REW vs. SPY
REW (ProShares UltraShort Technology) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, REW returned -43.49%/yr vs 15.07%/yr for SPY. Their -0.84 correlation means they have often moved in opposite directions in the past. REW charges 0.95%/yr vs 0.09%/yr for SPY.
Performance
REW vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -39.32% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, REW has underperformed SPY with an annualized return of -43.49%, while SPY has yielded a comparatively higher 15.07% annualized return.
REW
- 1D
- 0.08%
- 1M
- 3.53%
- 6M
- -39.26%
- YTD
- -39.32%
- 1Y
- -52.04%
- 3Y*
- -41.68%
- 5Y*
- -35.51%
- 10Y*
- -43.49%
- ALL TIME*
- -36.20%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $552.72K | $447.22K | $395.13K | |
| $37.27B | $35.99B | $39.23B |
REW vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.32% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
SPY State Street SPDR S&P 500 ETF | 10.13% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between REW and SPY is -0.86, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.86 |
Correlation (3Y) Balances recent behavior with more history. | -0.87 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.90 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.86 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.84 |
The correlation between REW and SPY 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. SPY — Risk / Return Rank
REW
SPY
REW vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and State Street SPDR S&P 500 ETF (SPY). 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.
| REW | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.49 | ||
| Sortino ratioReturn per unit of downside risk | -3.61 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.27 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.20 | -3.04 |
| Martin ratioReturn relative to average drawdown | -1.59 | 9.40 | -10.99 |
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Drawdowns
REW vs. SPY - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for REW and SPY.
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Drawdown Indicators
| REW | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -55.19% | -44.80% |
Max Drawdown (1Y)Largest decline over 1 year | -60.10% | -8.88% | -51.22% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -18.76% | -68.00% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -24.50% | -69.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | -33.72% | -66.00% |
Current DrawdownCurrent decline from peak | -99.99% | -1.40% | -98.59% |
Average DrawdownAverage peak-to-trough decline | -86.97% | -9.01% | -77.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.35% | 2.08% | +29.27% |
Volatility
REW vs. SPY - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 19.67% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 3.58% | +16.09% |
Volatility (6M)Calculated over the trailing 6-month period | 44.30% | 10.14% | +34.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.71% | 12.89% | +38.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.29% | 17.18% | +36.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.65% | 17.95% | +31.70% |
REW vs. SPY - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
REW vs. SPY - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.21%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.21% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
REW and SPY 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 (19.67%) compared to SPY (3.58%). In terms of maximum drawdown, REW dropped -99.99% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -43.49% for REW. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.07% return vs -43.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 0.95% for REW.
REW has the higher dividend yield at 8.21%, compared with 1.01% for SPY.
REW is categorized as Leveraged Equities, while SPY is S&P 500. REW tracks Dow Jones U.S. Technology Index (-200%), while SPY tracks S&P 500 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for REW and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.52 vs -0.97), 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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