REK vs. FRI
REK (ProShares Short Real Estate) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, REK returned -5.95%/yr vs 5.67%/yr for FRI. At a correlation of -0.94, they often move in opposite directions. REK charges 0.95%/yr vs 0.50%/yr for FRI.
Performance
REK vs. FRI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, REK achieves a -10.66% return, which is significantly lower than FRI's 21.19% return. Over the past 10 years, REK has underperformed FRI with an annualized return of -5.95%, while FRI has yielded a comparatively higher 5.67% 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%
FRI
- 1D
- 2.48%
- 1M
- 4.21%
- 6M
- 17.34%
- YTD
- 21.19%
- 1Y
- 23.85%
- 3Y*
- 11.98%
- 5Y*
- 5.30%
- 10Y*
- 5.67%
REK vs. FRI - 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% |
FRI First Trust S&P REIT Index Fund | 21.19% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
Correlation
The correlation between REK and FRI is -0.93, 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.95 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.94 |
The correlation between REK and FRI has been stable across timeframes, ranging from -0.96 to -0.93 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
REK vs. FRI — Risk / Return Rank
REK
FRI
REK vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and First Trust S&P REIT Index Fund (FRI). 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 | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.30 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.16 | -3.75 |
| Martin ratioReturn relative to average drawdown | -1.24 | 10.12 | -11.36 |
Loading charts...
Drawdowns
REK vs. FRI - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than FRI's maximum drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for REK and FRI.
Loading charts...
Drawdown Indicators
| REK | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -71.95% | -12.62% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -7.57% | -4.10% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -18.90% | -8.03% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -31.21% | +4.28% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -44.16% | -14.51% |
Current DrawdownCurrent decline from peak | -82.74% | 0.00% | -82.74% |
Average DrawdownAverage peak-to-trough decline | -64.19% | -13.62% | -50.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.52% | 2.36% | +3.16% |
Volatility
REK vs. FRI - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.55% compared to First Trust S&P REIT Index Fund (FRI) at 5.13%. This indicates that REK's price experiences larger fluctuations and is considered to be riskier than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| REK | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 5.13% | +0.42% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 10.58% | +0.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 13.84% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.98% | 18.73% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 21.10% | -0.74% |
REK vs. FRI - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than FRI's 0.50% expense ratio.
Dividends
REK vs. FRI - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.32%, more than FRI's 2.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.37% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
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 FRI 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.
REK has higher volatility (5.55%) compared to FRI (5.13%). In terms of maximum drawdown, REK dropped -84.57% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.67% vs -5.95% for REK. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 5.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.67% return vs -5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.32%, compared with 2.37% for FRI.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while FRI tracks S&P United States REIT. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for REK and 0.50% for FRI.
FRI currently has the higher Sharpe Ratio (1.73 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.
Find the right allocation for REK and FRI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer