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SRS vs. USRT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRS vs. USRT

Last updated Jun 4, 2026

SRS (ProShares UltraShort Real Estate) and USRT (iShares Core U.S. REIT ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while USRT tracks the FTSE NAREIT Equity REITs Index. Both are passively managed. Over the past 10 years, SRS returned -16.52%/yr vs 6.21%/yr for USRT. At a correlation of -0.93, they often move in opposite directions. SRS charges 0.95%/yr vs 0.08%/yr for USRT.

Performance

SRS vs. USRT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Real Estate (SRS) and iShares Core U.S. REIT ETF (USRT). 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 USRT's 12.59% return. Over the past 10 years, SRS has underperformed USRT with an annualized return of -16.52%, while USRT has yielded a comparatively higher 6.21% 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%

USRT

1D
0.08%
1M
-0.19%
YTD
12.59%
6M
11.36%
1Y
15.26%
3Y*
11.53%
5Y*
4.73%
10Y*
6.21%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. USRT - 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%
USRT
iShares Core U.S. REIT ETF		12.59%2.44%8.58%13.64%-24.43%43.26%-8.06%25.98%-4.67%5.27%

Correlation

The correlation between SRS and USRT is -0.93, 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

-0.93

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

-0.96

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

-0.97

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

-0.97

Correlation (All Time)
Calculated using the full available price history since May 7, 2007

-0.93

The correlation between SRS and USRT has been stable across timeframes, ranging from -0.97 to -0.93 - a consistent structural relationship.

SRS vs. USRT - Sectors Allocation Comparison

Sectors
SRS
USRT

Financial Services

71.8%
0.1%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

99.4%

Technology

-

-

Utilities

-

-

Financial Services

SRS
71.8%
USRT
0.1%

Basic Materials

SRS

-

USRT

-

Communication Services

SRS

-

USRT

-

Consumer Cyclical

SRS

-

USRT

-

Consumer Defensive

SRS

-

USRT

-

Energy

SRS

-

USRT

-

Healthcare

SRS

-

USRT

-

Industrials

SRS

-

USRT

-

Real Estate

SRS

-

USRT
99.4%

Technology

SRS

-

USRT

-

Utilities

SRS

-

USRT

-

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ProShares UltraShort Real Estate

iShares Core U.S. REIT ETF

Often compared with SRS:
SRS vs. DRVSRS vs. REKSRS vs. SPYSRS vs. SPMOSRS vs. VNQSRS vs. ARCCSRS vs. DESK
Often compared with USRT:
USRT vs. VNQUSRT vs. XLREUSRT vs. REETUSRT vs. ICFUSRT vs. BBREUSRT vs. SCHDUSRT vs. VOO

Return for Risk

SRS vs. USRT — 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
USRT
USRT Risk / Return Rank: 3333
Overall Rank
USRT Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
USRT Sortino Ratio Rank: 2929
Sortino Ratio Rank
USRT Omega Ratio Rank: 2929
Omega Ratio Rank
USRT Calmar Ratio Rank: 3838
Calmar Ratio Rank
USRT Martin Ratio Rank: 3838
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. USRT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and iShares Core U.S. REIT ETF (USRT). 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.

SRSUSRTDifference
Sharpe ratioReturn per unit of total volatility
-0.36
1.15

-1.52

Sortino ratioReturn per unit of downside risk
-0.36
1.63

-1.99

Omega ratioGain probability vs. loss probability

0.96

1.20

-0.24

Calmar ratioReturn relative to maximum drawdown

-0.48

1.91

-2.38

Martin ratioReturn relative to average drawdown

-1.08

6.15

-7.22

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. USRT - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.36, which is lower than the USRT Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of SRS and USRT, 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

SRSUSRTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.36

1.15

-1.52

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.16

0.25

-0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.41

0.29

-0.70

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.50

0.18

-0.68

Drawdowns

SRS vs. USRT - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than USRT's maximum drawdown of -69.91%. Use the drawdown chart below to compare losses from any high point for SRS and USRT.

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Drawdown Indicators

SRSUSRTDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-69.91%

-30.05%

Max Drawdown (1Y)

Largest decline over 1 year

-20.53%

-8.04%

-12.49%

Max Drawdown (3Y)

Largest decline over 3 years

-51.56%

-18.70%

-32.86%

Max Drawdown (5Y)

Largest decline over 5 years

-51.56%

-31.03%

-20.53%

Max Drawdown (10Y)

Largest decline over 10 years

-85.82%

-44.38%

-41.44%

Current Drawdown

Current decline from peak

-99.96%

-3.01%

-96.95%

Average Drawdown

Average peak-to-trough decline

-91.23%

-12.97%

-78.26%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.08%

2.49%

+6.59%

Volatility

SRS vs. USRT - Volatility Comparison

ProShares UltraShort Real Estate (SRS) has a higher volatility of 7.58% compared to iShares Core U.S. REIT ETF (USRT) at 3.92%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than USRT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SRSUSRTDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.58%

3.92%

+3.66%

Volatility (6M)

Calculated over the trailing 6-month period

19.34%

9.25%

+10.09%

Volatility (1Y)

Calculated over the trailing 1-year period

27.06%

13.28%

+13.78%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.58%

18.89%

+18.69%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.67%

21.28%

+19.39%

SRS vs. USRT - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is higher than USRT's 0.08% expense ratio.

Dividends

SRS vs. USRT - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.67%, more than USRT's 2.67% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
USRT
iShares Core U.S. REIT ETF		2.67%3.07%2.85%3.18%3.46%2.27%3.12%3.34%5.66%3.44%3.98%3.59%

Frequently Asked Questions

SRS and USRT 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 (7.58%) compared to USRT (3.92%). In terms of maximum drawdown, SRS dropped -99.96% vs USRT's -69.91%.

On 10-year performance, USRT leads with 6.21% vs -16.52% for SRS. On fees, USRT is cheaper at 0.08% per year. On volatility, USRT has been the lower-risk option at 3.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USRT has performed better with a 6.21% return vs -16.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USRT is cheaper with a 0.08% expense ratio, compared with 0.95% for SRS.

SRS has the higher dividend yield at 3.67%, compared with 2.67% for USRT.

SRS tracks Dow Jones U.S. Real Estate Index (-200%), while USRT tracks FTSE NAREIT Equity REITs Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for SRS and 0.08% for USRT.

USRT currently has the higher Sharpe Ratio (1.15 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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