Compared to the conventional strip waveguide microring resonators, subwavelength grating (SWG) waveguide microring resonators have better sensitivity and lower detection limit due to the enhanced photon-analyte interaction. As sensors, especially biosensors, are usually used in absorptive ambient environment, it is very challenging to further improve the detection limit of the SWG ring resonator by simply increasing the sensitivity. The high sensitivity resulted from larger mode-analyte overlap also brings significant absorption loss, which deteriorates the quality factor of the resonator. To explore the potential of the SWG ring resonator, we theoretically and experimentally optimize an ultrasensitive transverse magnetic mode SWG racetrack resonator to obtain maximum quality factor and thus lowest detection limit. A quality factor of 9800 around 1550 nm and sensitivity of 429.7 ± 0.4nm/RIU in water environment are achieved. It corresponds to a detection limit (λ/S·Q) of 3.71 × 10-4 RIU, which marks a reduction of 32.5% compared to the best value reported for SWG microring sensors.