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 -15.86%/yr vs 5.44%/yr for FRI. At a correlation of -0.92, they often move in opposite directions. SRS charges 0.95%/yr vs 0.50%/yr for FRI.
Performance
SRS vs. FRI - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SRS achieves a -19.00% return, which is significantly lower than FRI's 18.37% return. Over the past 10 years, SRS has underperformed FRI with an annualized return of -15.86%, while FRI has yielded a comparatively higher 5.44% 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%
FRI
- 1D
- -0.06%
- 1M
- 1.16%
- 6M
- 15.94%
- YTD
- 18.37%
- 1Y
- 20.30%
- 3Y*
- 11.08%
- 5Y*
- 4.82%
- 10Y*
- 5.44%
SRS vs. FRI - 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% |
FRI First Trust S&P REIT Index Fund | 18.37% | 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 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 | -0.93 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.96 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.58 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.26 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.58 | 2.69 | -3.27 |
| Martin ratioReturn relative to average drawdown | -1.19 | 8.61 | -9.80 |
Loading charts...
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.
Loading charts...
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 | -23.22% | -7.57% | -15.65% |
Max Drawdown (3Y)Largest decline over 3 years | -53.19% | -18.90% | -34.29% |
Max Drawdown (5Y)Largest decline over 5 years | -53.19% | -31.21% | -21.98% |
Max Drawdown (10Y)Largest decline over 10 years | -86.30% | -44.16% | -42.14% |
Current DrawdownCurrent decline from peak | -99.96% | -0.84% | -99.12% |
Average DrawdownAverage peak-to-trough decline | -91.26% | -13.63% | -77.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.22% | 2.36% | +8.86% |
Volatility
SRS vs. FRI - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.31% compared to First Trust S&P REIT Index Fund (FRI) at 4.71%. 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.
Loading charts...
Volatility by Period
| SRS | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.31% | 4.71% | +5.60% |
Volatility (6M)Calculated over the trailing 6-month period | 22.20% | 10.33% | +11.87% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.73% | 13.71% | +15.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 18.70% | +19.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.79% | 21.10% | +19.69% |
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 3.56%, more than FRI's 2.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.43% | 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 | 3.56% | 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 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 (10.31%) compared to FRI (4.71%). In terms of maximum drawdown, SRS dropped -99.96% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.44% vs -15.86% for SRS. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.71%. 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 5.44% return vs -15.86%. 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 3.56%, compared with 2.43% 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 (1.49 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.
Find the right allocation for SRS and FRI
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer