REK vs SPY
ProShares Short Real Estate vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | REK | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.95% | 0.09% | |
| AUM | $12M | $814.4B | |
| Dividend Yield | 3.28% | 1.01% | |
| Holdings | 8 | 505 | |
| YTD Return | -7.54% | +12.87% | |
| 1Y Return | -4.64% | +21.13% | |
| 3Y Return (annualized) | -4.68% | +20.86% | |
| 5Y Return (annualized) | +0.77% | +12.69% | |
| Volatility (annualized) | 16.1% | 15.3% | |
| Max Drawdown | -84.8% | -56.5% | |
| Fund Family | ProShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Mar 16, 2010 | Jan 22, 1993 |
REK vs SPY Performance
ProShares Short Real Estate (REK) is a ETF from ProShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year REK returned -4.64% while SPY returned +21.13%. Year to date, REK is down 7.54% versus a gain of 12.87% for SPY.
Over three years, REK compounded at -4.68% per year against +20.86% for SPY; over five years the annualized figures are +0.77% and +12.69% respectively. Across the full 17-year window we track, SPY has the edge at +8.80% annualized vs -9.81%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
REK has been the more volatile fund, with annualized monthly volatility of 16.1% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -84.8% for REK and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.73. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
REK charges 0.95% per year while SPY charges 0.09%. On a $10,000 position that is $95 vs $9 annually, a gap of $86 per year that compounds over a long holding period. On income, REK currently yields 3.28% against 1.01% for SPY.
Holdings Overlap
REK and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, REK or SPY?
REK has an expense ratio of 0.95% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $86 per year of difference.
Which performed better, REK or SPY?
Over the past year REK returned -4.64% vs +21.13% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (17 years), REK annualized -9.81% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, REK or SPY?
REK has been the more volatile fund at 16.1% annualized versus 15.3% for SPY. Worst drawdown: REK -84.8% vs SPY -56.5%.
Should I hold both REK and SPY?
REK and SPY have a monthly-return correlation of -0.73, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between REK and SPY?
REK and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
Which pays a higher dividend, REK or SPY?
REK yields 3.28% while SPY yields 1.01%, so REK currently pays the higher dividend yield.
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