SRS vs. FREL
SRS (ProShares UltraShort Real Estate) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, SRS returned -15.86%/yr vs 5.43%/yr for FREL. At a correlation of -0.99, they often move in opposite directions. SRS charges 0.95%/yr vs 0.08%/yr for FREL.
Performance
SRS vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -19.00% return, which is significantly lower than FREL's 12.28% return. Over the past 10 years, SRS has underperformed FREL with an annualized return of -15.86%, while FREL has yielded a comparatively higher 5.43% annualized 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%
FREL
- 1D
- -0.24%
- 1M
- -0.10%
- 6M
- 10.27%
- YTD
- 12.28%
- 1Y
- 11.84%
- 3Y*
- 8.41%
- 5Y*
- 2.29%
- 10Y*
- 5.43%
SRS vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -19.00% | -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 | 12.28% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between SRS and FREL is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | -0.99 |
The correlation between SRS and FREL has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.
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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.
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 | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.32 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.15 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 1.41 | -1.98 |
| Martin ratioReturn relative to average drawdown | -1.19 | 4.41 | -5.60 |
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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 | -23.22% | -8.45% | -14.77% |
Max Drawdown (3Y)Largest decline over 3 years | -53.19% | -17.54% | -35.65% |
Max Drawdown (5Y)Largest decline over 5 years | -53.19% | -34.40% | -18.79% |
Max Drawdown (10Y)Largest decline over 10 years | -86.30% | -42.61% | -43.69% |
Current DrawdownCurrent decline from peak | -99.96% | -1.10% | -98.86% |
Average DrawdownAverage peak-to-trough decline | -91.26% | -9.87% | -81.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.22% | 2.70% | +8.52% |
Volatility
SRS vs. FREL - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.31% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 4.91%. 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 | 10.31% | 4.91% | +5.40% |
Volatility (6M)Calculated over the trailing 6-month period | 22.20% | 10.63% | +11.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.73% | 13.95% | +14.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 18.92% | +18.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.79% | 20.72% | +20.07% |
SRS vs. FREL - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
SRS vs. FREL - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.56%, more than FREL's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.26% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
SRS ProShares UltraShort Real Estate | 3.56% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SRS and FREL have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRS has higher volatility (10.31%) compared to FREL (4.91%). In terms of maximum drawdown, SRS dropped -99.96% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.43% vs -15.86% for SRS. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 4.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FREL has performed better with a 5.43% return vs -15.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.95% for SRS.
SRS has the higher dividend yield at 3.56%, compared with 3.26% for FREL.
SRS tracks Dow Jones U.S. Real Estate Index (-200%), while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: ProShares and Fidelity. Their fees differ too: 0.95% for SRS and 0.08% for FREL.
FREL currently has the higher Sharpe Ratio (0.85 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.
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