REK vs. UPRO
REK (ProShares Short Real Estate) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while UPRO 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 30.12%/yr for UPRO. At a correlation of -0.60, they often move in opposite directions. REK charges 0.95%/yr vs 0.89%/yr for UPRO.
Performance
REK vs. UPRO - 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 UPRO's 16.62% return. Over the past 10 years, REK has underperformed UPRO with an annualized return of -6.46%, while UPRO has yielded a comparatively higher 30.12% 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%
UPRO
- 1D
- -0.50%
- 1M
- -5.86%
- YTD
- 16.62%
- 6M
- 12.20%
- 1Y
- 56.32%
- 3Y*
- 45.99%
- 5Y*
- 20.00%
- 10Y*
- 30.12%
REK vs. UPRO - 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% |
UPRO ProShares UltraPro S&P 500 | 16.62% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between REK and UPRO 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 UPRO 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. UPRO — Risk / Return Rank
REK
UPRO
REK vs. UPRO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and ProShares UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.84 | ||
| Sortino ratioReturn per unit of downside risk | -2.38 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 2.11 | -2.52 |
| Martin ratioReturn relative to average drawdown | -0.90 | 8.56 | -9.45 |
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Drawdowns
REK vs. UPRO - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for REK and UPRO.
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Drawdown Indicators
| REK | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -76.82% | -7.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -26.78% | +15.73% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -48.87% | +21.94% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -63.94% | +37.01% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -76.82% | +18.15% |
Current DrawdownCurrent decline from peak | -82.56% | -10.72% | -71.84% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -14.39% | -49.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 6.60% | -1.62% |
Volatility
REK vs. UPRO - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 5.24%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 14.62%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 14.62% | -9.38% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 29.40% | -18.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 37.26% | -23.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 50.62% | -31.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 53.78% | -33.43% |
REK vs. UPRO - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
REK vs. UPRO - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.38%, more than UPRO's 0.75% 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% |
UPRO ProShares UltraPro S&P 500 | 0.75% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
REK and UPRO 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.
UPRO has higher volatility (14.62%) compared to REK (5.24%). In terms of maximum drawdown, REK dropped -84.57% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 30.12% vs -6.46% for REK. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 30.12% return vs -6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.38%, compared with 0.75% for UPRO.
REK is categorized as REIT, while UPRO is Leveraged Equities. REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while UPRO tracks S&P 500. Their fees differ too: 0.95% for REK and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.52 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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