SRS vs. DESK

Last updated Jul 15, 2026

SRS (ProShares UltraShort Real Estate) and DESK (Vaneck Office And Commercial REIT ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while DESK tracks the MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. Both are passively managed. Over the past year, SRS returned -13.31% vs 8.29% for DESK. At a correlation of -0.70, they often move in opposite directions. SRS charges 0.95%/yr vs 0.50%/yr for DESK.

Performance

SRS vs. DESK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Real Estate (SRS) and Vaneck Office And Commercial REIT ETF (DESK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRS achieves a -19.00% return, which is significantly lower than DESK's 17.88% return.

SRS

• 1D: 0.77%
• 1M: 2.10%
• 6M: -16.79%
• YTD: -19.00%
• 1Y: -13.31%
• 3Y*: -11.13%
• 5Y*: -5.57%
• 10Y*: -15.86%

DESK

• 1D: 1.21%
• 1M: 3.02%
• 6M: 15.52%
• YTD: 17.88%
• 1Y: 8.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. DESK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SRS ProShares UltraShort Real Estate	-19.00%	-1.45%	-3.55%	-21.18%
DESK Vaneck Office And Commercial REIT ETF	17.88%	-10.42%	16.01%	13.17%

Correlation

The correlation between SRS and DESK is -0.62, 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	-0.62
Correlation (All Time) Calculated using the full available price history since Sep 21, 2023	-0.70

The correlation between SRS and DESK has been stable across timeframes, ranging from -0.70 to -0.62 - a consistent structural relationship.

Return for Risk

SRS vs. DESK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRS

SRS Risk / Return Rank: 5
SRS Sharpe Ratio Rank: 5
SRS Sortino Ratio Rank: 5
SRS Omega Ratio Rank: 5
SRS Calmar Ratio Rank: 5
SRS Martin Ratio Rank: 3

DESK

DESK Risk / Return Rank: 15
DESK Sharpe Ratio Rank: 17
DESK Sortino Ratio Rank: 16
DESK Omega Ratio Rank: 16
DESK Calmar Ratio Rank: 14
DESK Martin Ratio Rank: 13

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.

SRS vs. DESK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and Vaneck Office And Commercial REIT ETF (DESK). 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.

	SRS	DESK	Difference
Sharpe ratio: Return per unit of total volatility	-0.47	0.40	-0.87
Sortino ratio: Return per unit of downside risk	-0.52	0.70	-1.22
Omega ratio: Gain probability vs. loss probability	0.94	1.08	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.58	0.33	-0.91
Martin ratio: Return relative to average drawdown	-1.19	0.70	-1.89

SRS vs. DESK - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.47, which is lower than the DESK Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of SRS and DESK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SRS vs. DESK - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than DESK's maximum drawdown of -28.65%. Use the drawdown chart below to compare losses from any high point for SRS and DESK.

Drawdown Indicators

	SRS	DESK	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-28.65%	-71.31%
Max Drawdown (1Y) Largest decline over 1 year	-23.22%	-25.09%	+1.87%
Max Drawdown (3Y) Largest decline over 3 years	-53.19%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-53.19%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.30%	—	—
Current Drawdown Current decline from peak	-99.96%	-3.51%	-96.45%
Average Drawdown Average peak-to-trough decline	-91.26%	-11.17%	-80.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.22%	11.84%	-0.62%

Volatility

SRS vs. DESK - Volatility Comparison

ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.31% compared to Vaneck Office And Commercial REIT ETF (DESK) at 6.57%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than DESK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRS	DESK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.31%	6.57%	+3.74%
Volatility (6M) Calculated over the trailing 6-month period	22.20%	15.71%	+6.49%
Volatility (1Y) Calculated over the trailing 1-year period	28.73%	20.56%	+8.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.81%	25.76%	+12.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.79%	25.76%	+15.03%

SRS vs. DESK - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is higher than DESK's 0.50% expense ratio.

Dividends

SRS vs. DESK - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.56%, less than DESK's 4.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DESK Vaneck Office And Commercial REIT ETF	4.69%	5.15%	3.78%	1.73%	0.00%	0.00%	0.00%	0.00%	0.00%
SRS ProShares UltraShort Real Estate	3.56%	3.61%	6.06%	4.49%	0.30%	0.00%	0.19%	1.80%	0.47%

Frequently Asked Questions

Can I hold both SRS and DESK in my portfolio?

SRS and DESK have a correlation of -0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRS or DESK?

SRS has higher volatility (10.31%) compared to DESK (6.57%). In terms of maximum drawdown, SRS dropped -99.96% vs DESK's -28.65%.

Which ETF is better, SRS or DESK?

On 1-year performance, DESK leads with 8.29% vs -13.31% for SRS. On fees, DESK is cheaper at 0.50% per year. On volatility, DESK has been the lower-risk option at 6.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRS or DESK?

Over the 1-year period, DESK has performed better with a 8.29% return vs -13.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRS or DESK?

DESK is cheaper with a 0.50% expense ratio, compared with 0.95% for SRS.

Which ETF pays a higher dividend yield, SRS or DESK?

DESK has the higher dividend yield at 4.69%, compared with 3.56% for SRS.

What is the main difference between SRS and DESK?

SRS tracks Dow Jones U.S. Real Estate Index (-200%), while DESK tracks MarketVector US Listed Office And Commercial REITS Index - Benchmark TR Gross. They also come from different issuers: ProShares and VanEck. Their fees differ too: 0.95% for SRS and 0.50% for DESK.

Which has better risk-adjusted returns?

DESK currently has the higher Sharpe Ratio (0.40 vs -0.47), 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.