REK vs. DESK

Last updated Aug 2, 2026

REK (ProShares Short Real Estate) and DESK (Vaneck Office And Commercial REIT ETF) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while DESK tracks the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. Both are passively managed. Over the past year, REK returned -6.99% vs 16.02% for DESK. Their -0.69 correlation means they have often moved in opposite directions in the past. REK charges 0.95%/yr vs 0.50%/yr for DESK.

Performance

REK vs. DESK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Real Estate (REK) and Vaneck Office And Commercial REIT ETF (DESK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REK achieves a -9.66% return, which is significantly lower than DESK's 18.44% return.

REK

• 1D: 0.52%
• 1M: -0.32%
• 6M: -7.57%
• YTD: -9.66%
• 1Y: -6.99%
• 3Y*: -3.68%
• 5Y*: 0.17%
• 10Y*: -5.78%
• ALL TIME*: -9.82%

DESK

• 1D: -1.35%
• 1M: -1.15%
• 6M: 18.50%
• YTD: 18.44%
• 1Y: 16.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.29%

*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)
DESK Vaneck Office And Commercial REIT ETF	$1.35M	$1.56M	$562.16K
REK ProShares Short Real Estate	$70.29K	$233.75K	$176.01K

REK vs. DESK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
REK ProShares Short Real Estate	-9.66%	2.35%	1.42%	-10.15%
DESK Vaneck Office And Commercial REIT ETF	18.44%	-10.42%	16.01%	13.17%

Correlation

The correlation between REK and DESK is -0.60, 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.	-0.60
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	-0.69

The correlation between REK and DESK has been stable across timeframes, ranging from -0.69 to -0.60 - a consistent structural relationship.

Return for Risk

REK vs. DESK — Risk / Return Rank

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

REK

REK Risk / Return Rank: 5
REK Sharpe Ratio Rank: 5
REK Sortino Ratio Rank: 5
REK Omega Ratio Rank: 5
REK Calmar Ratio Rank: 5
REK Martin Ratio Rank: 4

DESK

DESK Risk / Return Rank: 25
DESK Sharpe Ratio Rank: 29
DESK Sortino Ratio Rank: 29
DESK Omega Ratio Rank: 27
DESK Calmar Ratio Rank: 21
DESK Martin Ratio Rank: 20

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.

REK vs. DESK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and Vaneck Office And Commercial REIT ETF (DESK). 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.

	REK	DESK	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	0.71	-1.18
Sortino ratio: Return per unit of downside risk	-0.61	1.11	-1.71
Omega ratio: Gain probability vs. loss probability	0.93	1.13	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.53	0.58	-1.11
Martin ratio: Return relative to average drawdown	-1.12	1.23	-2.35

REK vs. DESK - Sharpe Ratio Comparison

The current REK Sharpe Ratio is -0.48, which is lower than the DESK Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of REK and DESK, 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

REK vs. DESK - Drawdown Comparison

The maximum REK drawdown since its inception was -84.57%, which is greater than DESK's maximum drawdown of -28.65%. Use the drawdown chart below to compare losses from any high point for REK and DESK.

Drawdown Indicators

	REK	DESK	Difference
Max Drawdown Largest peak-to-trough decline	-84.57%	-28.65%	-55.92%
Max Drawdown (1Y) Largest decline over 1 year	-12.66%	-25.09%	+12.43%
Max Drawdown (3Y) Largest decline over 3 years	-26.93%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-58.67%	—	—
Current Drawdown Current decline from peak	-82.54%	-3.05%	-79.49%
Average Drawdown Average peak-to-trough decline	-64.24%	-11.00%	-53.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.02%	11.78%	-5.76%

Volatility

REK vs. DESK - Volatility Comparison

The current volatility for ProShares Short Real Estate (REK) is 4.68%, while Vaneck Office And Commercial REIT ETF (DESK) has a volatility of 6.00%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky than DESK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REK	DESK	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.68%	6.00%	-1.32%
Volatility (6M) Calculated over the trailing 6-month period	11.19%	15.86%	-4.67%
Volatility (1Y) Calculated over the trailing 1-year period	14.27%	20.51%	-6.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	25.68%	-6.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.37%	25.68%	-5.31%

REK vs. DESK - Expense Ratio Comparison

REK has a 0.95% expense ratio, which is higher than DESK's 0.50% expense ratio.

Dividends

REK vs. DESK - Dividend Comparison

REK's dividend yield for the trailing twelve months is around 3.28%, less than DESK's 4.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DESK Vaneck Office And Commercial REIT ETF	4.67%	5.15%	3.78%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%
REK ProShares Short Real Estate	3.28%	3.43%	6.22%	4.50%	0.48%	0.00%	0.07%	1.28%	0.43%

Frequently Asked Questions

Can I hold both REK and DESK in my portfolio?

REK and DESK have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, REK or DESK?

DESK has higher volatility (6.00%) compared to REK (4.68%). In terms of maximum drawdown, REK dropped -84.57% vs DESK's -28.65%.

Which ETF is better, REK or DESK?

On 1-year performance, DESK leads with 16.02% vs -6.99% for REK. On fees, DESK is cheaper at 0.50% per year. On volatility, REK has been the lower-risk option at 4.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REK or DESK?

Over the 1-year period, DESK has performed better with a 16.02% return vs -6.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REK or DESK?

DESK is cheaper with a 0.50% expense ratio, compared with 0.95% for REK.

Which ETF pays a higher dividend yield, REK or DESK?

DESK has the higher dividend yield at 4.67%, compared with 3.28% for REK.

What is the main difference between REK and DESK?

REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while DESK tracks MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for REK and 0.50% for DESK.

Which has better risk-adjusted returns?

DESK currently has the higher Sharpe Ratio (0.71 vs -0.48), 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.