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 -5.95%/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 -10.66% return, which is significantly lower than KBWY's 30.06% return. Over the past 10 years, REK has underperformed KBWY with an annualized return of -5.95%, while KBWY has yielded a comparatively higher 1.18% 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%
KBWY
- 1D
- 2.68%
- 1M
- 6.09%
- 6M
- 22.10%
- YTD
- 30.06%
- 1Y
- 31.16%
- 3Y*
- 9.89%
- 5Y*
- 3.85%
- 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 | -10.66% | 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 | 30.06% | -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 -0.71, 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 | -0.71 |
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 2, 2010 | -0.79 |
The correlation between REK and KBWY has been stable across timeframes, ranging from -0.79 to -0.71 - 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 | -2.35 | ||
| Sortino ratioReturn per unit of downside risk | -3.30 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.31 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.39 | -3.97 |
| Martin ratioReturn relative to average drawdown | -1.24 | 8.21 | -9.45 |
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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 | -11.67% | -9.24% | -2.43% |
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 | -82.74% | -0.92% | -81.82% |
Average DrawdownAverage peak-to-trough decline | -64.19% | -14.11% | -50.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.52% | 3.81% | +1.71% |
Volatility
REK vs. KBWY - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.55% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 5.20%. 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 | 5.55% | 5.20% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 12.44% | -1.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 16.70% | -2.31% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.98% | 21.63% | -2.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 27.06% | -6.70% |
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 3.32%, less than KBWY's 7.80% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
KBWY Invesco KBW Premium Yield Equity REIT ETF | 7.80% | 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 | 3.32% | 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 KBWY have a correlation of -0.71, 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 KBWY (5.20%). In terms of maximum drawdown, REK dropped -84.57% vs KBWY's -57.68%.
On 10-year performance, KBWY leads with 1.18% vs -5.95% for REK. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 5.20%. 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 -5.95%. 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 7.80%, compared with 3.32% 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 (1.87 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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