ProShares UltraShort Russell2000 (TWM) Performance
TWM total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −21.3% since Dec 31, 2025
- 1 year
- −21.6% total return
- 5 years
- −14.8% a year
- 10 years
- −26.0% a year
- Since first price
- −27.3% a year since 2007
TWM trailing returns vs SPY, QQQ, AGG
| Period | TWM total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +5.2% | +5.2% | −1.0% | −5.0% | +0.9% |
| 3 months | +13.0% | +12.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −0.0% | −1.9% | +7.8% | +8.4% | −1.5% |
| YTD | −21.3% | −23.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −21.6% | −24.4% | +14.4% | +15.9% | −1.1% |
| 3 years | −68.2%−31.8%/yr | −72.5% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −55.0%−14.8%/yr | −61.9% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −95.1%−26.0%/yr | −95.9% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −99.2%−27.4%/yr | −99.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 25, 2007 | −99.8%−27.3%/yr | −99.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: TWM vs SPY
From Jan 25, 2007: TWM grew to $18, SPY to $76,577.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
TWM returns by calendar year
3 of 18 full years positive. Best 2022 (+28.4%), worst 2009 (−60.3%). 2026 is year to date.
TWM annual returns table
| Year | TWM | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −21.3% | −38.8% | +12.3% | +15.1% | −1.0% |
| 2025 | −24.7% | −55.9% | +17.7% | +20.8% | +7.2% |
| 2024 | −19.3% | −40.2% | +24.9% | +25.6% | +1.3% |
| 2023 | −26.8% | −38.4% | +26.2% | +54.9% | +5.7% |
| 2022 | +28.4% | −35.0% | −18.2% | −32.6% | −13.0% |
| 2021 | −35.4% | −45.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −60.0% | −82.3% | +18.3% | +48.6% | +7.5% |
| 2019 | −38.4% | −40.6% | +31.2% | +39.0% | +8.5% |
| 2018 | +19.2% | −31.2% | −4.6% | −0.1% | +0.1% |
| 2017 | −26.4% | −28.7% | +21.7% | +32.7% | +3.6% |
| 2016 | −39.6% | −57.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −0.8% | −23.6% | +1.2% | +9.4% | +0.5% |
| 2014 | −17.7% | −28.0% | +13.5% | +19.2% | +6.0% |
| 2013 | −52.5% | −49.6% | +32.3% | +36.6% | −2.0% |
| 2012 | −34.3% | −33.0% | +16.0% | +18.1% | +3.8% |
| 2011 | −23.1% | −41.7% | +1.9% | +3.4% | +7.7% |
| 2010 | −50.1% | −56.0% | +15.1% | +19.9% | +6.4% |
| 2009 | −60.3% | −79.0% | +26.4% | +54.7% | +3.0% |
| 2008 | +23.9% | −48.5% | −36.8% | −41.7% | +7.9% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
TWM largest drawdowns
Now 99.9% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 20, 2008 | −99.9% | Aug 14, 2026 | not yet | 17.7 years | 17.9 years so far |
| Mar 10, 2008 | −35.7% | Sep 19, 2008 | Oct 7, 2008 | 6 months | 7 months |
| Oct 27, 2008 | −34.8% | Nov 4, 2008 | Nov 19, 2008 | 8 days | 23 days |
| Oct 9, 2008 | −26.4% | Oct 13, 2008 | Oct 24, 2008 | 4 days | 15 days |
| Aug 3, 2007 | −21.2% | Oct 9, 2007 | Nov 21, 2007 | 2 months | 4 months |
| Mar 5, 2007 | −20.5% | Jun 4, 2007 | Aug 3, 2007 | 3 months | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
TWM risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2007 |
|---|---|---|---|---|
| Annualized return | −29.0% | −16.4% | −25.8% | −27.3% |
| Volatility (annualized) | 37.7% | 40.6% | 39.3% | 38.4% |
| Sharpe ratio | -0.83 | -0.33 | -0.61 | -0.66 |
| Sortino ratio | -1.00 | -0.44 | -0.79 | -0.85 |
| Best month | +19.1% | +21.0% | +26.7% | +33.2% |
| Worst month | −20.9% | −20.9% | −30.0% | −30.0% |
| Best 12 months | +8.7% | +39.0% | +46.2% | +56.2% |
| Worst 12 months | −52.2% | −52.2% | −81.1% | −81.1% |
| Positive months | 36% | 43% | 36% | 35% |
| Beta vs S&P 500 | -2.40 | -2.18 | -2.19 | — |
| Correlation with S&P 500 | -0.79 | -0.84 | -0.85 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
TWM rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 226 | −81.1% | −27.1% | +56.2% | 18% |
| 3-year (a year) | 202 | −55.9% | −29.1% | −3.4% | 0% |
| 5-year (a year) | 178 | −50.1% | −28.9% | −10.9% | 0% |
| 10-year (a year) | 118 | −36.7% | −28.8% | −21.7% | 0% |
Every holding period starting at a month-end since 2007. Returns for 3 years and longer are annualized.
TWM performance overview
ProShares UltraShort Russell2000 (TWM) returned −21.6% over the past year and −26.0% a year over ten years, with distributions reinvested. Since its first recorded price in 2007 it has returned −27.3% a year, turning $10,000 into about $18. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −99.9%, from Nov 20, 2008 to Aug 14, 2026; the fund has not yet regained that high. TWM finished 3 of its 18 full calendar years with a gain; the best year was 2022 (+28.4%) and the worst 2009 (−60.3%). Volatility has been 38.4% a year.
Related: TWM chart, TWM dividends. See the TWM overview for the latest quote and fund facts.
TWM performance FAQ
What is the TWM return over the past year?
TWM returned −21.6% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 24.4%.
What is the average annual return of TWM?
TWM has returned −14.8% a year over 5 years, −26.0% a year over 10 years, −27.3% a year since January 25, 2007 (total return, distributions reinvested).
How much would $10,000 invested in TWM be worth?
$10,000 invested in TWM at its first recorded close on January 25, 2007 would be worth about $18 on October 23, 2026 with distributions reinvested.
What was the worst year for TWM?
The worst calendar year was 2009, with a total return of −60.3%. The best was 2022 at +28.4%.
What is the biggest drawdown of TWM?
The largest peak-to-trough decline was −99.9% between November 20, 2008 and August 14, 2026. It has not yet recovered to that high; it is 99.9% below its peak.
How volatile is TWM?
Over the past 3 years TWM had an annualized volatility of 37.7% and a Sharpe ratio of -0.83 (excess return over 1–3 month T-bills per unit of risk).