.39% for IWO. On fees, IWO is cheaper at 0.24% per year. On volatility, IWO has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or IWO?

Over the 10-year period, UWM has performed better with a 12.46% return vs 11.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or IWO?

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

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

UWM has the higher dividend yield at 0.76%, compared with 0.40% for IWO.

What is the main difference between UWM and IWO?

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

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.31 vs 1.95), 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.