REK vs. USD
REK (ProShares Short Real Estate) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - REK is a REIT fund tracking the DJ Global United States (All) / Real Estate -SS (-100%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, REK returned -5.95%/yr vs 56.23%/yr for USD. At a correlation of -0.35, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
REK vs. USD - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -10.66% return, which is significantly lower than USD's 63.25% return. Over the past 10 years, REK has underperformed USD with an annualized return of -5.95%, while USD has yielded a comparatively higher 56.23% annualized return.
REK
- 1D
- -1.96%
- 1M
- -1.41%
- 6M
- -7.93%
- YTD
- -10.66%
- 1Y
- -6.85%
- 3Y*
- -3.67%
- 5Y*
- -0.24%
- 10Y*
- -5.95%
USD
- 1D
- -7.37%
- 1M
- -12.52%
- 6M
- 51.62%
- YTD
- 63.25%
- 1Y
- 108.17%
- 3Y*
- 94.08%
- 5Y*
- 61.69%
- 10Y*
- 56.23%
REK vs. USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -10.66% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
USD ProShares Ultra Semiconductors | 63.25% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 81.72% |
Correlation
The correlation between REK and USD is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.27 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.28 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.35 |
The correlation between REK and USD shifts across timeframes, from -0.35 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
REK vs. USD — Risk / Return Rank
REK
USD
REK vs. USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and ProShares Ultra Semiconductors (USD). 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 | USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.60 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.26 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.59 | 3.42 | -4.01 |
| Martin ratioReturn relative to average drawdown | -1.24 | 8.81 | -10.05 |
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Drawdowns
REK vs. USD - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, roughly equal to the maximum USD drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for REK and USD.
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Drawdown Indicators
| REK | USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -88.63% | +4.06% |
Max Drawdown (1Y)Largest decline over 1 year | -11.67% | -31.80% | +20.13% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -64.46% | +37.53% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -77.85% | +50.92% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -77.85% | +19.18% |
Current DrawdownCurrent decline from peak | -82.74% | -24.58% | -58.16% |
Average DrawdownAverage peak-to-trough decline | -64.19% | -32.25% | -31.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.52% | 12.32% | -6.80% |
Volatility
REK vs. USD - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 5.55%, while ProShares Ultra Semiconductors (USD) has a volatility of 30.75%. This indicates that REK experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REK | USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 30.75% | -25.20% |
Volatility (6M)Calculated over the trailing 6-month period | 11.28% | 58.47% | -47.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.39% | 71.05% | -56.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.98% | 78.28% | -59.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.36% | 70.10% | -49.74% |
REK vs. USD - Expense Ratio Comparison
Both REK and USD have an expense ratio of 0.95%.
Dividends
REK vs. USD - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.32%, more than USD's 0.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.32% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.35% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
REK and USD have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (30.75%) compared to REK (5.55%). In terms of maximum drawdown, REK dropped -84.57% vs USD's -88.63%.
On 10-year performance, USD leads with 56.23% vs -5.95% for REK. Both ETFs have the same 0.95% expense ratio. On volatility, REK has been the lower-risk option at 5.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, USD has performed better with a 56.23% return vs -5.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REK and USD have the same expense ratio: 0.95% per year.
REK has the higher dividend yield at 3.32%, compared with 0.35% for USD.
REK is categorized as REIT, while USD is Leveraged Equities. REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).
USD currently has the higher Sharpe Ratio (1.53 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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