REK vs. SSO
REK (ProShares Short Real Estate) and SSO (ProShares Ultra S&P500) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while SSO is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, REK returned -6.46%/yr vs 24.22%/yr for SSO. At a correlation of -0.60, they often move in opposite directions. REK charges 0.95%/yr vs 0.87%/yr for SSO.
Performance
REK vs. SSO - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.73% return, which is significantly lower than SSO's 12.57% return. Over the past 10 years, REK has underperformed SSO with an annualized return of -6.46%, while SSO has yielded a comparatively higher 24.22% annualized return.
REK
- 1D
- -0.55%
- 1M
- -1.21%
- YTD
- -9.73%
- 6M
- -9.36%
- 1Y
- -4.46%
- 3Y*
- -5.42%
- 5Y*
- -0.55%
- 10Y*
- -6.46%
SSO
- 1D
- -0.34%
- 1M
- -3.63%
- YTD
- 12.57%
- 6M
- 9.73%
- 1Y
- 38.74%
- 3Y*
- 33.68%
- 5Y*
- 17.67%
- 10Y*
- 24.22%
REK vs. SSO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.73% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
SSO ProShares Ultra S&P500 | 12.57% | 26.19% | 43.48% | 46.65% | -38.98% | 60.57% | 21.54% | 63.45% | -14.60% | 44.35% |
Correlation
The correlation between REK and SSO is -0.21, 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 | -0.21 |
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 SSO has weakened: their correlation has moved from -0.60 to -0.21, meaning they move in opposite directions less often than they have historically.
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Return for Risk
REK vs. SSO — Risk / Return Rank
REK
SSO
REK vs. SSO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and ProShares Ultra S&P500 (SSO). 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 | SSO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.89 | ||
| Sortino ratioReturn per unit of downside risk | -2.47 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.28 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.14 | -2.55 |
| Martin ratioReturn relative to average drawdown | -0.90 | 9.02 | -9.92 |
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Drawdowns
REK vs. SSO - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, roughly equal to the maximum SSO drawdown of -84.67%. Use the drawdown chart below to compare losses from any high point for REK and SSO.
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Drawdown Indicators
| REK | SSO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -84.67% | +0.10% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -18.17% | +7.12% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -35.21% | +8.28% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -46.73% | +19.80% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -59.34% | +0.67% |
Current DrawdownCurrent decline from peak | -82.56% | -7.02% | -75.54% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -19.52% | -44.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 4.30% | +0.68% |
Volatility
REK vs. SSO - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 5.24%, while ProShares Ultra S&P500 (SSO) has a volatility of 9.66%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky than SSO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | SSO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 9.66% | -4.42% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 19.58% | -8.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 24.86% | -10.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 33.84% | -14.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 35.92% | -15.57% |
REK vs. SSO - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than SSO's 0.87% expense ratio.
Dividends
REK vs. SSO - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.38%, more than SSO's 0.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.38% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% | 0.00% | 0.00% |
SSO ProShares Ultra S&P500 | 0.66% | 0.68% | 0.85% | 0.18% | 0.50% | 0.18% | 0.20% | 0.50% | 0.75% | 0.39% | 0.51% | 0.63% |
Frequently Asked Questions
REK and SSO have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSO has higher volatility (9.66%) compared to REK (5.24%). In terms of maximum drawdown, REK dropped -84.57% vs SSO's -84.67%.
On 10-year performance, SSO leads with 24.22% vs -6.46% for REK. On fees, SSO is cheaper at 0.87% per year. On volatility, REK has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SSO has performed better with a 24.22% return vs -6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSO is cheaper with a 0.87% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.38%, compared with 0.66% for SSO.
REK is categorized as REIT, while SSO is Leveraged Equities. REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while SSO tracks S&P 500. Their fees differ too: 0.95% for REK and 0.87% for SSO.
SSO currently has the higher Sharpe Ratio (1.57 vs -0.32), 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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