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 -6.40%/yr vs 15.53%/yr for SPY. At a correlation of -0.60, they often move in opposite directions. 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 -9.23% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, REK has underperformed SPY with an annualized return of -6.40%, while SPY has yielded a comparatively higher 15.53% annualized return.
REK
- 1D
- -1.45%
- 1M
- -0.67%
- YTD
- -9.23%
- 6M
- -9.52%
- 1Y
- -4.22%
- 3Y*
- -5.24%
- 5Y*
- -0.65%
- 10Y*
- -6.40%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
REK vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.23% | 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 | 8.15% | 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 -0.22, 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 | -0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
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 -0.22, 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 | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.34 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 2.67 | -3.05 |
| Martin ratioReturn relative to average drawdown | -0.86 | 11.92 | -12.78 |
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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 | -11.05% | -8.88% | -2.17% |
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 | -82.46% | -3.17% | -79.29% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -9.04% | -55.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 1.98% | +2.96% |
Volatility
REK vs. SPY - Volatility Comparison
ProShares Short Real Estate (REK) has a higher volatility of 5.22% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. 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 | 5.22% | 4.87% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 9.85% | +0.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 12.50% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 17.15% | +1.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 17.95% | +2.40% |
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 3.36%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.36% | 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 | 1.03% | 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 -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REK has higher volatility (5.22%) compared to SPY (4.87%). In terms of maximum drawdown, REK dropped -84.57% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -6.40% for REK. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. 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 15.53% return vs -6.40%. 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 3.36%, compared with 1.03% 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 (1.90 vs -0.30), 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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