SRS vs. RWR
SRS (ProShares UltraShort Real Estate) and RWR (State Street SPDR Dow Jones REIT ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while RWR tracks the Dow Jones U.S. Select REIT Capped Index. Both are passively managed. Over the past 10 years, SRS returned -16.03%/yr vs 5.12%/yr for RWR. Their -0.97 correlation means they have often moved in opposite directions in the past. SRS charges 0.95%/yr vs 0.25%/yr for RWR.
Performance
SRS vs. RWR - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly lower than RWR's 19.78% return. Over the past 10 years, SRS has underperformed RWR with an annualized return of -16.03%, while RWR has yielded a comparatively higher 5.12% annualized return.
SRS
- 1D
- -0.52%
- 1M
- -2.10%
- 6M
- -19.18%
- YTD
- -21.34%
- 1Y
- -18.17%
- 3Y*
- -14.70%
- 5Y*
- -5.85%
- 10Y*
- -16.03%
- ALL TIME*
- -28.33%
RWR
- 1D
- -0.02%
- 1M
- 0.64%
- 6M
- 17.63%
- YTD
- 19.78%
- 1Y
- 26.28%
- 3Y*
- 12.79%
- 5Y*
- 4.95%
- 10Y*
- 5.12%
- ALL TIME*
- 8.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $43.87M | $38.07M | $35.15M | |
| $366.45K | $363.36K | $364.08K |
SRS vs. RWR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -21.34% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
RWR State Street SPDR Dow Jones REIT ETF | 19.78% | 3.20% | 7.74% | 13.76% | -26.09% | 45.47% | -11.40% | 22.71% | -4.47% | 3.47% |
Correlation
The correlation between SRS and RWR is -0.93, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.93 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2007 | -0.97 |
The correlation between SRS and RWR has been stable across timeframes, ranging from -0.97 to -0.93 - a consistent structural relationship.
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Return for Risk
SRS vs. RWR — Risk / Return Rank
SRS
RWR
SRS vs. RWR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and State Street SPDR Dow Jones REIT ETF (RWR). 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 | RWR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.53 | ||
| Sortino ratioReturn per unit of downside risk | -3.43 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.33 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 3.29 | -3.99 |
| Martin ratioReturn relative to average drawdown | -1.46 | 11.63 | -13.09 |
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Drawdowns
SRS vs. RWR - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, which is greater than RWR's maximum drawdown of -74.92%. Use the drawdown chart below to compare losses from any high point for SRS and RWR.
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Drawdown Indicators
| SRS | RWR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -74.92% | -25.04% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -8.04% | -17.69% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -18.85% | -35.88% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -32.58% | -22.15% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -44.39% | -42.36% |
Current DrawdownCurrent decline from peak | -99.96% | -2.74% | -97.22% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -13.03% | -78.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 2.27% | +10.20% |
Volatility
SRS vs. RWR - Volatility Comparison
ProShares UltraShort Real Estate (SRS) has a higher volatility of 8.59% compared to State Street SPDR Dow Jones REIT ETF (RWR) at 4.78%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than RWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRS | RWR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 4.78% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 10.98% | +11.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 14.04% | +14.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 19.06% | +18.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 21.57% | +19.24% |
SRS vs. RWR - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is higher than RWR's 0.25% expense ratio.
Dividends
SRS vs. RWR - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.67%, more than RWR's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RWR State Street SPDR Dow Jones REIT ETF | 3.26% | 3.78% | 3.76% | 3.75% | 3.81% | 2.79% | 3.73% | 3.36% | 4.19% | 3.05% | 4.39% | 3.17% |
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 RWR 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 (8.59%) compared to RWR (4.78%). In terms of maximum drawdown, SRS dropped -99.96% vs RWR's -74.92%.
On 10-year performance, RWR leads with 5.12% vs -16.03% for SRS. On fees, RWR is cheaper at 0.25% per year. On volatility, RWR has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RWR has performed better with a 5.12% return vs -16.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RWR is cheaper with a 0.25% expense ratio, compared with 0.95% for SRS.
SRS has the higher dividend yield at 3.67%, compared with 3.26% for RWR.
SRS tracks Dow Jones U.S. Real Estate Index (-200%), while RWR tracks Dow Jones U.S. Select REIT Capped Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for SRS and 0.25% for RWR.
RWR currently has the higher Sharpe Ratio (1.88 vs -0.65), 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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