REK vs. FREL
REK (ProShares Short Real Estate) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, REK returned -5.95%/yr vs 5.66%/yr for FREL. At a correlation of -0.97, they often move in opposite directions. REK charges 0.95%/yr vs 0.08%/yr for FREL.
Performance
REK vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -10.66% return, which is significantly lower than FREL's 15.20% return. Over the past 10 years, REK has underperformed FREL with an annualized return of -5.95%, while FREL has yielded a comparatively higher 5.66% annualized return.
REK
- 1D
- -1.96%
- 1M
- -1.41%
- 6M
- -7.93%
- YTD
- -10.66%
- 1Y
- -6.85%
- 3Y*
- -3.67%
- 5Y*
- -0.24%
- 10Y*
- -5.95%
FREL
- 1D
- 2.29%
- 1M
- 3.12%
- 6M
- 11.39%
- YTD
- 15.20%
- 1Y
- 15.36%
- 3Y*
- 9.58%
- 5Y*
- 2.82%
- 10Y*
- 5.66%
REK vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -10.66% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
FREL Fidelity MSCI Real Estate Index ETF | 15.20% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between REK and FREL is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | -0.97 |
The correlation between REK and FREL has been stable across timeframes, ranging from -0.98 to -0.97 - a consistent structural relationship.
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Return for Risk
REK vs. FREL — Risk / Return Rank
REK
FREL
REK vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and Fidelity MSCI Real Estate Index ETF (FREL). 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 | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.20 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.20 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 1.83 | -2.41 |
| Martin ratioReturn relative to average drawdown | -1.24 | 5.71 | -6.96 |
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Drawdowns
REK vs. FREL - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for REK and FREL.
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Drawdown Indicators
| REK | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -42.61% | -41.96% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -8.45% | -3.22% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -17.54% | -9.39% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -34.40% | +7.47% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -42.61% | -16.06% |
Current DrawdownCurrent decline from peak | -82.74% | 0.00% | -82.74% |
Average DrawdownAverage peak-to-trough decline | -64.19% | -9.86% | -54.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.52% | 2.69% | +2.83% |
Volatility
REK vs. FREL - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.55% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 5.23%. This indicates that REK's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 5.23% | +0.32% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 10.85% | +0.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 14.04% | +0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.98% | 18.95% | +0.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 20.72% | -0.36% |
REK vs. FREL - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
REK vs. FREL - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.32%, more than FREL's 3.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.17% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
REK ProShares Short Real Estate | 3.32% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
REK and FREL have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.55%) compared to FREL (5.23%). In terms of maximum drawdown, REK dropped -84.57% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.66% vs -5.95% for REK. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 5.23%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FREL has performed better with a 5.66% return vs -5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.32%, compared with 3.17% for FREL.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for REK and 0.08% for FREL.
FREL currently has the higher Sharpe Ratio (1.10 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.
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