SRS vs. FREL
Compare and contrast key facts about ProShares UltraShort Real Estate (SRS) and Fidelity MSCI Real Estate Index ETF (FREL).
SRS and FREL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SRS is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Real Estate Index (-200%). It was launched on Jan 30, 2007. FREL is a passively managed fund by Fidelity that tracks the performance of the MSCI USA IMI Real Estate Index. It was launched on Feb 2, 2015. Both SRS and FREL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
SRS vs. FREL - Performance Comparison
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SRS vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -2.83% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
FREL Fidelity MSCI Real Estate Index ETF | 0.98% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Returns By Period
In the year-to-date period, SRS achieves a -2.83% return, which is significantly lower than FREL's 0.98% return. Over the past 10 years, SRS has underperformed FREL with an annualized return of -15.82%, while FREL has yielded a comparatively higher 5.16% annualized return.
SRS
- 1D
- -3.23%
- 1M
- 13.93%
- YTD
- -2.83%
- 6M
- 5.47%
- 1Y
- 1.76%
- 3Y*
- -7.84%
- 5Y*
- -7.33%
- 10Y*
- -15.82%
FREL
- 1D
- 1.43%
- 1M
- -6.56%
- YTD
- 0.98%
- 6M
- -1.57%
- 1Y
- 1.45%
- 3Y*
- 6.30%
- 5Y*
- 2.68%
- 10Y*
- 5.16%
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SRS vs. FREL - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than FREL's 0.08% expense ratio.
Return for Risk
SRS vs. FREL — Risk / Return Rank
SRS
FREL
SRS vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and Fidelity MSCI Real Estate Index ETF (FREL). 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.
| SRS | FREL | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.05 | 0.09 | -0.03 |
Sortino ratioReturn per unit of downside risk | 0.32 | 0.24 | +0.09 |
Omega ratioGain probability vs. loss probability | 1.04 | 1.03 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -0.02 | 0.20 | -0.21 |
Martin ratioReturn relative to average drawdown | -0.02 | 0.77 | -0.79 |
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
| SRS | FREL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.05 | 0.09 | -0.03 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.20 | 0.14 | -0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.39 | 0.25 | -0.64 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | 0.23 | -0.72 |
Correlation
The correlation between SRS and FREL is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
SRS vs. FREL - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.24%, less than FREL's 3.56% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | 3.24% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 0.00% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 3.56% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
Drawdowns
SRS vs. FREL - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for SRS and FREL.
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Drawdown Indicators
| SRS | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -42.61% | -57.35% |
Max Drawdown (1Y)Largest decline over 1 year | -29.66% | -12.42% | -17.24% |
Max Drawdown (5Y)Largest decline over 5 years | -50.15% | -34.40% | -15.75% |
Max Drawdown (10Y)Largest decline over 10 years | -85.42% | -42.61% | -42.81% |
Current DrawdownCurrent decline from peak | -99.95% | -9.83% | -90.12% |
Average DrawdownAverage peak-to-trough decline | -91.15% | -10.05% | -81.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.91% | 3.19% | +17.72% |
Volatility
SRS vs. FREL - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 8.94% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.55%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRS | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.94% | 4.55% | +4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 19.03% | 9.29% | +9.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.80% | 16.41% | +16.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.55% | 18.85% | +18.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 20.67% | +19.97% |