UWM vs. VTWO

Last updated Jun 23, 2026

UWM (ProShares Ultra Russell2000) and VTWO (Vanguard Russell 2000 ETF) are both exchange-traded funds - UWM is a Leveraged Equities fund tracking the Russell 2000 Index (200%), while VTWO is a Small Cap Blend Equities fund tracking the Russell 2000 Index. Both are passively managed. Over the past 10 years, UWM returned 13.66%/yr vs 11.83%/yr for VTWO. With a 0.99 correlation, they move nearly in lockstep. UWM charges 0.95%/yr vs 0.06%/yr for VTWO.

Performance

UWM vs. VTWO - Performance Comparison

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

Returns By Period

In the year-to-date period, UWM achieves a 41.43% return, which is significantly higher than VTWO's 21.67% return. Over the past 10 years, UWM has outperformed VTWO with an annualized return of 13.66%, while VTWO has yielded a comparatively lower 11.83% annualized return.

UWM

• 1D: 1.84%
• 1M: 8.96%
• YTD: 41.43%
• 6M: 32.94%
• 1Y: 88.85%
• 3Y*: 28.76%
• 5Y*: 2.87%
• 10Y*: 13.66%

VTWO

• 1D: 0.92%
• 1M: 4.84%
• YTD: 21.67%
• 6M: 18.16%
• 1Y: 44.30%
• 3Y*: 19.86%
• 5Y*: 6.94%
• 10Y*: 11.83%

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

UWM vs. VTWO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UWM ProShares Ultra Russell2000	41.43%	13.59%	11.32%	22.62%	-43.69%	23.91%	16.57%	48.62%	-25.89%	26.92%
VTWO Vanguard Russell 2000 ETF	21.67%	12.90%	11.55%	17.08%	-20.49%	14.79%	20.22%	25.81%	-11.15%	14.69%

Correlation

The correlation between UWM and VTWO is 1.00 - 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	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	1.00
Correlation (All Time) Calculated using the full available price history since Sep 22, 2010	0.99

The correlation between UWM and VTWO has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

UWM vs. VTWO - Sectors Allocation Comparison

Sectors	UWM	VTWO
Technology	19.1%	19.1%
Industrials	17.8%	17.9%
Healthcare	16.3%	16.3%
Financial Services	15.5%	15.5%
Consumer Cyclical	7.9%	7.9%
Real Estate	5.9%	5.9%
Energy	5.4%	5.3%
Basic Materials	4.7%	4.7%
Utilities	2.7%	2.8%
Communication Services	2.5%	2.5%
Consumer Defensive	2.2%	2.2%

Return for Risk

UWM vs. VTWO — Risk / Return Rank

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

UWM

UWM Risk / Return Rank: 70
UWM Sharpe Ratio Rank: 75
UWM Sortino Ratio Rank: 63
UWM Omega Ratio Rank: 56
UWM Calmar Ratio Rank: 80
UWM Martin Ratio Rank: 75

VTWO

VTWO Risk / Return Rank: 73
VTWO Sharpe Ratio Rank: 73
VTWO Sortino Ratio Rank: 71
VTWO Omega Ratio Rank: 63
VTWO Calmar Ratio Rank: 80
VTWO Martin Ratio Rank: 77

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. VTWO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Russell2000 (UWM) and Vanguard Russell 2000 ETF (VTWO). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	UWM	VTWO	Difference
Sharpe ratio: Return per unit of total volatility	2.29	2.27	+0.02
Sortino ratio: Return per unit of downside risk	2.83	3.07	-0.24
Omega ratio: Gain probability vs. loss probability	1.34	1.37	-0.03
Calmar ratio: Return relative to maximum drawdown	4.01	4.05	-0.04
Martin ratio: Return relative to average drawdown	13.68	14.36	-0.68

UWM vs. VTWO - Sharpe Ratio Comparison

The current UWM Sharpe Ratio is 2.29, which is comparable to the VTWO Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of UWM and VTWO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

UWM vs. VTWO - Drawdown Comparison

The maximum UWM drawdown since its inception was -88.21%, which is greater than VTWO's maximum drawdown of -41.19%. Use the drawdown chart below to compare losses from any high point for UWM and VTWO.

Drawdown Indicators

	UWM	VTWO	Difference
Max Drawdown Largest peak-to-trough decline	-88.21%	-41.19%	-47.02%
Max Drawdown (1Y) Largest decline over 1 year	-22.28%	-10.99%	-11.29%
Max Drawdown (3Y) Largest decline over 3 years	-49.79%	-27.57%	-22.22%
Max Drawdown (5Y) Largest decline over 5 years	-61.62%	-31.88%	-29.74%
Max Drawdown (10Y) Largest decline over 10 years	-71.46%	-41.19%	-30.27%
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-30.81%	-8.37%	-22.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.52%	3.09%	+3.43%

Volatility

UWM vs. VTWO - Volatility Comparison

ProShares Ultra Russell2000 (UWM) has a higher volatility of 12.87% compared to Vanguard Russell 2000 ETF (VTWO) at 6.49%. This indicates that UWM's price experiences larger fluctuations and is considered to be riskier than VTWO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UWM	VTWO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.87%	6.49%	+6.38%
Volatility (6M) Calculated over the trailing 6-month period	28.31%	14.25%	+14.06%
Volatility (1Y) Calculated over the trailing 1-year period	39.13%	19.69%	+19.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.16%	22.56%	+22.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.18%	23.14%	+23.04%

UWM vs. VTWO - Expense Ratio Comparison

UWM has a 0.95% expense ratio, which is higher than VTWO's 0.06% expense ratio.

Dividends

UWM vs. VTWO - Dividend Comparison

UWM's dividend yield for the trailing twelve months is around 0.73%, less than VTWO's 1.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
UWM ProShares Ultra Russell2000	0.73%	1.05%	1.16%	0.34%	0.40%	0.00%	0.07%	0.55%	0.41%	0.11%	0.27%	0.23%
VTWO Vanguard Russell 2000 ETF	1.09%	1.25%	1.21%	1.45%	1.48%	1.13%	0.92%	1.36%	1.41%	1.18%	1.27%	1.23%

Frequently Asked Questions

Can I hold both UWM and VTWO in my portfolio?

With a correlation of 1.00, UWM and VTWO 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 VTWO?

UWM has higher volatility (12.87%) compared to VTWO (6.49%). In terms of maximum drawdown, UWM dropped -88.21% vs VTWO's -41.19%.

Which ETF is better, UWM or VTWO?

On 10-year performance, UWM leads with 13.66% vs 11.83% for VTWO. On fees, VTWO is cheaper at 0.06% per year. On volatility, VTWO has been the lower-risk option at 6.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UWM or VTWO?

Over the 10-year period, UWM has performed better with a 13.66% return vs 11.83%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UWM or VTWO?

VTWO is cheaper with a 0.06% expense ratio, compared with 0.95% for UWM.

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

VTWO has the higher dividend yield at 1.09%, compared with 0.73% for UWM.

What is the main difference between UWM and VTWO?

UWM is categorized as Leveraged Equities, while VTWO is Small Cap Blend Equities. UWM tracks Russell 2000 Index (200%), while VTWO tracks Russell 2000 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for UWM and 0.06% for VTWO.

Which has better risk-adjusted returns?

UWM currently has the higher Sharpe Ratio (2.29 vs 2.27), 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.