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 -16.52%/yr vs -72.67%/yr for UVXY. At a 0.48 correlation, their price movements are largely independent. 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 -14.05% return, which is significantly higher than UVXY's -19.06% return. Over the past 10 years, SRS has outperformed UVXY with an annualized return of -16.52%, while UVXY has yielded a comparatively lower -72.67% 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%
UVXY
- 1D
- -0.24%
- 1M
- -22.10%
- YTD
- -19.06%
- 6M
- -37.37%
- 1Y
- -72.91%
- 3Y*
- -64.55%
- 5Y*
- -67.90%
- 10Y*
- -72.67%
SRS vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -19.06% | -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 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | 0.48 |
Over the past year, the correlation between SRS and UVXY has dropped to 0.27 - 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.
| SRS | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.82 | +0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.97 | +0.49 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.31 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SRS | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.36 | -0.87 | +0.50 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.16 | -0.66 | +0.50 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.41 | -0.64 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.50 | -0.68 | +0.18 |
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 | -20.53% | -75.22% | +54.69% |
Max Drawdown (3Y)Largest decline over 3 years | -51.56% | -95.45% | +43.89% |
Max Drawdown (5Y)Largest decline over 5 years | -51.56% | -99.68% | +48.12% |
Max Drawdown (10Y)Largest decline over 10 years | -85.82% | -100.00% | +14.18% |
Current DrawdownCurrent decline from peak | -99.96% | -100.00% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -98.55% | +7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.08% | 55.63% | -46.55% |
Volatility
SRS vs. UVXY - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 7.58%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 11.77%. 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 | 7.58% | 11.77% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 19.34% | 62.64% | -43.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.06% | 84.42% | -57.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.58% | 103.85% | -66.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.67% | 113.82% | -73.15% |
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 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (11.77%) compared to SRS (7.58%). In terms of maximum drawdown, SRS dropped -99.96% vs UVXY's -100.00%.
On 10-year performance, SRS leads with -16.52% vs -72.67% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, SRS has been the lower-risk option at 7.58%. 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 -16.52% return vs -72.67%. 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 (-0.36 vs -0.87), 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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