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 -15.88%/yr vs -5.78%/yr for REK. Their 0.96 correlation means they have historically moved very closely together. 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 -20.93% return, which is significantly lower than REK's -9.66% return. Over the past 10 years, SRS has underperformed REK with an annualized return of -15.88%, while REK has yielded a comparatively higher -5.78% annualized return.
SRS
- 1D
- 1.05%
- 1M
- -1.58%
- 6M
- -16.96%
- YTD
- -20.93%
- 1Y
- -17.75%
- 3Y*
- -12.90%
- 5Y*
- -5.60%
- 10Y*
- -15.88%
- ALL TIME*
- -28.32%
REK
- 1D
- 0.52%
- 1M
- -0.32%
- 6M
- -7.57%
- YTD
- -9.66%
- 1Y
- -6.99%
- 3Y*
- -3.68%
- 5Y*
- 0.17%
- 10Y*
- -5.78%
- ALL TIME*
- -9.82%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $70.29K | $233.75K | $176.01K | |
| $359.74K | $355.42K | $364.28K |
SRS vs. REK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -20.93% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
REK ProShares Short Real Estate | -9.66% | 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 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (3Y) Balances recent behavior with more history. | 0.99 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | 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 | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.93 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.67 | -0.53 | -0.14 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.12 | -0.27 |
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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 | -25.73% | -12.66% | -13.07% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -26.93% | -27.80% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -26.93% | -27.80% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -58.67% | -28.08% |
Current DrawdownCurrent decline from peak | -99.96% | -82.54% | -17.42% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -64.24% | -27.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.39% | 6.02% | +6.37% |
Volatility
SRS vs. REK - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 8.83% compared to ProShares Short Real Estate (REK) at 4.68%. 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 | 8.83% | 4.68% | +4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 11.19% | +10.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.47% | 14.27% | +14.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.79% | 18.96% | +18.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 20.37% | +20.44% |
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 3.65%, more than REK's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | 3.28% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% |
SRS ProShares UltraShort Real Estate | 3.65% | 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 (8.83%) compared to REK (4.68%). In terms of maximum drawdown, SRS dropped -99.96% vs REK's -84.57%.
On 10-year performance, REK leads with -5.78% vs -15.88% for SRS. Both ETFs have the same 0.95% expense ratio. On volatility, REK has been the lower-risk option at 4.68%. 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 -5.78% return vs -15.88%. 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 3.65%, compared with 3.28% 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 (-0.48 vs -0.61), 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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