REIT vs. SRS

Last updated Aug 4, 2026

REIT (ALPS Active REIT ETF) and SRS (ProShares UltraShort Real Estate) are both REIT funds. REIT is actively managed, while SRS is passively managed. Over the past 5 years, REIT returned 4.86%/yr vs -5.85%/yr for SRS. Their -0.93 correlation means they have often moved in opposite directions in the past. REIT charges 0.68%/yr vs 0.95%/yr for SRS.

Performance

REIT vs. SRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ALPS Active REIT ETF (REIT) and ProShares UltraShort Real Estate (SRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REIT achieves a 20.12% return, which is significantly higher than SRS's -21.34% return.

REIT

• 1D: -0.09%
• 1M: 1.02%
• 6M: 18.13%
• YTD: 20.12%
• 1Y: 23.92%
• 3Y*: 11.60%
• 5Y*: 4.86%
• 10Y*: —
• ALL TIME*: 8.08%

SRS

• 1D: -0.52%
• 1M: -2.10%
• 6M: -19.18%
• YTD: -21.34%
• 1Y: -18.17%
• 3Y*: -14.70%
• 5Y*: -5.85%
• 10Y*: -16.03%
• ALL TIME*: -28.33%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
REIT ALPS Active REIT ETF	$500.56K	$377.29K	$328.09K
SRS ProShares UltraShort Real Estate	$366.45K	$363.36K	$364.08K

REIT vs. SRS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
REIT ALPS Active REIT ETF	20.12%	-0.55%	7.11%	13.74%	-21.23%	33.02%
SRS ProShares UltraShort Real Estate	-21.34%	-1.45%	-3.55%	-18.78%	54.68%	-48.02%

Correlation

The correlation between REIT and SRS is -0.93, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.93
Correlation (3Y) Balances recent behavior with more history.	-0.94
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.94
Correlation (All Time) Calculated using the full available price history since Feb 26, 2021	-0.93

The correlation between REIT and SRS has been stable across timeframes, ranging from -0.94 to -0.93 - a consistent structural relationship.

Return for Risk

REIT vs. SRS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

REIT

REIT Risk / Return Rank: 77
REIT Sharpe Ratio Rank: 77
REIT Sortino Ratio Rank: 74
REIT Omega Ratio Rank: 74
REIT Calmar Ratio Rank: 84
REIT Martin Ratio Rank: 78

SRS

SRS Risk / Return Rank: 3
SRS Sharpe Ratio Rank: 4
SRS Sortino Ratio Rank: 4
SRS Omega Ratio Rank: 4
SRS Calmar Ratio Rank: 4
SRS Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

REIT vs. SRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ALPS Active REIT ETF (REIT) and ProShares UltraShort Real Estate (SRS). 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.

	REIT	SRS	Difference
Sharpe ratio: Return per unit of total volatility	1.80	-0.65	+2.45
Sortino ratio: Return per unit of downside risk	2.45	-0.81	+3.27
Omega ratio: Gain probability vs. loss probability	1.32	0.91	+0.41
Calmar ratio: Return relative to maximum drawdown	3.27	-0.71	+3.98
Martin ratio: Return relative to average drawdown	10.22	-1.46	+11.68

REIT vs. SRS - Sharpe Ratio Comparison

The current REIT Sharpe Ratio is 1.80, which is higher than the SRS Sharpe Ratio of -0.65. The chart below compares the historical Sharpe Ratios of REIT and SRS, 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

REIT vs. SRS - Drawdown Comparison

The maximum REIT drawdown since its inception was -29.30%, smaller than the maximum SRS drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for REIT and SRS.

Drawdown Indicators

	REIT	SRS	Difference
Max Drawdown Largest peak-to-trough decline	-29.30%	-99.96%	+70.66%
Max Drawdown (1Y) Largest decline over 1 year	-7.35%	-25.73%	+18.38%
Max Drawdown (3Y) Largest decline over 3 years	-18.19%	-54.73%	+36.54%
Max Drawdown (5Y) Largest decline over 5 years	-29.30%	-54.73%	+25.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-86.75%	—
Current Drawdown Current decline from peak	-2.40%	-99.96%	+97.56%
Average Drawdown Average peak-to-trough decline	-10.09%	-91.28%	+81.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.35%	12.47%	-10.12%

Volatility

REIT vs. SRS - Volatility Comparison

The current volatility for ALPS Active REIT ETF (REIT) is 4.46%, while ProShares UltraShort Real Estate (SRS) has a volatility of 8.59%. This indicates that REIT experiences smaller price fluctuations and is considered to be less risky than SRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REIT	SRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.46%	8.59%	-4.13%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	22.18%	-11.73%
Volatility (1Y) Calculated over the trailing 1-year period	13.34%	28.32%	-14.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.51%	37.81%	-19.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.32%	40.81%	-22.49%

REIT vs. SRS - Expense Ratio Comparison

REIT has a 0.68% expense ratio, which is lower than SRS's 0.95% expense ratio.

Dividends

REIT vs. SRS - Dividend Comparison

REIT's dividend yield for the trailing twelve months is around 2.65%, less than SRS's 3.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
REIT ALPS Active REIT ETF	2.65%	3.20%	3.06%	3.13%	2.81%	4.71%	0.00%	0.00%	0.00%
SRS ProShares UltraShort Real Estate	3.67%	3.61%	6.06%	4.49%	0.30%	0.00%	0.19%	1.80%	0.47%

Frequently Asked Questions

Can I hold both REIT and SRS in my portfolio?

REIT and SRS have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REIT or SRS?

SRS has higher volatility (8.59%) compared to REIT (4.46%). In terms of maximum drawdown, REIT dropped -29.30% vs SRS's -99.96%.

Which ETF is better, REIT or SRS?

On 5-year performance, REIT leads with 4.86% vs -5.85% for SRS. On fees, REIT is cheaper at 0.68% per year. On volatility, REIT has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REIT or SRS?

Over the 5-year period, REIT has performed better with a 4.86% return vs -5.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REIT or SRS?

REIT is cheaper with a 0.68% expense ratio, compared with 0.95% for SRS.

Which ETF pays a higher dividend yield, REIT or SRS?

SRS has the higher dividend yield at 3.67%, compared with 2.65% for REIT.

What is the main difference between REIT and SRS?

They also come from different issuers: ALPS and ProShares. Their fees differ too: 0.68% for REIT and 0.95% for SRS.

Which has better risk-adjusted returns?

REIT currently has the higher Sharpe Ratio (1.80 vs -0.65), 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.