REK vs. SPY
REK (ProShares Short Real Estate) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, REK returned -5.78%/yr vs 15.07%/yr for SPY. Their -0.60 correlation means they have often moved in opposite directions in the past. REK charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
REK vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.66% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, REK has underperformed SPY with an annualized return of -5.78%, while SPY has yielded a comparatively higher 15.07% annualized return.
REK
- 1D
- 0.52%
- 1M
- -0.32%
- 6M
- -7.57%
- YTD
- -9.66%
- 1Y
- -6.99%
- 3Y*
- -3.68%
- 5Y*
- 0.17%
- 10Y*
- -5.78%
- ALL TIME*
- -9.82%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $70.29K | $233.75K | $176.01K | |
| $37.27B | $35.99B | $39.23B |
REK vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.66% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between REK and SPY is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.14 |
Correlation (3Y) Balances recent behavior with more history. | -0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.60 |
Over the past year, the inverse relationship between REK and SPY has weakened: their correlation has moved from -0.60 to -0.14, meaning they move in opposite directions less often than they have historically.
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Return for Risk
REK vs. SPY — Risk / Return Rank
REK
SPY
REK vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.72 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.53 | 2.20 | -2.74 |
| Martin ratioReturn relative to average drawdown | -1.12 | 9.40 | -10.52 |
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Drawdowns
REK vs. SPY - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for REK and SPY.
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Drawdown Indicators
| REK | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -55.19% | -29.38% |
Max Drawdown (1Y)Largest decline over 1 year | -12.66% | -8.88% | -3.78% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -18.76% | -8.17% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -24.50% | -2.43% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -33.72% | -24.95% |
Current DrawdownCurrent decline from peak | -82.54% | -1.40% | -81.14% |
Average DrawdownAverage peak-to-trough decline | -64.24% | -9.01% | -55.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.02% | 2.08% | +3.94% |
Volatility
REK vs. SPY - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 4.68% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that REK's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.68% | 3.58% | +1.10% |
Volatility (6M)Calculated over the trailing 6-month period | 11.19% | 10.14% | +1.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.27% | 12.89% | +1.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 17.18% | +1.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.37% | 17.95% | +2.42% |
REK vs. SPY - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
REK vs. SPY - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.28%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.28% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
REK and SPY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (4.68%) compared to SPY (3.58%). In terms of maximum drawdown, REK dropped -84.57% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -5.78% for REK. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -5.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.28%, compared with 1.01% for SPY.
REK is categorized as REIT, while SPY is S&P 500. REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for REK and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 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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