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 -45.27%/yr vs 25.97%/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 -49.51% return, which is significantly lower than XLK's 37.85% return. Over the past 10 years, REW has underperformed XLK with an annualized return of -45.27%, while XLK has yielded a comparatively higher 25.97% 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%
XLK
- 1D
- 1.25%
- 1M
- 22.45%
- YTD
- 37.85%
- 6M
- 37.41%
- 1Y
- 71.15%
- 3Y*
- 34.35%
- 5Y*
- 24.55%
- 10Y*
- 25.97%
REW vs. XLK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -49.51% | -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 | 37.85% | 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 | -0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 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.
| REW | XLK | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.60 | 3.44 | -5.04 |
Sortino ratioReturn per unit of downside risk | -3.18 | 4.12 | -7.30 |
Omega ratioGain probability vs. loss probability | 0.67 | 1.55 | -0.87 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | 4.56 | -5.57 |
Martin ratioReturn relative to average drawdown | -1.99 | 15.32 | -17.32 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | XLK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.60 | 3.44 | -5.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.80 | 0.99 | -1.79 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | 1.06 | -1.99 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | 0.42 | -1.21 |
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 | -66.25% | -15.92% | -50.33% |
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 | -99.79% | -33.56% | -66.23% |
Current DrawdownCurrent decline from peak | -99.99% | 0.00% | -99.99% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -34.96% | -51.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.84% | 4.74% | +29.10% |
Volatility
REW vs. XLK - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 14.39% compared to State Street Technology Select Sector SPDR ETF (XLK) at 6.74%. 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 | 14.39% | 6.74% | +7.65% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 16.64% | +17.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.04% | 20.80% | +21.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 24.90% | +26.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.84% | 24.49% | +24.35% |
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 11.27%, more than XLK's 0.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XLK State Street Technology Select Sector SPDR ETF | 0.39% | 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 (14.39%) compared to XLK (6.74%). In terms of maximum drawdown, REW dropped -99.99% vs XLK's -82.05%.
On 10-year performance, XLK leads with 25.97% vs -45.27% for REW. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 6.74%. 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 25.97% return vs -45.27%. 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 11.27%, compared with 0.39% 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 (3.44 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.
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