SRS vs. IYRI

Last updated Jun 25, 2026

SRS (ProShares UltraShort Real Estate) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), while IYRI is a Derivative Income fund actively managed by Neos. SRS is passively managed, while IYRI is actively managed. Over the past year, SRS returned -11.91% vs 8.76% for IYRI. At a correlation of -0.94, they often move in opposite directions. SRS charges 0.95%/yr vs 0.68%/yr for IYRI.

Performance

SRS vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Real Estate (SRS) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRS achieves a -19.64% return, which is significantly lower than IYRI's 7.03% return.

SRS

• 1D: -0.10%
• 1M: -1.96%
• YTD: -19.64%
• 6M: -19.15%
• 1Y: -11.91%
• 3Y*: -15.72%
• 5Y*: -6.69%
• 10Y*: -16.94%

IYRI

• 1D: -0.04%
• 1M: 0.79%
• YTD: 7.03%
• 6M: 6.33%
• 1Y: 8.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SRS vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
SRS ProShares UltraShort Real Estate	-19.64%	-4.72%
IYRI NEOS Real Estate High Income ETF	7.03%	6.99%

Correlation

The correlation between SRS and IYRI is -0.95, 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	-0.95
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	-0.94

The correlation between SRS and IYRI has been stable across timeframes, ranging from -0.95 to -0.94 - a consistent structural relationship.

Return for Risk

SRS vs. IYRI — 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: 6
SRS Sortino Ratio Rank: 5
SRS Omega Ratio Rank: 6
SRS Calmar Ratio Rank: 5
SRS Martin Ratio Rank: 4

IYRI

IYRI Risk / Return Rank: 25
IYRI Sharpe Ratio Rank: 24
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

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. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	0.82	-1.24
Sortino ratio: Return per unit of downside risk	-0.45	1.18	-1.63
Omega ratio: Gain probability vs. loss probability	0.95	1.15	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.54	1.17	-1.71
Martin ratio: Return relative to average drawdown	-1.17	4.20	-5.36

SRS vs. IYRI - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.42, which is lower than the IYRI Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of SRS and IYRI, 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. IYRI - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for SRS and IYRI.

Drawdown Indicators

	SRS	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-12.12%	-87.84%
Max Drawdown (1Y) Largest decline over 1 year	-22.21%	-7.53%	-14.68%
Max Drawdown (3Y) Largest decline over 3 years	-52.58%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-52.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.12%	—	—
Current Drawdown Current decline from peak	-99.96%	-0.56%	-99.40%
Average Drawdown Average peak-to-trough decline	-91.23%	-1.69%	-89.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.23%	2.10%	+8.13%

Volatility

SRS vs. IYRI - Volatility Comparison

ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.69% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRS	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.69%	4.21%	+6.48%
Volatility (6M) Calculated over the trailing 6-month period	21.28%	7.92%	+13.36%
Volatility (1Y) Calculated over the trailing 1-year period	28.37%	10.74%	+17.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.73%	13.18%	+24.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.77%	13.18%	+27.59%

SRS vs. IYRI - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is higher than IYRI's 0.68% expense ratio.

Dividends

SRS vs. IYRI - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.92%, less than IYRI's 11.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
IYRI NEOS Real Estate High Income ETF	11.97%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SRS ProShares UltraShort Real Estate	3.92%	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 IYRI in my portfolio?

SRS and IYRI have a correlation of -0.95, 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 IYRI?

SRS has higher volatility (10.69%) compared to IYRI (4.21%). In terms of maximum drawdown, SRS dropped -99.96% vs IYRI's -12.12%.

Which ETF is better, SRS or IYRI?

On 1-year performance, IYRI leads with 8.76% vs -11.91% for SRS. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRS or IYRI?

Over the 1-year period, IYRI has performed better with a 8.76% return vs -11.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRS or IYRI?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.95% for SRS.

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

IYRI has the higher dividend yield at 11.97%, compared with 3.92% for SRS.

What is the main difference between SRS and IYRI?

SRS is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: ProShares and Neos. Their fees differ too: 0.95% for SRS and 0.68% for IYRI.

Which has better risk-adjusted returns?

IYRI currently has the higher Sharpe Ratio (0.82 vs -0.42), 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.