RWM vs SPY
ProShares Short Russell2000 vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | RWM | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $108M | $821.1B | |
| Dividend Yield | 3.74% | 1.01% | |
| Holdings | 10 | 505 | |
| YTD Return | -16.26% | +12.68% | |
| 1Y Return | -23.39% | +21.82% | |
| 3Y Return (annualized) | -13.69% | +21.98% | |
| 5Y Return (annualized) | -6.65% | +12.89% | |
| Volatility (annualized) | 20.9% | 15.3% | |
| Max Drawdown | -96.9% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 23, 2007 | Jan 22, 1993 |
RWM vs SPY Performance
ProShares Short Russell2000 (RWM) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year RWM returned -23.39% while SPY returned +21.82%. Year to date, RWM is down 16.26% versus a gain of 12.68% for SPY.
Over three years, RWM compounded at -13.69% per year against +21.98% for SPY; over five years the annualized figures are -6.65% and +12.89% respectively. Across the full 20-year window we track, SPY has the edge at +8.81% annualized vs -13.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
RWM has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -96.9% for RWM and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.82. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
RWM charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, RWM currently yields 3.74% against 1.01% for SPY.
Holdings Overlap
RWM and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, RWM or SPY?
RWM has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, RWM or SPY?
Over the past year RWM returned -23.39% vs +21.82% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (20 years), RWM annualized -13.80% vs +8.81% for SPY. Past performance does not guarantee future results.
Which is riskier, RWM or SPY?
RWM has been the more volatile fund at 20.9% annualized versus 15.3% for SPY. Worst drawdown: RWM -96.9% vs SPY -56.5%.
Should I hold both RWM and SPY?
RWM and SPY have a monthly-return correlation of -0.82, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between RWM and SPY?
RWM and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, RWM or SPY?
RWM yields 3.74% while SPY yields 1.01%, so RWM currently pays the higher dividend yield.
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