SRS vs. FRI
SRS (ProShares UltraShort Real Estate) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, SRS returned -16.03%/yr vs 5.52%/yr for FRI. Their -0.92 correlation means they have often moved in opposite directions in the past. SRS charges 0.95%/yr vs 0.50%/yr for FRI.
Performance
SRS vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly lower than FRI's 19.70% return. Over the past 10 years, SRS has underperformed FRI with an annualized return of -16.03%, while FRI has yielded a comparatively higher 5.52% annualized return.
SRS
- 1D
- -0.52%
- 1M
- -2.10%
- 6M
- -19.18%
- YTD
- -21.34%
- 1Y
- -18.17%
- 3Y*
- -14.70%
- 5Y*
- -5.85%
- 10Y*
- -16.03%
- ALL TIME*
- -28.33%
FRI
- 1D
- 0.06%
- 1M
- 0.78%
- 6M
- 17.29%
- YTD
- 19.70%
- 1Y
- 24.70%
- 3Y*
- 12.62%
- 5Y*
- 5.09%
- 10Y*
- 5.52%
- ALL TIME*
- 5.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.05M | $1.49M | $982.25K | |
| $366.45K | $363.36K | $364.08K |
SRS vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -21.34% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
FRI First Trust S&P REIT Index Fund | 19.70% | 2.80% | 7.84% | 13.33% | -24.66% | 42.55% | -7.90% | 23.67% | -4.28% | 3.86% |
Correlation
The correlation between SRS and FRI is -0.93, 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. | -0.93 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since May 10, 2007 | -0.92 |
The correlation between SRS and FRI has been stable across timeframes, ranging from -0.97 to -0.92 - a consistent structural relationship.
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Return for Risk
SRS vs. FRI — Risk / Return Rank
SRS
FRI
SRS vs. FRI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and First Trust S&P REIT Index Fund (FRI). 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 | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.35 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.32 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 3.28 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.46 | 10.91 | -12.37 |
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Drawdowns
SRS vs. FRI - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than FRI's maximum drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for SRS and FRI.
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Drawdown Indicators
| SRS | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -71.95% | -28.01% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -7.57% | -18.16% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -18.90% | -35.83% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -31.21% | -23.52% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -44.16% | -42.59% |
Current DrawdownCurrent decline from peak | -99.96% | -2.83% | -97.13% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -13.59% | -77.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 2.27% | +10.20% |
Volatility
SRS vs. FRI - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 8.59% compared to First Trust S&P REIT Index Fund (FRI) at 4.53%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRS | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 4.53% | +4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 10.56% | +11.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 13.61% | +14.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 18.71% | +19.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 21.11% | +19.70% |
SRS vs. FRI - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than FRI's 0.50% expense ratio.
Dividends
SRS vs. FRI - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.67%, more than FRI's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.40% | 2.99% | 3.33% | 3.24% | 2.52% | 1.44% | 3.08% | 2.28% | 3.21% | 2.82% | 3.27% | 2.66% |
SRS ProShares UltraShort Real Estate | 3.67% | 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 FRI have a correlation of -0.93, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRS has higher volatility (8.59%) compared to FRI (4.53%). In terms of maximum drawdown, SRS dropped -99.96% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.52% vs -16.03% for SRS. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.52% return vs -16.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.95% for SRS.
SRS has the higher dividend yield at 3.67%, compared with 2.40% for FRI.
SRS tracks Dow Jones U.S. Real Estate Index (-200%), while FRI tracks S&P United States REIT. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for SRS and 0.50% for FRI.
FRI currently has the higher Sharpe Ratio (1.83 vs -0.65), 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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