REW vs. SSG
REW (ProShares UltraShort Technology) and SSG (Proshares Ultrashort Semiconductors) are both Leveraged Equities funds from ProShares - REW tracks the Dow Jones U.S. Technology Index (-200%) while SSG tracks the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 10 years, REW returned -45.02%/yr vs -62.09%/yr for SSG. Their correlation of 0.83 suggests significant overlap in exposure. Both charge a 0.95% expense ratio.
Performance
REW vs. SSG - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -43.46% return, which is significantly higher than SSG's -58.97% return. Over the past 10 years, REW has outperformed SSG with an annualized return of -45.02%, while SSG has yielded a comparatively lower -62.09% 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%
SSG
- 1D
- 12.02%
- 1M
- -11.92%
- YTD
- -58.97%
- 6M
- -57.87%
- 1Y
- -78.94%
- 3Y*
- -74.04%
- 5Y*
- -66.24%
- 10Y*
- -62.09%
REW vs. SSG - 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% |
SSG Proshares Ultrashort Semiconductors | -58.97% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -63.33% | -0.79% | -51.60% |
Correlation
The correlation between REW and SSG is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.83 |
The correlation between REW and SSG has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
REW vs. SSG — Risk / Return Rank
REW
SSG
REW vs. SSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and Proshares Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.72 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.99 | +0.03 |
| Martin ratioReturn relative to average drawdown | -2.00 | -1.64 | -0.37 |
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Drawdowns
REW vs. SSG - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for REW and SSG.
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Drawdown Indicators
| REW | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -62.81% | -79.92% | +17.11% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -98.56% | +11.80% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -99.66% | +6.04% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -99.99% | +0.20% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -86.90% | -88.60% | +1.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.15% | 51.14% | -18.99% |
Volatility
REW vs. SSG - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 24.81%, while Proshares Ultrashort Semiconductors (SSG) has a volatility of 33.37%. This indicates that REW experiences smaller price fluctuations and is considered to be less risky than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.81% | 33.37% | -8.56% |
Volatility (6M)Calculated over the trailing 6-month period | 39.86% | 54.63% | -14.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.48% | 68.68% | -21.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.55% | 78.55% | -26.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.30% | 69.63% | -20.33% |
REW vs. SSG - Expense Ratio Comparison
Both REW and SSG have an expense ratio of 0.95%.
Dividends
REW vs. SSG - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 10.07%, less than SSG's 12.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 10.07% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% |
SSG Proshares Ultrashort Semiconductors | 12.72% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
Frequently Asked Questions
REW and SSG have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SSG has higher volatility (33.37%) compared to REW (24.81%). In terms of maximum drawdown, REW dropped -99.99% vs SSG's -100.00%.
On 10-year performance, REW leads with -45.02% vs -62.09% for SSG. Both ETFs have the same 0.95% expense ratio. On volatility, REW has been the lower-risk option at 24.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REW has performed better with a -45.02% return vs -62.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW and SSG have the same expense ratio: 0.95% per year.
SSG has the higher dividend yield at 12.72%, compared with 10.07% for REW.
REW tracks Dow Jones U.S. Technology Index (-200%), while SSG tracks Dow Jones U.S. Semiconductors Index (-200%).
SSG currently has the higher Sharpe Ratio (-1.15 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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