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 Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, REK returned -6.20%/yr vs 1.18%/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 -6.58% return, which is significantly lower than KBWY's 17.06% return. Over the past 10 years, REK has underperformed KBWY with an annualized return of -6.20%, while KBWY has yielded a comparatively higher 1.18% annualized return.
REK
- 1D
- -0.49%
- 1M
- 1.33%
- YTD
- -6.58%
- 6M
- -5.51%
- 1Y
- -2.96%
- 3Y*
- -3.69%
- 5Y*
- -0.14%
- 10Y*
- -6.20%
KBWY
- 1D
- -0.81%
- 1M
- 5.63%
- YTD
- 17.06%
- 6M
- 17.05%
- 1Y
- 22.51%
- 3Y*
- 9.10%
- 5Y*
- 2.15%
- 10Y*
- 1.18%
REK vs. KBWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -6.58% | 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 | 17.06% | -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 | -0.77 |
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 3, 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.
| REK | KBWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.60 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.23 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 2.45 | -2.74 |
| Martin ratioReturn relative to average drawdown | -0.67 | 5.82 | -6.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REK | KBWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 1.38 | -1.60 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | 0.10 | -0.11 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.31 | 0.04 | -0.35 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.20 | -0.68 |
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 | -10.23% | -9.24% | -0.99% |
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 | -81.95% | -10.82% | -71.13% |
Average DrawdownAverage peak-to-trough decline | -64.08% | -14.18% | -49.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.42% | 3.88% | +0.54% |
Volatility
REK vs. KBWY - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 3.91%, while Invesco KBW Premium Yield Equity REIT ETF (KBWY) has a volatility of 4.73%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky 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 | 3.91% | 4.73% | -0.82% |
Volatility (6M)Calculated over the trailing 6-month period | 9.67% | 11.61% | -1.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.42% | 16.44% | -3.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.86% | 21.61% | -2.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.30% | 27.05% | -6.75% |
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 3.27%, less than KBWY's 8.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 8.64% | 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 | 3.27% | 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.
KBWY has higher volatility (4.73%) compared to REK (3.91%). In terms of maximum drawdown, REK dropped -84.57% vs KBWY's -57.68%.
On 10-year performance, KBWY leads with 1.18% vs -6.20% for REK. On fees, KBWY is cheaper at 0.35% per year. On volatility, REK has been the lower-risk option at 3.91%. 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 1.18% return vs -6.20%. 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 8.64%, compared with 3.27% for REK.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while KBWY tracks KBW 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 (1.38 vs -0.22), 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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