REK vs. KBWY
REK (ProShares Short Real Estate) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while KBWY tracks the KBW Nasdaq Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, REK returned -6.46%/yr vs 1.51%/yr for KBWY. At a correlation of -0.79, they often move in opposite directions. REK charges 0.95%/yr vs 0.35%/yr for KBWY.
Performance
REK vs. KBWY - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.73% return, which is significantly lower than KBWY's 23.12% return. Over the past 10 years, REK has underperformed KBWY with an annualized return of -6.46%, while KBWY has yielded a comparatively higher 1.51% annualized 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%
KBWY
- 1D
- 0.46%
- 1M
- 5.21%
- YTD
- 23.12%
- 6M
- 23.78%
- 1Y
- 26.05%
- 3Y*
- 12.15%
- 5Y*
- 2.95%
- 10Y*
- 1.51%
REK vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.73% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
KBWY Invesco KBW Premium Yield Equity REIT ETF | 23.12% | -5.30% | -3.49% | 12.88% | -19.00% | 31.22% | -25.83% | 23.36% | -18.20% | 0.81% |
Correlation
The correlation between REK and KBWY is -0.70, 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 | -0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.76 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.79 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.78 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2010 | -0.79 |
The correlation between REK and KBWY has been stable across timeframes, ranging from -0.79 to -0.70 - a consistent structural relationship.
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Return for Risk
REK vs. KBWY — Risk / Return Rank
REK
KBWY
REK vs. KBWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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 | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.26 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.83 | -3.24 |
| Martin ratioReturn relative to average drawdown | -0.90 | 6.73 | -7.63 |
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Drawdowns
REK vs. KBWY - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for REK and KBWY.
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Drawdown Indicators
| REK | KBWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -57.68% | -26.89% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -9.24% | -1.81% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -29.93% | +3.00% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -32.29% | +5.36% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -57.68% | -0.99% |
Current DrawdownCurrent decline from peak | -82.56% | -6.21% | -76.35% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -14.15% | -49.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 3.88% | +1.10% |
Volatility
REK vs. KBWY - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.24% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.86%. This indicates that REK's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | KBWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 4.86% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 12.07% | -1.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 16.76% | -2.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 21.61% | -2.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 27.07% | -6.72% |
REK vs. KBWY - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than KBWY's 0.35% expense ratio.
Dividends
REK vs. KBWY - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.38%, less than KBWY's 8.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.24% | 9.79% | 8.74% | 7.90% | 7.41% | 5.05% | 10.35% | 6.19% | 8.64% | 7.25% | 6.55% | 5.72% |
REK ProShares Short Real Estate | 3.38% | 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 KBWY have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.24%) compared to KBWY (4.86%). In terms of maximum drawdown, REK dropped -84.57% vs KBWY's -57.68%.
On 10-year performance, KBWY leads with 1.51% vs -6.46% for REK. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, KBWY has performed better with a 1.51% return vs -6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
KBWY is cheaper with a 0.35% expense ratio, compared with 0.95% for REK.
KBWY has the higher dividend yield at 8.24%, compared with 3.38% for REK.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while KBWY tracks KBW Nasdaq Premium Yield Equity REIT Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for REK and 0.35% for KBWY.
KBWY currently has the higher Sharpe Ratio (1.56 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.
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