REW vs. XLK
REW (ProShares UltraShort Technology) and XLK (State Street Technology Select Sector SPDR ETF) are both exchange-traded funds - REW is a Leveraged Equities fund tracking the Dow Jones U.S. Technology Index (-200%), while XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, REW returned -44.19%/yr vs 24.50%/yr for XLK. At a correlation of -0.94, they often move in opposite directions. REW charges 0.95%/yr vs 0.08%/yr for XLK.
Performance
REW vs. XLK - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -42.29% return, which is significantly lower than XLK's 26.22% return. Over the past 10 years, REW has underperformed XLK with an annualized return of -44.19%, while XLK has yielded a comparatively higher 24.50% annualized return.
REW
- 1D
- 4.67%
- 1M
- 1.54%
- 6M
- -40.06%
- YTD
- -42.29%
- 1Y
- -54.60%
- 3Y*
- -43.24%
- 5Y*
- -36.57%
- 10Y*
- -44.19%
XLK
- 1D
- -2.42%
- 1M
- -1.79%
- 6M
- 23.80%
- YTD
- 26.22%
- 1Y
- 42.45%
- 3Y*
- 28.08%
- 5Y*
- 19.72%
- 10Y*
- 24.50%
REW vs. XLK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -42.29% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
XLK State Street Technology Select Sector SPDR ETF | 26.22% | 24.61% | 21.63% | 56.02% | -27.73% | 34.74% | 43.62% | 49.86% | -1.68% | 34.26% |
Correlation
The correlation between REW and XLK is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | -0.94 |
The correlation between REW and XLK has been stable across timeframes, ranging from -1.00 to -0.94 - a consistent structural relationship.
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Return for Risk
REW vs. XLK — Risk / Return Rank
REW
XLK
REW vs. XLK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) and State Street Technology Select Sector SPDR ETF (XLK). 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 | XLK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.86 | ||
| Sortino ratioReturn per unit of downside risk | -4.15 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 1.30 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.68 | -3.59 |
| Martin ratioReturn relative to average drawdown | -1.87 | 8.10 | -9.97 |
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Drawdowns
REW vs. XLK - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, which is greater than XLK's maximum drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for REW and XLK.
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Drawdown Indicators
| REW | XLK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -82.05% | -17.94% |
Max Drawdown (1Y)Largest decline over 1 year | -60.36% | -15.92% | -44.44% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -25.66% | -61.10% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -33.56% | -60.06% |
Max Drawdown (10Y)Largest decline over 10 years | -99.74% | -33.56% | -66.18% |
Current DrawdownCurrent decline from peak | -99.99% | -8.43% | -91.56% |
Average DrawdownAverage peak-to-trough decline | -86.93% | -34.85% | -52.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.22% | 5.25% | +23.97% |
Volatility
REW vs. XLK - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 22.46% compared to State Street Technology Select Sector SPDR ETF (XLK) at 11.01%. This indicates that REW's price experiences larger fluctuations and is considered to be riskier than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| REW | XLK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.46% | 11.01% | +11.45% |
Volatility (6M)Calculated over the trailing 6-month period | 42.06% | 20.77% | +21.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.45% | 24.43% | +25.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.93% | 25.56% | +27.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.44% | 24.79% | +24.65% |
REW vs. XLK - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is higher than XLK's 0.08% expense ratio.
Dividends
REW vs. XLK - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 8.63%, more than XLK's 0.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.63% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% | 0.00% | 0.00% |
XLK State Street Technology Select Sector SPDR ETF | 0.44% | 0.54% | 0.66% | 0.76% | 1.04% | 0.65% | 0.92% | 1.16% | 1.60% | 1.37% | 1.74% | 1.79% |
Frequently Asked Questions
REW and XLK have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
REW has higher volatility (22.46%) compared to XLK (11.01%). In terms of maximum drawdown, REW dropped -99.99% vs XLK's -82.05%.
On 10-year performance, XLK leads with 24.50% vs -44.19% for REW. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 11.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLK has performed better with a 24.50% return vs -44.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLK is cheaper with a 0.08% expense ratio, compared with 0.95% for REW.
REW has the higher dividend yield at 8.63%, compared with 0.44% for XLK.
REW is categorized as Leveraged Equities, while XLK is Technology Equities. REW tracks Dow Jones U.S. Technology Index (-200%), while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for REW and 0.08% for XLK.
XLK currently has the higher Sharpe Ratio (1.75 vs -1.11), 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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