PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
REW vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

REW vs. SPY

Last updated Jun 3, 2026

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 -45.27%/yr vs 15.57%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Technology (REW) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, REW achieves a -49.51% return, which is significantly lower than SPY's 11.69% return. Over the past 10 years, REW has underperformed SPY with an annualized return of -45.27%, while SPY has yielded a comparatively higher 15.57% annualized return.

REW

1D
-2.60%
1M
-34.10%
YTD
-49.51%
6M
-49.04%
1Y
-67.10%
3Y*
-47.56%
5Y*
-40.98%
10Y*
-45.27%

SPY

1D
0.14%
1M
5.40%
YTD
11.69%
6M
12.09%
1Y
29.62%
3Y*
22.64%
5Y*
14.20%
10Y*
15.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

REW vs. SPY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
REW
ProShares UltraShort Technology		-49.51%-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		11.69%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 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 SPY has been stable across timeframes, ranging from -0.90 to -0.84 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Technology

State Street SPDR S&P 500 ETF

Often compared with REW:
REW vs. TECSREW vs. ^VVIXREW vs. XLKREW vs. VXXREW vs. ^GSPCREW vs. SSGREW vs. FTEC
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

REW vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
REW
REW Risk / Return Rank: 00
Overall Rank
REW Sharpe Ratio Rank: 00
Sharpe Ratio Rank
REW Sortino Ratio Rank: 00
Sortino Ratio Rank
REW Omega Ratio Rank: 00
Omega Ratio Rank
REW Calmar Ratio Rank: 00
Calmar Ratio Rank
REW Martin Ratio Rank: 00
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7575
Overall Rank
SPY Sharpe Ratio Rank: 7777
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7575
Sortino Ratio Rank
SPY Omega Ratio Rank: 7676
Omega Ratio Rank
SPY Calmar Ratio Rank: 6868
Calmar Ratio Rank
SPY Martin Ratio Rank: 8080
Martin Ratio Rank
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.

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.

REWSPYDifference

Sharpe ratio

Return per unit of total volatility

-1.60

2.52

-4.12

Sortino ratio

Return per unit of downside risk

-3.18

3.42

-6.59

Omega ratio

Gain probability vs. loss probability

0.67

1.46

-0.79

Calmar ratio

Return relative to maximum drawdown

-1.00

3.42

-4.42

Martin ratio

Return relative to average drawdown

-1.99

15.93

-17.92

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

REW vs. SPY - Sharpe Ratio Comparison

The current REW Sharpe Ratio is -1.60, which is lower than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of REW and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

REWSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.60

2.52

-4.12

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.80

0.84

-1.63

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.93

0.87

-1.80

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.79

0.59

-1.38

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.

Loading charts...

Drawdown Indicators

REWSPYDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-55.19%

-44.80%

Max Drawdown (1Y)

Largest decline over 1 year

-66.25%

-8.88%

-57.37%

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 Drawdown

Current decline from peak

-99.99%

0.00%

-99.99%

Average Drawdown

Average peak-to-trough decline

-86.88%

-9.05%

-77.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.84%

1.91%

+31.93%

Volatility

REW vs. SPY - Volatility Comparison

ProShares UltraShort Technology (REW) has a higher volatility of 14.39% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. 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.

Loading charts...

Volatility by Period

REWSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

14.39%

2.75%

+11.64%

Volatility (6M)

Calculated over the trailing 6-month period

34.04%

8.89%

+25.15%

Volatility (1Y)

Calculated over the trailing 1-year period

42.04%

11.81%

+30.23%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.64%

17.05%

+34.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

48.84%

17.94%

+30.90%

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 11.27%, more than SPY's 0.97% yield.

PositionTTM20252024202320222021202020192018201720162015
REW
ProShares UltraShort Technology		11.27%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		0.97%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 (14.39%) compared to SPY (2.75%). In terms of maximum drawdown, REW dropped -99.99% vs SPY's -55.19%.

On 10-year performance, SPY leads with 15.57% vs -45.27% for REW. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. 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 15.57% return vs -45.27%. 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 11.27%, compared with 0.97% 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 (2.52 vs -1.60), 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.

Portfolio Optimizer

Find the right allocation for REW and SPY

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer