SRS vs. UVXY
SRS (ProShares UltraShort Real Estate) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - SRS is a REIT fund tracking the Dow Jones U.S. Real Estate Index (-200%), while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, SRS returned -16.03%/yr vs -71.03%/yr for UVXY. Their 0.48 correlation means their historical movements had little consistent relationship. Both charge a 0.95% expense ratio.
Performance
SRS vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly higher than UVXY's -36.18% return. Over the past 10 years, SRS has outperformed UVXY with an annualized return of -16.03%, while UVXY has yielded a comparatively lower -71.03% 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%
UVXY
- 1D
- -1.46%
- 1M
- -7.54%
- 6M
- -33.79%
- YTD
- -36.18%
- 1Y
- -73.63%
- 3Y*
- -63.76%
- 5Y*
- -68.11%
- 10Y*
- -71.03%
- ALL TIME*
- -80.18%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $366.45K | $363.36K | $364.08K | |
| $186.30M | $190.88M | $236.21M |
SRS vs. UVXY - 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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -36.18% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between SRS and UVXY is 0.20, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.20 |
Correlation (3Y) Balances recent behavior with more history. | 0.34 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.44 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | 0.48 |
Over the past year, the correlation between SRS and UVXY has dropped to 0.20 - well below their long-term average of 0.48, suggesting their price drivers have been diverging.
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Return for Risk
SRS vs. UVXY — Risk / Return Rank
SRS
UVXY
SRS vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 0.82 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -1.03 | +0.33 |
| Martin ratioReturn relative to average drawdown | -1.46 | -1.54 | +0.09 |
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Drawdowns
SRS vs. UVXY - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, roughly equal to the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for SRS and UVXY.
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Drawdown Indicators
| SRS | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -100.00% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -71.36% | +45.63% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -95.42% | +40.69% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -99.68% | +44.95% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -100.00% | +13.25% |
Current DrawdownCurrent decline from peak | -99.96% | -100.00% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -98.76% | +7.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 51.81% | -39.34% |
Volatility
SRS vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 8.59%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 22.30%. This indicates that SRS experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRS | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 22.30% | -13.71% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 65.53% | -43.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 86.48% | -58.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 103.34% | -65.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 112.09% | -71.28% |
SRS vs. UVXY - Expense Ratio Comparison
Both SRS and UVXY have an expense ratio of 0.95%.
Dividends
SRS vs. UVXY - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.67%, while UVXY has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | 3.67% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SRS and UVXY have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (22.30%) compared to SRS (8.59%). In terms of maximum drawdown, SRS dropped -99.96% vs UVXY's -100.00%.
On 10-year performance, SRS leads with -16.03% vs -71.03% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SRS has been the lower-risk option at 8.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SRS has performed better with a -16.03% return vs -71.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRS and UVXY have the same expense ratio: 0.95% per year.
SRS has the higher dividend yield at 3.67%, compared with 0.00% for UVXY.
SRS is categorized as REIT, while UVXY is Volatility. SRS tracks Dow Jones U.S. Real Estate Index (-200%), while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
SRS currently has the higher Sharpe Ratio (-0.65 vs -0.85), 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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