REK vs. IYRI

Last updated Jun 25, 2026

REK (ProShares Short Real Estate) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while IYRI is a Derivative Income fund actively managed by Neos. REK is passively managed, while IYRI is actively managed. Over the past year, REK returned -4.46% vs 8.76% for IYRI. At a correlation of -0.93, they often move in opposite directions. REK charges 0.95%/yr vs 0.68%/yr for IYRI.

Performance

REK vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Real Estate (REK) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, REK achieves a -9.73% return, which is significantly lower than IYRI's 7.03% return.

REK

• 1D: -0.55%
• 1M: -1.21%
• YTD: -9.73%
• 6M: -9.36%
• 1Y: -4.46%
• 3Y*: -5.42%
• 5Y*: -0.55%
• 10Y*: -6.46%

IYRI

• 1D: -0.04%
• 1M: 0.79%
• YTD: 7.03%
• 6M: 6.33%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

REK vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
REK ProShares Short Real Estate	-9.73%	0.34%
IYRI NEOS Real Estate High Income ETF	7.03%	6.99%

Correlation

The correlation between REK and IYRI is -0.94, 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	-0.94
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.93

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

Return for Risk

REK vs. IYRI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

REK

REK Risk / Return Rank: 6
REK Sharpe Ratio Rank: 6
REK Sortino Ratio Rank: 6
REK Omega Ratio Rank: 6
REK Calmar Ratio Rank: 6
REK Martin Ratio Rank: 5

IYRI

IYRI Risk / Return Rank: 25
IYRI Sharpe Ratio Rank: 24
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

REK vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	-0.32	0.82	-1.14
Sortino ratio: Return per unit of downside risk	-0.38	1.18	-1.56
Omega ratio: Gain probability vs. loss probability	0.96	1.15	-0.19
Calmar ratio: Return relative to maximum drawdown	-0.41	1.17	-1.57
Martin ratio: Return relative to average drawdown	-0.90	4.20	-5.09

REK vs. IYRI - Sharpe Ratio Comparison

The current REK Sharpe Ratio is -0.32, which is lower than the IYRI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of REK and IYRI, 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. IYRI - Drawdown Comparison

The maximum REK drawdown since its inception was -84.57%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for REK and IYRI.

Drawdown Indicators

	REK	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-84.57%	-12.12%	-72.45%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-7.53%	-3.52%
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	-82.56%	-0.56%	-82.00%
Average Drawdown Average peak-to-trough decline	-64.12%	-1.69%	-62.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.98%	2.10%	+2.88%

Volatility

REK vs. IYRI - Volatility Comparison

ProShares Short Real Estate (REK) has a higher volatility of 5.24% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that REK's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REK	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.24%	4.21%	+1.03%
Volatility (6M) Calculated over the trailing 6-month period	10.60%	7.92%	+2.68%
Volatility (1Y) Calculated over the trailing 1-year period	14.06%	10.74%	+3.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.92%	13.18%	+5.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.35%	13.18%	+7.17%

REK vs. IYRI - Expense Ratio Comparison

REK has a 0.95% expense ratio, which is higher than IYRI's 0.68% expense ratio.

Dividends

REK vs. IYRI - Dividend Comparison

REK's dividend yield for the trailing twelve months is around 3.38%, less than IYRI's 11.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IYRI NEOS Real Estate High Income ETF	11.97%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
REK ProShares Short Real Estate	3.38%	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 IYRI in my portfolio?

REK and IYRI have a correlation of -0.94, 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 IYRI?

REK has higher volatility (5.24%) compared to IYRI (4.21%). In terms of maximum drawdown, REK dropped -84.57% vs IYRI's -12.12%.

Which ETF is better, REK or IYRI?

On 1-year performance, IYRI leads with 8.76% vs -4.46% for REK. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, REK or IYRI?

Over the 1-year period, IYRI has performed better with a 8.76% return vs -4.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, REK or IYRI?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.95% for REK.

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

IYRI has the higher dividend yield at 11.97%, compared with 3.38% for REK.

What is the main difference between REK and IYRI?

REK is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for REK and 0.68% for IYRI.

Which has better risk-adjusted returns?

IYRI currently has the higher Sharpe Ratio (0.82 vs -0.32), 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.