UWM vs. TERG

Last updated Jun 4, 2026

UWM (ProShares Ultra Russell2000) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. UWM is passively managed, while TERG is actively managed. A 0.66 correlation means they provide meaningful diversification when combined. UWM charges 0.95%/yr vs 0.75%/yr for TERG.

Performance

UWM vs. TERG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long TER Daily ETF (TERG). 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 TERG's 229.64% 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%

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

UWM vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
UWM ProShares Ultra Russell2000	31.87%	11.41%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between UWM and TERG is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.66

Return for Risk

UWM vs. TERG — 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

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Leverage Shares 2X Long TER Daily ETF (TERG). 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	TERG	Difference
Sharpe ratio: Return per unit of total volatility	2.03	—	—
Sortino ratio: Return per unit of downside risk	2.63	—	—
Omega ratio: Gain probability vs. loss probability	1.31	—	—
Calmar ratio: Return relative to maximum drawdown	3.46	—	—
Martin ratio: Return relative to average drawdown	11.85	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	UWM	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.03	—	—
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	9.90	-9.75

Drawdowns

UWM vs. TERG - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for UWM and TERG.

Drawdown Indicators

	UWM	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-49.52%	-38.69%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	—	—
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%	-15.98%	+12.43%
Average Drawdown Average peak-to-trough decline	-30.88%	-13.73%	-17.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	—	—

Volatility

Volatility by Period

	UWM	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	38.04%	139.25%	-101.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.01%	139.25%	-94.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.08%	139.25%	-93.17%

UWM vs. TERG - Expense Ratio Comparison

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

Dividends

UWM vs. TERG - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.78%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	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 TERG in my portfolio?

UWM and TERG have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, UWM or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, UWM or TERG?

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

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

UWM has the higher dividend yield at 0.78%, compared with 0.00% for TERG.

What is the main difference between UWM and TERG?

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