UCO vs. URE
UCO (ProShares Ultra Bloomberg Crude Oil) and URE (ProShares Ultra Real Estate) are both exchange-traded funds - UCO is a Leveraged Commodities fund tracking the Dow Jones-UBS Crude Oil Sub-Index (200%), while URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, UCO returned -11.55%/yr vs 2.78%/yr for URE. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
UCO vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, UCO achieves a 142.55% return, which is significantly higher than URE's 13.84% return. Over the past 10 years, UCO has underperformed URE with an annualized return of -11.55%, while URE has yielded a comparatively higher 2.78% annualized return.
UCO
- 1D
- 2.52%
- 1M
- 0.21%
- YTD
- 142.55%
- 6M
- 133.13%
- 1Y
- 118.05%
- 3Y*
- 24.78%
- 5Y*
- 21.76%
- 10Y*
- -11.55%
URE
- 1D
- 0.77%
- 1M
- -4.34%
- YTD
- 13.84%
- 6M
- 12.11%
- 1Y
- 7.25%
- 3Y*
- 8.92%
- 5Y*
- -4.07%
- 10Y*
- 2.78%
UCO vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 142.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
URE ProShares Ultra Real Estate | 13.84% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between UCO and URE is -0.14, 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 | -0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Nov 26, 2008 | 0.18 |
The correlation between UCO and URE shifts across timeframes, from -0.14 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UCO vs. URE — Risk / Return Rank
UCO
URE
UCO vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Bloomberg Crude Oil (UCO) 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.
| UCO | URE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.08 | 0.27 | +1.81 |
Sortino ratioReturn per unit of downside risk | 2.43 | 0.54 | +1.89 |
Omega ratioGain probability vs. loss probability | 1.32 | 1.07 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 3.78 | 0.44 | +3.34 |
Martin ratioReturn relative to average drawdown | 7.17 | 1.07 | +6.10 |
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
| UCO | URE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.08 | 0.27 | +1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.37 | -0.11 | +0.48 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.16 | 0.07 | -0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.34 | -0.06 | -0.28 |
Drawdowns
UCO vs. URE - Drawdown Comparison
The maximum UCO drawdown since its inception was -99.95%, roughly equal to the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for UCO and URE.
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Drawdown Indicators
| UCO | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -97.16% | -2.79% |
Max Drawdown (1Y)Largest decline over 1 year | -34.77% | -16.50% | -18.27% |
Max Drawdown (3Y)Largest decline over 3 years | -50.38% | -33.77% | -16.61% |
Max Drawdown (5Y)Largest decline over 5 years | -67.24% | -63.66% | -3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -98.75% | -70.49% | -28.26% |
Current DrawdownCurrent decline from peak | -99.25% | -52.73% | -46.52% |
Average DrawdownAverage peak-to-trough decline | -85.48% | -64.52% | -20.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.32% | 6.82% | +11.50% |
Volatility
UCO vs. URE - Volatility Comparison
ProShares Ultra Bloomberg Crude Oil (UCO) has a higher volatility of 22.10% compared to ProShares Ultra Real Estate (URE) at 7.65%. This indicates that UCO's price experiences larger fluctuations and is considered to be riskier 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
| UCO | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.10% | 7.65% | +14.45% |
Volatility (6M)Calculated over the trailing 6-month period | 46.40% | 19.52% | +26.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.35% | 26.73% | +30.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.77% | 37.28% | +22.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.36% | 40.54% | +30.82% |
UCO vs. URE - Expense Ratio Comparison
Both UCO and URE have an expense ratio of 0.95%.
Dividends
UCO vs. URE - Dividend Comparison
UCO has not paid dividends to shareholders, while URE's dividend yield for the trailing twelve months is around 2.06%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
URE ProShares Ultra Real Estate | 2.06% | 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
UCO and URE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (22.10%) compared to URE (7.65%). In terms of maximum drawdown, UCO dropped -99.95% vs URE's -97.16%.
On 10-year performance, URE leads with 2.78% vs -11.55% for UCO. Both ETFs have the same 0.95% expense ratio. On volatility, URE has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, URE has performed better with a 2.78% return vs -11.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO and URE have the same expense ratio: 0.95% per year.
URE has the higher dividend yield at 2.06%, compared with 0.00% for UCO.
UCO is categorized as Leveraged Commodities, while URE is REIT. UCO tracks Dow Jones-UBS Crude Oil Sub-Index (200%), while URE tracks Dow Jones U.S. Real Estate Index (200%).
UCO currently has the higher Sharpe Ratio (2.08 vs 0.27), 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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