SRS vs. REK
SRS (ProShares UltraShort Real Estate) and REK (ProShares Short Real Estate) are both REIT funds from ProShares - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while REK tracks the DJ Global United States (All) / Real Estate -SS (-100%). Both are passively managed. Over the past 10 years, SRS returned -16.93%/yr vs -6.40%/yr for REK. With a 0.96 correlation, they move nearly in lockstep. Both charge a 0.95% expense ratio.
Performance
SRS vs. REK - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -19.56% return, which is significantly lower than REK's -9.23% return. Over the past 10 years, SRS has underperformed REK with an annualized return of -16.93%, while REK has yielded a comparatively higher -6.40% annualized return.
SRS
- 1D
- -2.78%
- 1M
- -1.86%
- YTD
- -19.56%
- 6M
- -20.11%
- 1Y
- -12.62%
- 3Y*
- -15.69%
- 5Y*
- -6.99%
- 10Y*
- -16.93%
REK
- 1D
- -1.45%
- 1M
- -0.67%
- YTD
- -9.23%
- 6M
- -9.52%
- 1Y
- -4.22%
- 3Y*
- -5.24%
- 5Y*
- -0.65%
- 10Y*
- -6.40%
SRS vs. REK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -19.56% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
REK ProShares Short Real Estate | -9.23% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
Correlation
The correlation between SRS and REK is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | 0.96 |
The correlation between SRS and REK has been stable across timeframes, ranging from 0.96 to 0.99 - a consistent structural relationship.
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Return for Risk
SRS vs. REK — Risk / Return Rank
SRS
REK
SRS vs. REK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and ProShares Short Real Estate (REK). 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 | REK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.96 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.38 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.25 | -0.86 | -0.39 |
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Drawdowns
SRS vs. REK - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than REK's maximum drawdown of -84.57%. Use the drawdown chart below to compare losses from any high point for SRS and REK.
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Drawdown Indicators
| SRS | REK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -84.57% | -15.39% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -11.05% | -11.16% |
Max Drawdown (3Y)Largest decline over 3 years | -52.58% | -26.93% | -25.65% |
Max Drawdown (5Y)Largest decline over 5 years | -52.58% | -26.93% | -25.65% |
Max Drawdown (10Y)Largest decline over 10 years | -86.12% | -58.67% | -27.45% |
Current DrawdownCurrent decline from peak | -99.96% | -82.46% | -17.50% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -64.12% | -27.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 4.94% | +5.20% |
Volatility
SRS vs. REK - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 10.70% compared to ProShares Short Real Estate (REK) at 5.22%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than REK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRS | REK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 5.22% | +5.48% |
Volatility (6M)Calculated over the trailing 6-month period | 21.31% | 10.60% | +10.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.53% | 14.14% | +14.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.74% | 18.92% | +18.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.77% | 20.35% | +20.42% |
SRS vs. REK - Expense Ratio Comparison
Both SRS and REK have an expense ratio of 0.95%.
Dividends
SRS vs. REK - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.92%, more than REK's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.36% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% |
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
With a correlation of 0.99, SRS and REK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
SRS has higher volatility (10.70%) compared to REK (5.22%). In terms of maximum drawdown, SRS dropped -99.96% vs REK's -84.57%.
On 10-year performance, REK leads with -6.40% vs -16.93% for SRS. Both ETFs have the same 0.95% expense ratio. On volatility, REK has been the lower-risk option at 5.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REK has performed better with a -6.40% return vs -16.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRS and REK have the same expense ratio: 0.95% per year.
SRS has the higher dividend yield at 3.92%, compared with 3.36% for REK.
SRS tracks Dow Jones U.S. Real Estate Index (-200%), while REK tracks DJ Global United States (All) / Real Estate -SS (-100%).
REK currently has the higher Sharpe Ratio (-0.30 vs -0.45), 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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