REK vs. XLRE

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Short Real Estate (REK) and Real Estate Select Sector SPDR Fund (XLRE).

REK and XLRE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. REK is a passively managed fund by ProShares that tracks the performance of the DJ Global United States (All) / Real Estate -SS (-100%). It was launched on Mar 18, 2010. XLRE is a passively managed fund by State Street that tracks the performance of the Real Estate Select Sector Index. It was launched on Oct 7, 2015. Both REK and XLRE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

REK vs. XLRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Real Estate (REK) and Real Estate Select Sector SPDR Fund (XLRE). The values are adjusted to include any dividend payments, if applicable.

REK vs. XLRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
REK ProShares Short Real Estate	-1.17%	2.35%	1.42%	-6.61%	29.17%	-30.58%	-11.33%	-20.96%	4.61%	-9.34%
XLRE Real Estate Select Sector SPDR Fund	2.17%	2.63%	5.09%	12.36%	-26.25%	46.10%	-2.18%	28.68%	-2.39%	10.69%

Returns By Period

In the year-to-date period, REK achieves a -1.17% return, which is significantly lower than XLRE's 2.17% return. Over the past 10 years, REK has underperformed XLRE with an annualized return of -5.85%, while XLRE has yielded a comparatively higher 5.98% annualized return.

REK

• 1D: -0.35%
• 1M: 6.75%
• YTD: -1.17%
• 6M: 3.55%
• 1Y: 3.30%
• 3Y*: -1.07%
• 5Y*: -1.03%
• 10Y*: -5.85%

XLRE

• 1D: 0.29%
• 1M: -6.14%
• YTD: 2.17%
• 6M: -1.08%
• 1Y: 1.18%
• 3Y*: 6.70%
• 5Y*: 3.78%
• 10Y*: 5.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

REK vs. XLRE - Expense Ratio Comparison

REK has a 0.95% expense ratio, which is higher than XLRE's 0.13% expense ratio.

REK

ProShares Short Real Estate

XLRE

Real Estate Select Sector SPDR Fund

Return for Risk

REK vs. XLRE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

REK

REK Risk / Return Rank: 16
REK Sharpe Ratio Rank: 16
REK Sortino Ratio Rank: 16
REK Omega Ratio Rank: 16
REK Calmar Ratio Rank: 16
REK Martin Ratio Rank: 14

XLRE

XLRE Risk / Return Rank: 13
XLRE Sharpe Ratio Rank: 13
XLRE Sortino Ratio Rank: 12
XLRE Omega Ratio Rank: 12
XLRE Calmar Ratio Rank: 14
XLRE Martin Ratio Rank: 14

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

REK vs. XLRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) and Real Estate Select Sector SPDR Fund (XLRE). 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.

	REK	XLRE	Difference
Sharpe ratio Return per unit of total volatility	0.20	0.07	+0.13
Sortino ratio Return per unit of downside risk	0.42	0.21	+0.21
Omega ratio Gain probability vs. loss probability	1.05	1.03	+0.02
Calmar ratio Return relative to maximum drawdown	0.23	0.11	+0.13
Martin ratio Return relative to average drawdown	0.33	0.37	-0.04
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REK vs. XLRE - Sharpe Ratio Comparison

The current REK Sharpe Ratio is 0.20, which is higher than the XLRE Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of REK and XLRE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	REK	XLRE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	0.07	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.05	0.20	-0.25
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.29	0.29	-0.58
Sharpe Ratio (All Time) Calculated using the full available price history	-0.48	0.32	-0.80

Correlation

The correlation between REK and XLRE is -0.96. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

REK vs. XLRE - Dividend Comparison

REK's dividend yield for the trailing twelve months is around 3.09%, less than XLRE's 3.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
REK ProShares Short Real Estate	3.09%	3.43%	6.22%	4.50%	0.48%	0.00%	0.07%	1.28%	0.43%	0.00%	0.00%	0.00%
XLRE Real Estate Select Sector SPDR Fund	3.42%	3.45%	3.43%	3.31%	3.70%	2.61%	3.15%	3.06%	3.78%	3.25%	4.22%	1.09%

Drawdowns

REK vs. XLRE - Drawdown Comparison

The maximum REK drawdown since its inception was -84.57%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for REK and XLRE.

Drawdown Indicators

	REK	XLRE	Difference
Max Drawdown Largest peak-to-trough decline	-84.57%	-38.83%	-45.74%
Max Drawdown (1Y) Largest decline over 1 year	-14.26%	-11.88%	-2.38%
Max Drawdown (5Y) Largest decline over 5 years	-26.93%	-34.12%	+7.19%
Max Drawdown (10Y) Largest decline over 10 years	-58.67%	-38.83%	-19.84%
Current Drawdown Current decline from peak	-80.90%	-8.69%	-72.21%
Average Drawdown Average peak-to-trough decline	-63.88%	-9.72%	-54.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.94%	3.39%	+6.55%

Volatility

REK vs. XLRE - Volatility Comparison

ProShares Short Real Estate (REK) and Real Estate Select Sector SPDR Fund (XLRE) have volatilities of 4.57% and 4.66%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	REK	XLRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.57%	4.66%	-0.09%
Volatility (6M) Calculated over the trailing 6-month period	9.46%	9.62%	-0.16%
Volatility (1Y) Calculated over the trailing 1-year period	16.40%	16.32%	+0.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.82%	19.04%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.28%	20.40%	-0.12%