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 -45.02%/yr vs 15.53%/yr for SPY. At a correlation of -0.84, they often move in opposite directions. 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 -43.46% return, which is significantly lower than SPY's 8.15% return. Over the past 10 years, REW has underperformed SPY with an annualized return of -45.02%, while SPY has yielded a comparatively higher 15.53% annualized return.
REW
- 1D
- 8.41%
- 1M
- -7.69%
- YTD
- -43.46%
- 6M
- -41.80%
- 1Y
- -59.92%
- 3Y*
- -45.10%
- 5Y*
- -37.89%
- 10Y*
- -45.02%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
REW vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -43.46% | -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 | 8.15% | 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 -0.85, 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 | -0.85 |
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 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 | -3.17 | ||
| Sortino ratioReturn per unit of downside risk | -4.92 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.34 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.67 | -3.62 |
| Martin ratioReturn relative to average drawdown | -2.00 | 11.92 | -13.92 |
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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 | -62.81% | -8.88% | -53.93% |
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 | -99.79% | -33.72% | -66.07% |
Current DrawdownCurrent decline from peak | -99.99% | -3.17% | -96.82% |
Average DrawdownAverage peak-to-trough decline | -86.90% | -9.04% | -77.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.15% | 1.98% | +30.17% |
Volatility
REW vs. SPY - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 24.81% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. 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 | 24.81% | 4.87% | +19.94% |
Volatility (6M)Calculated over the trailing 6-month period | 39.86% | 9.85% | +30.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.48% | 12.50% | +34.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.55% | 17.15% | +35.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.30% | 17.95% | +31.35% |
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 10.07%, more than SPY's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.07% | 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 | 1.03% | 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 -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (24.81%) compared to SPY (4.87%). In terms of maximum drawdown, REW dropped -99.99% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -45.02% for REW. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. 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 15.53% return vs -45.02%. 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 10.07%, compared with 1.03% 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 (1.90 vs -1.27), 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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