REK vs. SRS
REK (ProShares Short Real Estate) and SRS (ProShares UltraShort Real Estate) are both REIT funds from ProShares - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while SRS tracks the Dow Jones U.S. Real Estate Index (-200%). Both are passively managed. Over the past 10 years, REK returned -6.40%/yr vs -16.93%/yr for SRS. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
REK vs. SRS - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.23% return, which is significantly higher than SRS's -19.56% return. Over the past 10 years, REK has outperformed SRS with an annualized return of -6.40%, while SRS has yielded a comparatively lower -16.93% 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%
SRS
- 1D
- -2.78%
- 1M
- -1.86%
- YTD
- -19.56%
- 6M
- -20.11%
- 1Y
- -12.62%
- 3Y*
- -15.69%
- 5Y*
- -6.99%
- 10Y*
- -16.93%
REK vs. SRS - 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% |
SRS ProShares UltraShort Real Estate | -19.56% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
Correlation
The correlation between REK and SRS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.96 |
The correlation between REK and SRS has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
REK vs. SRS — Risk / Return Rank
REK
SRS
REK vs. SRS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and ProShares UltraShort Real Estate (SRS). 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 | SRS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.14 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.95 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | -0.57 | +0.19 |
| Martin ratioReturn relative to average drawdown | -0.86 | -1.25 | +0.39 |
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Drawdowns
REK vs. SRS - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, smaller than the maximum SRS drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for REK and SRS.
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Drawdown Indicators
| REK | SRS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -99.96% | +15.39% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -22.21% | +11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -52.58% | +25.65% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -52.58% | +25.65% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -86.12% | +27.45% |
Current DrawdownCurrent decline from peak | -82.46% | -99.96% | +17.50% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -91.23% | +27.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 10.14% | -5.20% |
Volatility
REK vs. SRS - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 5.22%, while ProShares UltraShort Real Estate (SRS) has a volatility of 10.70%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky than SRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | SRS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 10.70% | -5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 21.31% | -10.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 28.53% | -14.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 37.74% | -18.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 40.77% | -20.42% |
REK vs. SRS - Expense Ratio Comparison
Both REK and SRS have an expense ratio of 0.95%.
Dividends
REK vs. SRS - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.36%, less than SRS's 3.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.36% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% |
SRS ProShares UltraShort Real Estate | 3.92% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% |
Frequently Asked Questions
With a correlation of 0.99, REK and SRS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SRS has higher volatility (10.70%) compared to REK (5.22%). In terms of maximum drawdown, REK dropped -84.57% vs SRS's -99.96%.
On 10-year performance, REK leads with -6.40% vs -16.93% for SRS. Both ETFs have the same 0.95% expense ratio. On volatility, REK has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REK has performed better with a -6.40% return vs -16.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REK and SRS have the same expense ratio: 0.95% per year.
SRS has the higher dividend yield at 3.92%, compared with 3.36% for REK.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while SRS tracks Dow Jones U.S. Real Estate Index (-200%).
REK currently has the higher Sharpe Ratio (-0.30 vs -0.45), 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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