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SRS vs. KBWY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRS vs. KBWY

Last updated Jun 4, 2026

SRS (ProShares UltraShort Real Estate) and KBWY (Invesco KBW Premium Yield Equity REIT ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while KBWY tracks the KBW Premium Yield Equity REIT Index. Both are passively managed. Over the past 10 years, SRS returned -16.52%/yr vs 1.18%/yr for KBWY. At a correlation of -0.81, they often move in opposite directions. SRS charges 0.95%/yr vs 0.35%/yr for KBWY.

Performance

SRS vs. KBWY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Real Estate (SRS) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SRS achieves a -14.05% return, which is significantly lower than KBWY's 17.06% return. Over the past 10 years, SRS has underperformed KBWY with an annualized return of -16.52%, while KBWY has yielded a comparatively higher 1.18% annualized return.

SRS

1D
-0.27%
1M
2.82%
YTD
-14.05%
6M
-12.14%
1Y
-9.76%
3Y*
-12.75%
5Y*
-5.84%
10Y*
-16.52%

KBWY

1D
-0.81%
1M
5.63%
YTD
17.06%
6M
17.05%
1Y
22.51%
3Y*
9.10%
5Y*
2.15%
10Y*
1.18%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. KBWY - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SRS
ProShares UltraShort Real Estate		-14.05%-1.45%-3.55%-18.78%54.68%-52.22%-33.05%-38.97%6.01%-18.03%
KBWY
Invesco KBW Premium Yield Equity REIT ETF		17.06%-5.30%-3.49%12.88%-19.00%31.22%-25.83%23.36%-18.20%0.81%

Correlation

The correlation between SRS and KBWY is -0.70, 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

-0.70

Correlation (3Y)
Calculated over the trailing 3-year period

-0.78

Correlation (5Y)
Calculated over the trailing 5-year period

-0.80

Correlation (10Y)
Calculated over the trailing 10-year period

-0.79

Correlation (All Time)
Calculated using the full available price history since Dec 3, 2010

-0.81

The correlation between SRS and KBWY shifts across timeframes, from -0.81 (all time) to -0.70 (1 year), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares UltraShort Real Estate

Invesco KBW Premium Yield Equity REIT ETF

Often compared with SRS:
SRS vs. DRVSRS vs. REKSRS vs. SPYSRS vs. SPMOSRS vs. VNQSRS vs. ARCCSRS vs. DESK
Often compared with KBWY:
KBWY vs. SPYDKBWY vs. VNQKBWY vs. OKBWY vs. SRETKBWY vs. JEPIKBWY vs. SCHHKBWY vs. VOO

Return for Risk

SRS vs. KBWY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SRS
SRS Risk / Return Rank: 55
Overall Rank
SRS Sharpe Ratio Rank: 66
Sharpe Ratio Rank
SRS Sortino Ratio Rank: 55
Sortino Ratio Rank
SRS Omega Ratio Rank: 55
Omega Ratio Rank
SRS Calmar Ratio Rank: 55
Calmar Ratio Rank
SRS Martin Ratio Rank: 44
Martin Ratio Rank
KBWY
KBWY Risk / Return Rank: 3939
Overall Rank
KBWY Sharpe Ratio Rank: 3838
Sharpe Ratio Rank
KBWY Sortino Ratio Rank: 3838
Sortino Ratio Rank
KBWY Omega Ratio Rank: 3434
Omega Ratio Rank
KBWY Calmar Ratio Rank: 4949
Calmar Ratio Rank
KBWY Martin Ratio Rank: 3737
Martin Ratio Rank
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. KBWY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and Invesco KBW Premium Yield Equity REIT ETF (KBWY). 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.

SRSKBWYDifference
Sharpe ratioReturn per unit of total volatility
-0.36
1.38

-1.74

Sortino ratioReturn per unit of downside risk
-0.36
2.00

-2.37

Omega ratioGain probability vs. loss probability

0.96

1.23

-0.27

Calmar ratioReturn relative to maximum drawdown

-0.48

2.45

-2.92

Martin ratioReturn relative to average drawdown

-1.08

5.82

-6.89

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRS vs. KBWY - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.36, which is lower than the KBWY Sharpe Ratio of 1.38. The chart below compares the historical Sharpe Ratios of SRS and KBWY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SRSKBWYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.36

1.38

-1.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.16

0.10

-0.26

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.41

0.04

-0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.50

0.20

-0.69

Drawdowns

SRS vs. KBWY - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than KBWY's maximum drawdown of -57.68%. Use the drawdown chart below to compare losses from any high point for SRS and KBWY.

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Drawdown Indicators

SRSKBWYDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-57.68%

-42.28%

Max Drawdown (1Y)

Largest decline over 1 year

-20.53%

-9.24%

-11.29%

Max Drawdown (3Y)

Largest decline over 3 years

-51.56%

-29.93%

-21.63%

Max Drawdown (5Y)

Largest decline over 5 years

-51.56%

-32.29%

-19.27%

Max Drawdown (10Y)

Largest decline over 10 years

-85.82%

-57.68%

-28.14%

Current Drawdown

Current decline from peak

-99.96%

-10.82%

-89.14%

Average Drawdown

Average peak-to-trough decline

-91.23%

-14.18%

-77.05%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.08%

3.88%

+5.20%

Volatility

SRS vs. KBWY - Volatility Comparison

ProShares UltraShort Real Estate (SRS) has a higher volatility of 7.58% compared to Invesco KBW Premium Yield Equity REIT ETF (KBWY) at 4.73%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than KBWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SRSKBWYDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.58%

4.73%

+2.85%

Volatility (6M)

Calculated over the trailing 6-month period

19.34%

11.61%

+7.73%

Volatility (1Y)

Calculated over the trailing 1-year period

27.06%

16.44%

+10.62%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.58%

21.61%

+15.97%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.67%

27.05%

+13.62%

SRS vs. KBWY - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is higher than KBWY's 0.35% expense ratio.

Dividends

SRS vs. KBWY - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.67%, less than KBWY's 8.64% yield.

PositionTTM20252024202320222021202020192018201720162015
KBWY
Invesco KBW Premium Yield Equity REIT ETF		8.64%9.79%8.74%7.90%7.41%5.05%10.35%6.19%8.64%7.25%6.55%5.72%
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 KBWY have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

SRS has higher volatility (7.58%) compared to KBWY (4.73%). In terms of maximum drawdown, SRS dropped -99.96% vs KBWY's -57.68%.

On 10-year performance, KBWY leads with 1.18% vs -16.52% for SRS. On fees, KBWY is cheaper at 0.35% per year. On volatility, KBWY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, KBWY has performed better with a 1.18% return vs -16.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

KBWY is cheaper with a 0.35% expense ratio, compared with 0.95% for SRS.

KBWY has the higher dividend yield at 8.64%, compared with 3.67% for SRS.

SRS tracks Dow Jones U.S. Real Estate Index (-200%), while KBWY tracks KBW Premium Yield Equity REIT Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SRS and 0.35% for KBWY.

KBWY currently has the higher Sharpe Ratio (1.38 vs -0.36), 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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