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 -43.49%/yr vs 23.77%/yr for XLK. Their -0.94 correlation means they have often moved in opposite directions in the past. 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 -39.32% return, which is significantly lower than XLK's 22.09% return. Over the past 10 years, REW has underperformed XLK with an annualized return of -43.49%, while XLK has yielded a comparatively higher 23.77% annualized return.
REW
- 1D
- 0.08%
- 1M
- 3.53%
- 6M
- -39.26%
- YTD
- -39.32%
- 1Y
- -52.04%
- 3Y*
- -41.68%
- 5Y*
- -35.51%
- 10Y*
- -43.49%
- ALL TIME*
- -36.20%
XLK
- 1D
- -0.22%
- 1M
- -2.90%
- 6M
- 22.17%
- YTD
- 22.09%
- 1Y
- 37.14%
- 3Y*
- 26.04%
- 5Y*
- 18.87%
- 10Y*
- 23.77%
- ALL TIME*
- 10.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $552.72K | $447.22K | $395.13K | |
| $1.61B | $1.67B | $2.22B |
REW vs. XLK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.32% | -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 | 22.09% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 | -2.31 | ||
| Sortino ratioReturn per unit of downside risk | -3.36 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.23 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.16 | -2.99 |
| Martin ratioReturn relative to average drawdown | -1.59 | 5.85 | -7.45 |
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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 | -60.10% | -15.92% | -44.18% |
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 | -99.72% | -33.56% | -66.16% |
Current DrawdownCurrent decline from peak | -99.99% | -11.43% | -88.56% |
Average DrawdownAverage peak-to-trough decline | -86.97% | -34.80% | -52.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.35% | 5.86% | +25.49% |
Volatility
REW vs. XLK - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 19.67% compared to State Street Technology Select Sector SPDR ETF (XLK) at 9.58%. 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 | 19.67% | 9.58% | +10.09% |
Volatility (6M)Calculated over the trailing 6-month period | 44.30% | 21.81% | +22.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.71% | 25.59% | +26.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 53.29% | 25.75% | +27.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.65% | 24.90% | +24.75% |
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 8.21%, more than XLK's 0.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | 8.21% | 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 | 0.45% | 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 (19.67%) compared to XLK (9.58%). In terms of maximum drawdown, REW dropped -99.99% vs XLK's -82.05%.
On 10-year performance, XLK leads with 23.77% vs -43.49% for REW. On fees, XLK is cheaper at 0.08% per year. On volatility, XLK has been the lower-risk option at 9.58%. 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 23.77% return vs -43.49%. 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 8.21%, compared with 0.45% 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 (1.34 vs -0.97), 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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