REK vs. XLRE
REK (ProShares Short Real Estate) and XLRE (Real Estate Select Sector SPDR Fund) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while XLRE tracks the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, REK returned -6.40%/yr vs 6.92%/yr for XLRE. At a correlation of -0.96, they often move in opposite directions. REK charges 0.95%/yr vs 0.13%/yr for XLRE.
Performance
REK vs. XLRE - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.23% return, which is significantly lower than XLRE's 12.35% return. Over the past 10 years, REK has underperformed XLRE with an annualized return of -6.40%, while XLRE has yielded a comparatively higher 6.92% 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%
XLRE
- 1D
- 1.41%
- 1M
- 1.06%
- YTD
- 12.35%
- 6M
- 12.83%
- 1Y
- 9.79%
- 3Y*
- 11.31%
- 5Y*
- 3.53%
- 10Y*
- 6.92%
REK vs. XLRE - 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% |
XLRE Real Estate Select Sector SPDR Fund | 12.35% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between REK and XLRE is -0.99, 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 | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | -0.96 |
The correlation between REK and XLRE has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
REK vs. XLRE — Risk / Return Rank
REK
XLRE
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.
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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.13 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.38 | 1.18 | -1.56 |
| Martin ratioReturn relative to average drawdown | -0.86 | 3.23 | -4.08 |
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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.
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Drawdown Indicators
| REK | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -38.83% | -45.74% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -8.33% | -2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -16.74% | -10.19% |
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 DrawdownCurrent decline from peak | -82.46% | -0.72% | -81.74% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -9.56% | -54.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.94% | 3.04% | +1.90% |
Volatility
REK vs. XLRE - Volatility Comparison
ProShares Short Real Estate (REK) and Real Estate Select Sector SPDR Fund (XLRE) have volatilities of 5.22% and 5.35%, 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.
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Volatility by Period
| REK | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.22% | 5.35% | -0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 10.63% | -0.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.14% | 14.17% | -0.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 19.13% | -0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 20.45% | -0.10% |
REK vs. XLRE - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
REK vs. XLRE - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.36%, more than XLRE's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.36% | 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 | 3.15% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
REK and XLRE have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XLRE has higher volatility (5.35%) compared to REK (5.22%). In terms of maximum drawdown, REK dropped -84.57% vs XLRE's -38.83%.
On 10-year performance, XLRE leads with 6.92% vs -6.40% for REK. On fees, XLRE is cheaper at 0.13% per year. 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, XLRE has performed better with a 6.92% return vs -6.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLRE is cheaper with a 0.13% expense ratio, compared with 0.95% for REK.
REK has the higher dividend yield at 3.36%, compared with 3.15% for XLRE.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while XLRE tracks Real Estate Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for REK and 0.13% for XLRE.
XLRE currently has the higher Sharpe Ratio (0.70 vs -0.30), 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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