REW vs. ^GSPC
REW (ProShares UltraShort Technology) is Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while ^GSPC (S&P 500 Index) is an index. Over the past 10 years, REW returned -45.16%/yr vs 13.65%/yr for ^GSPC. At a correlation of -0.84, they often move in opposite directions.
Performance
REW vs. ^GSPC - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than ^GSPC's 10.79% return. Over the past 10 years, REW has underperformed ^GSPC with an annualized return of -45.16%, while ^GSPC has yielded a comparatively higher 13.65% annualized return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
^GSPC
- 1D
- 0.41%
- 1M
- 4.48%
- YTD
- 10.79%
- 6M
- 10.60%
- 1Y
- 27.02%
- 3Y*
- 21.07%
- 5Y*
- 12.39%
- 10Y*
- 13.65%
REW vs. ^GSPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
^GSPC S&P 500 Index | 10.79% | 16.39% | 23.31% | 24.23% | -19.44% | 26.89% | 16.26% | 28.88% | -6.24% | 19.42% |
Correlation
The correlation between REW and ^GSPC is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.90 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007 | -0.84 |
The correlation between REW and ^GSPC has been stable across timeframes, ranging from -0.90 to -0.84 - a consistent structural relationship.
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Return for Risk
REW vs. ^GSPC — Risk / Return Rank
REW
^GSPC
REW vs. ^GSPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and S&P 500 Index (^GSPC). 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.
| REW | ^GSPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.84 | ||
| Sortino ratioReturn per unit of downside risk | -6.15 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.41 | -0.73 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 2.98 | -3.97 |
| Martin ratioReturn relative to average drawdown | -2.00 | 13.78 | -15.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | ^GSPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | 2.28 | -3.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.74 | -1.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | 0.76 | -1.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.47 | -1.26 |
Drawdowns
REW vs. ^GSPC - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than ^GSPC's maximum drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for REW and ^GSPC.
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Drawdown Indicators
| REW | ^GSPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -56.78% | -43.21% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -9.10% | -57.15% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -18.90% | -67.86% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -25.43% | -68.19% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -33.92% | -65.87% |
Current DrawdownCurrent decline from peak | -99.99% | -0.33% | -99.66% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -10.72% | -76.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 1.97% | +30.63% |
Volatility
REW vs. ^GSPC - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.84% compared to S&P 500 Index (^GSPC) at 2.88%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | ^GSPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 2.88% | +11.96% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 9.00% | +25.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 11.89% | +30.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 16.90% | +34.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 18.06% | +30.77% |
Frequently Asked Questions
REW and ^GSPC have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (14.84%) compared to ^GSPC (2.88%). In terms of maximum drawdown, REW dropped -99.99% vs ^GSPC's -56.78%.
^GSPC currently has the higher Sharpe Ratio (2.28 vs -1.56), 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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