SRS vs. VNQ

Last updated Jun 4, 2026

SRS (ProShares UltraShort Real Estate) and VNQ (Vanguard Real Estate ETF) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index. Both are passively managed. Over the past 10 years, SRS returned -16.52%/yr vs 5.21%/yr for VNQ. At a correlation of -0.99, they often move in opposite directions. SRS charges 0.95%/yr vs 0.13%/yr for VNQ.

Performance

SRS vs. VNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Real Estate (SRS) and Vanguard Real Estate ETF (VNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRS achieves a -14.05% return, which is significantly lower than VNQ's 7.83% return. Over the past 10 years, SRS has underperformed VNQ with an annualized return of -16.52%, while VNQ has yielded a comparatively higher 5.21% 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%

VNQ

• 1D: -0.12%
• 1M: -1.10%
• YTD: 7.83%
• 6M: 6.75%
• 1Y: 9.97%
• 3Y*: 9.15%
• 5Y*: 2.18%
• 10Y*: 5.21%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. VNQ - 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%
VNQ Vanguard Real Estate ETF	7.83%	3.24%	4.81%	11.85%	-26.25%	40.54%	-4.61%	28.91%	-6.03%	4.90%

Correlation

The correlation between SRS and VNQ is -0.98, 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	-0.98
Correlation (3Y) Calculated over the trailing 3-year period	-0.99
Correlation (5Y) Calculated over the trailing 5-year period	-0.99
Correlation (10Y) Calculated over the trailing 10-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007	-0.99

The correlation between SRS and VNQ has been stable across timeframes, ranging from -0.99 to -0.98 - a consistent structural relationship.

SRS vs. VNQ - Sectors Allocation Comparison

Sectors	SRS	VNQ
Financial Services	71.8%	0.1%
Basic Materials	-	1.1%
Communication Services	-	0.6%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.1%
Healthcare	-	-
Industrials	-	0.0%
Real Estate	-	97.3%
Technology	-	0.3%
Utilities	-	-

Return for Risk

SRS vs. VNQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRS

SRS Risk / Return Rank: 5
SRS Sharpe Ratio Rank: 6
SRS Sortino Ratio Rank: 5
SRS Omega Ratio Rank: 5
SRS Calmar Ratio Rank: 5
SRS Martin Ratio Rank: 4

VNQ

VNQ Risk / Return Rank: 23
VNQ Sharpe Ratio Rank: 22
VNQ Sortino Ratio Rank: 21
VNQ Omega Ratio Rank: 20
VNQ Calmar Ratio Rank: 25
VNQ Martin Ratio Rank: 27

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. VNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) and Vanguard Real Estate ETF (VNQ). 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	VNQ	Difference
Sharpe ratio Return per unit of total volatility	-0.36	0.76	-1.12
Sortino ratio Return per unit of downside risk	-0.36	1.12	-1.48
Omega ratio Gain probability vs. loss probability	0.96	1.14	-0.18
Calmar ratio Return relative to maximum drawdown	-0.48	1.20	-1.68
Martin ratio Return relative to average drawdown	-1.08	3.78	-4.86
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. VNQ - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.36, which is lower than the VNQ Sharpe Ratio of 0.76. The chart below compares the historical Sharpe Ratios of SRS and VNQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SRS	VNQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	0.76	-1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	0.12	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.41	0.25	-0.66
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.26	-0.76

Drawdowns

SRS vs. VNQ - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than VNQ's maximum drawdown of -73.07%. Use the drawdown chart below to compare losses from any high point for SRS and VNQ.

Drawdown Indicators

	SRS	VNQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-73.07%	-26.89%
Max Drawdown (1Y) Largest decline over 1 year	-20.53%	-8.34%	-12.19%
Max Drawdown (3Y) Largest decline over 3 years	-51.56%	-17.46%	-34.10%
Max Drawdown (5Y) Largest decline over 5 years	-51.56%	-34.48%	-17.08%
Max Drawdown (10Y) Largest decline over 10 years	-85.82%	-42.40%	-43.42%
Current Drawdown Current decline from peak	-99.96%	-3.75%	-96.21%
Average Drawdown Average peak-to-trough decline	-91.23%	-13.63%	-77.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	2.64%	+6.44%

Volatility

SRS vs. VNQ - Volatility Comparison

ProShares UltraShort Real Estate (SRS) has a higher volatility of 7.58% compared to Vanguard Real Estate ETF (VNQ) at 3.72%. This indicates that SRS's price experiences larger fluctuations and is considered to be riskier than VNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRS	VNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	3.72%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	9.26%	+10.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.06%	13.16%	+13.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.58%	18.80%	+18.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.67%	20.70%	+19.97%

SRS vs. VNQ - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is higher than VNQ's 0.13% expense ratio.

Dividends

SRS vs. VNQ - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.67%, which matches VNQ's 3.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VNQ Vanguard Real Estate ETF	3.69%	3.92%	3.85%	3.95%	3.91%	2.56%	3.93%	3.39%	4.74%	4.23%	4.82%	3.92%

Frequently Asked Questions

Can I hold both SRS and VNQ in my portfolio?

SRS and VNQ have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRS or VNQ?

SRS has higher volatility (7.58%) compared to VNQ (3.72%). In terms of maximum drawdown, SRS dropped -99.96% vs VNQ's -73.07%.

Which ETF is better, SRS or VNQ?

On 10-year performance, VNQ leads with 5.21% vs -16.52% for SRS. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 3.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRS or VNQ?

Over the 10-year period, VNQ has performed better with a 5.21% return vs -16.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRS or VNQ?

VNQ is cheaper with a 0.13% expense ratio, compared with 0.95% for SRS.

Which ETF pays a higher dividend yield, SRS or VNQ?

VNQ has the higher dividend yield at 3.69%, compared with 3.67% for SRS.

What is the main difference between SRS and VNQ?

SRS tracks Dow Jones U.S. Real Estate Index (-200%), while VNQ tracks MSCI US Investable Market Real Estate 25/50 Index. They also come from different issuers: ProShares and Vanguard. Their fees differ too: 0.95% for SRS and 0.13% for VNQ.

Which has better risk-adjusted returns?

VNQ currently has the higher Sharpe Ratio (0.76 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.