UWM vs. ROM

Last updated Jun 9, 2026

UWM (ProShares Ultra Russell2000) and ROM (ProShares Ultra Technology) are both Leveraged Equities funds from ProShares - UWM tracks the Russell 2000 Index (200%) while ROM tracks the Dow Jones U.S. Technology Index (200%). Both are passively managed. Over the past 10 years, UWM returned 11.84%/yr vs 40.84%/yr for ROM. A 0.73 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

UWM vs. ROM - Performance Comparison

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

Returns By Period

In the year-to-date period, UWM achieves a 28.31% return, which is significantly lower than ROM's 55.07% return. Over the past 10 years, UWM has underperformed ROM with an annualized return of 11.84%, while ROM has yielded a comparatively higher 40.84% annualized return.

UWM

• 1D: 1.69%
• 1M: -0.87%
• YTD: 28.31%
• 6M: 23.79%
• 1Y: 67.60%
• 3Y*: 22.44%
• 5Y*: 0.46%
• 10Y*: 11.84%

ROM

• 1D: 4.27%
• 1M: 8.23%
• YTD: 55.07%
• 6M: 46.89%
• 1Y: 116.54%
• 3Y*: 52.79%
• 5Y*: 27.93%
• 10Y*: 40.84%

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

UWM vs. ROM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	28.31%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
ROM ProShares Ultra Technology	55.07%	35.63%	31.65%	130.70%	-63.86%	77.75%	80.42%	102.10%	-9.89%	81.11%

Correlation

The correlation between UWM and ROM is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.66
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	0.73

The correlation between UWM and ROM shifts across timeframes, from 0.61 (3 years) to 0.73 (all time), reflecting how their relationship changes across market environments.

UWM vs. ROM - Sectors Allocation Comparison

Sectors	UWM	ROM
Industrials	17.7%	0.0%
Technology	17.0%	55.2%
Healthcare	16.5%	-
Financial Services	15.8%	3.0%
Consumer Cyclical	8.4%	-
Real Estate	6.1%	-
Energy	6.1%	0.1%
Basic Materials	4.8%	-
Utilities	2.9%	-
Communication Services	2.4%	-
Consumer Defensive	2.4%	-

Return for Risk

UWM vs. ROM — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 58
UWM Sharpe Ratio Rank: 58
UWM Sortino Ratio Rank: 53
UWM Omega Ratio Rank: 49
UWM Calmar Ratio Rank: 67
UWM Martin Ratio Rank: 64

ROM

ROM Risk / Return Rank: 75
ROM Sharpe Ratio Rank: 88
ROM Sortino Ratio Rank: 69
ROM Omega Ratio Rank: 73
ROM Calmar Ratio Rank: 78
ROM Martin Ratio Rank: 66

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. ROM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and ProShares Ultra Technology (ROM). 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	ROM	Difference
Sharpe ratio: Return per unit of total volatility	1.76	2.65	-0.89
Sortino ratio: Return per unit of downside risk	2.33	2.84	-0.51
Omega ratio: Gain probability vs. loss probability	1.28	1.39	-0.11
Calmar ratio: Return relative to maximum drawdown	3.05	3.63	-0.58
Martin ratio: Return relative to average drawdown	10.39	10.98	-0.58
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. ROM - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 1.76, which is lower than the ROM Sharpe Ratio of 2.65. The chart below compares the historical Sharpe Ratios of UWM and ROM, 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	ROM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	2.65	-0.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.01	0.54	-0.53
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.26	0.82	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.52	-0.38

Drawdowns

UWM vs. ROM - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than ROM's maximum drawdown of -83.36%. Use the drawdown chart below to compare losses from any high point for UWM and ROM.

Drawdown Indicators

	UWM	ROM	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-83.36%	-4.85%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-32.33%	+10.05%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-48.10%	-1.69%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-67.55%	+5.93%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-67.55%	-3.91%
Current Drawdown Current decline from peak	-6.15%	-14.50%	+8.35%
Average Drawdown Average peak-to-trough decline	-30.87%	-20.87%	-10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	10.66%	-4.14%

Volatility

UWM vs. ROM - Volatility Comparison

The current volatility for ProShares Ultra Russell2000 (UWM) is 13.04%, while ProShares Ultra Technology (ROM) has a volatility of 21.34%. This indicates that UWM experiences smaller price fluctuations and is considered to be less risky than ROM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWM	ROM	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.04%	21.34%	-8.30%
Volatility (6M) Calculated over the trailing 6-month period	27.80%	36.89%	-9.09%
Volatility (1Y) Calculated over the trailing 1-year period	38.72%	44.37%	-5.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.12%	52.01%	-6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.14%	50.04%	-3.90%

UWM vs. ROM - Expense Ratio Comparison

Both UWM and ROM have an expense ratio of 0.95%.

Dividends

UWM vs. ROM - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.80%, more than ROM's 0.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ROM ProShares Ultra Technology	0.16%	0.24%	0.21%	0.01%	0.00%	0.00%	0.05%	0.16%	0.30%	0.08%	0.20%	0.12%
UWM ProShares Ultra Russell2000	0.80%	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 ROM in my portfolio?

UWM and ROM have a correlation of 0.63, 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 ROM?

ROM has higher volatility (21.34%) compared to UWM (13.04%). In terms of maximum drawdown, UWM dropped -88.21% vs ROM's -83.36%.

Which ETF is better, UWM or ROM?

On 10-year performance, ROM leads with 40.84% vs 11.84% for UWM. Both ETFs have the same 0.95% expense ratio. On volatility, UWM has been the lower-risk option at 13.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or ROM?

Over the 10-year period, ROM has performed better with a 40.84% return vs 11.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or ROM?

UWM and ROM have the same expense ratio: 0.95% per year.

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

UWM has the higher dividend yield at 0.80%, compared with 0.16% for ROM.

What is the main difference between UWM and ROM?

UWM tracks Russell 2000 Index (200%), while ROM tracks Dow Jones U.S. Technology Index (200%).

Which has better risk-adjusted returns?

ROM currently has the higher Sharpe Ratio (2.65 vs 1.76), 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.