FREL vs. URE
FREL (Fidelity MSCI Real Estate Index ETF) and URE (ProShares Ultra Real Estate) are both REIT funds - FREL tracks the MSCI USA IMI Real Estate Index while URE tracks the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, FREL returned 5.97%/yr vs 3.29%/yr for URE. With a 0.99 correlation, they move nearly in lockstep. FREL charges 0.08%/yr vs 0.95%/yr for URE.
Performance
FREL vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, FREL achieves a 11.53% return, which is significantly lower than URE's 21.30% return. Over the past 10 years, FREL has outperformed URE with an annualized return of 5.97%, while URE has yielded a comparatively lower 3.29% annualized return.
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
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%
FREL vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
URE ProShares Ultra Real Estate | 21.30% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between FREL and URE is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
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 5, 2015 | 0.99 |
The correlation between FREL and URE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
FREL vs. URE — Risk / Return Rank
FREL
URE
FREL vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fidelity MSCI Real Estate Index ETF (FREL) 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.
| FREL | URE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.09 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.35 | 0.68 | +0.67 |
| Martin ratioReturn relative to average drawdown | 4.23 | 1.63 | +2.60 |
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Drawdowns
FREL vs. URE - Drawdown Comparison
The maximum FREL drawdown since its inception was -42.61%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for FREL and URE.
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Drawdown Indicators
| FREL | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -42.61% | -97.16% | +54.55% |
Max Drawdown (1Y)Largest decline over 1 year | -8.45% | -16.50% | +8.05% |
Max Drawdown (3Y)Largest decline over 3 years | -17.54% | -33.77% | +16.23% |
Max Drawdown (5Y)Largest decline over 5 years | -34.40% | -63.66% | +29.26% |
Max Drawdown (10Y)Largest decline over 10 years | -42.61% | -70.49% | +27.88% |
Current DrawdownCurrent decline from peak | -0.77% | -49.63% | +48.86% |
Average DrawdownAverage peak-to-trough decline | -9.91% | -64.47% | +54.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.70% | 6.86% | -4.16% |
Volatility
FREL vs. URE - Volatility Comparison
The current volatility for Fidelity MSCI Real Estate Index ETF (FREL) is 5.15%, while ProShares Ultra Real Estate (URE) has a volatility of 10.65%. This indicates that FREL 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.
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Volatility by Period
| FREL | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 10.65% | -5.50% |
Volatility (6M)Calculated over the trailing 6-month period | 10.21% | 21.26% | -11.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.84% | 28.21% | -14.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.90% | 37.44% | -18.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.72% | 40.64% | -19.92% |
FREL vs. URE - Expense Ratio Comparison
FREL has a 0.08% expense ratio, which is lower than URE's 0.95% expense ratio.
Dividends
FREL vs. URE - Dividend Comparison
FREL's dividend yield for the trailing twelve months is around 3.28%, more than URE's 1.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
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
With a correlation of 0.98, FREL 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.
URE has higher volatility (10.65%) compared to FREL (5.15%). In terms of maximum drawdown, FREL dropped -42.61% vs URE's -97.16%.
On 10-year performance, FREL leads with 5.97% vs 3.29% for URE. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FREL has performed better with a 5.97% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 0.95% for URE.
FREL has the higher dividend yield at 3.28%, compared with 1.93% for URE.
FREL tracks MSCI USA IMI Real Estate Index, while URE tracks Dow Jones U.S. Real Estate Index (200%). They also come from different issuers: Fidelity and ProShares. Their fees differ too: 0.08% for FREL and 0.95% for URE.
FREL currently has the higher Sharpe Ratio (0.83 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.
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