DFAR vs. URE

Last updated Jun 24, 2026

DFAR (Dimensional US Real Estate ETF) and URE (ProShares Ultra Real Estate) are both REIT funds. DFAR is actively managed, while URE is passively managed. Over the past 3 years, DFAR returned 11.71%/yr vs 12.71%/yr for URE. With a 0.99 correlation, they move nearly in lockstep. DFAR charges 0.19%/yr vs 0.95%/yr for URE.

Performance

DFAR vs. URE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Dimensional US Real Estate ETF (DFAR) and ProShares Ultra Real Estate (URE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFAR achieves a 15.09% return, which is significantly lower than URE's 21.30% return.

DFAR

• 1D: 0.73%
• 1M: 0.69%
• YTD: 15.09%
• 6M: 15.60%
• 1Y: 13.30%
• 3Y*: 11.71%
• 5Y*: —
• 10Y*: —

URE

• 1D: 2.89%
• 1M: 1.25%
• YTD: 21.30%
• 6M: 22.37%
• 1Y: 11.16%
• 3Y*: 12.71%
• 5Y*: -2.86%
• 10Y*: 3.29%

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

DFAR vs. URE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DFAR Dimensional US Real Estate ETF	15.09%	1.31%	5.25%	11.04%	-12.16%
URE ProShares Ultra Real Estate	21.30%	-3.65%	0.35%	11.58%	-30.40%

Correlation

The correlation between DFAR and URE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (All Time) Calculated using the full available price history since Feb 24, 2022	0.99

The correlation between DFAR and URE has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

DFAR vs. URE — Risk / Return Rank

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

DFAR

DFAR Risk / Return Rank: 30
DFAR Sharpe Ratio Rank: 28
DFAR Sortino Ratio Rank: 26
DFAR Omega Ratio Rank: 26
DFAR Calmar Ratio Rank: 33
DFAR Martin Ratio Rank: 35

URE

URE Risk / Return Rank: 16
URE Sharpe Ratio Rank: 15
URE Sortino Ratio Rank: 15
URE Omega Ratio Rank: 15
URE Calmar Ratio Rank: 17
URE Martin Ratio Rank: 17

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.

DFAR vs. URE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Dimensional US Real Estate ETF (DFAR) and ProShares Ultra Real Estate (URE). 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.

	DFAR	URE	Difference
Sharpe ratio: Return per unit of total volatility	0.98	0.40	+0.58
Sortino ratio: Return per unit of downside risk	1.39	0.71	+0.67
Omega ratio: Gain probability vs. loss probability	1.18	1.09	+0.09
Calmar ratio: Return relative to maximum drawdown	1.58	0.68	+0.91
Martin ratio: Return relative to average drawdown	4.95	1.63	+3.32

DFAR vs. URE - Sharpe Ratio Comparison

The current DFAR Sharpe Ratio is 0.98, which is higher than the URE Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of DFAR and URE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFAR vs. URE - Drawdown Comparison

The maximum DFAR drawdown since its inception was -32.27%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for DFAR and URE.

Drawdown Indicators

	DFAR	URE	Difference
Max Drawdown Largest peak-to-trough decline	-32.27%	-97.16%	+64.89%
Max Drawdown (1Y) Largest decline over 1 year	-8.43%	-16.50%	+8.07%
Max Drawdown (3Y) Largest decline over 3 years	-17.64%	-33.77%	+16.13%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.66%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-70.49%	—
Current Drawdown Current decline from peak	-1.31%	-49.63%	+48.32%
Average Drawdown Average peak-to-trough decline	-14.05%	-64.47%	+50.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.69%	6.86%	-4.17%

Volatility

DFAR vs. URE - Volatility Comparison

The current volatility for Dimensional US Real Estate ETF (DFAR) is 5.04%, while ProShares Ultra Real Estate (URE) has a volatility of 10.65%. This indicates that DFAR experiences smaller price fluctuations and is considered to be less risky than URE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFAR	URE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.04%	10.65%	-5.61%
Volatility (6M) Calculated over the trailing 6-month period	10.22%	21.26%	-11.04%
Volatility (1Y) Calculated over the trailing 1-year period	13.74%	28.21%	-14.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.16%	37.44%	-18.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.16%	40.64%	-21.48%

DFAR vs. URE - Expense Ratio Comparison

DFAR has a 0.19% expense ratio, which is lower than URE's 0.95% expense ratio.

Dividends

DFAR vs. URE - Dividend Comparison

DFAR's dividend yield for the trailing twelve months is around 2.68%, more than URE's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFAR Dimensional US Real Estate ETF	2.68%	2.97%	2.89%	3.06%	1.69%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
URE ProShares Ultra Real Estate	1.93%	2.42%	2.09%	1.32%	1.26%	0.58%	0.94%	1.10%	1.53%	0.93%	0.96%	0.81%

Frequently Asked Questions

Can I hold both DFAR and URE in my portfolio?

With a correlation of 0.97, DFAR and URE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DFAR or URE?

URE has higher volatility (10.65%) compared to DFAR (5.04%). In terms of maximum drawdown, DFAR dropped -32.27% vs URE's -97.16%.

Which ETF is better, DFAR or URE?

On 3-year performance, URE leads with 12.71% vs 11.71% for DFAR. On fees, DFAR is cheaper at 0.19% per year. On volatility, DFAR has been the lower-risk option at 5.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFAR or URE?

Over the 3-year period, URE has performed better with a 12.71% return vs 11.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFAR or URE?

DFAR is cheaper with a 0.19% expense ratio, compared with 0.95% for URE.

Which ETF pays a higher dividend yield, DFAR or URE?

DFAR has the higher dividend yield at 2.68%, compared with 1.93% for URE.

What is the main difference between DFAR and URE?

They also come from different issuers: Dimensional and ProShares. Their fees differ too: 0.19% for DFAR and 0.95% for URE.

Which has better risk-adjusted returns?

DFAR currently has the higher Sharpe Ratio (0.98 vs 0.40), 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.