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URE vs. BNO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

URE vs. BNO

Last updated Jun 5, 2026

URE (ProShares Ultra Real Estate) and BNO (United States Brent Oil Fund LP) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while BNO is a Oil & Gas fund tracking the Front Month Brent Crude Oil. Both are passively managed. Over the past 10 years, URE returned 3.35%/yr vs 13.13%/yr for BNO. At a 0.12 correlation, their price movements are largely independent. URE charges 0.95%/yr vs 0.90%/yr for BNO.

Performance

URE vs. BNO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Real Estate (URE) and United States Brent Oil Fund LP (BNO). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, URE achieves a 18.80% return, which is significantly lower than BNO's 85.31% return. Over the past 10 years, URE has underperformed BNO with an annualized return of 3.35%, while BNO has yielded a comparatively higher 13.13% annualized return.

URE

1D
4.23%
1M
0.65%
YTD
18.80%
6M
17.25%
1Y
11.93%
3Y*
10.89%
5Y*
-3.27%
10Y*
3.35%

BNO

1D
-2.71%
1M
-9.80%
YTD
85.31%
6M
79.66%
1Y
88.71%
3Y*
26.74%
5Y*
23.48%
10Y*
13.13%
*Multi-year figures are annualized to reflect compound growth (CAGR)

URE vs. BNO - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
URE
ProShares Ultra Real Estate		18.80%-3.65%0.35%11.58%-49.64%88.24%-28.06%57.86%-13.80%16.56%
BNO
United States Brent Oil Fund LP		85.31%-5.44%9.67%-3.43%35.25%62.34%-38.23%36.01%-15.30%15.43%

Correlation

The correlation between URE and BNO is -0.15, 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

-0.15

Correlation (3Y)
Calculated over the trailing 3-year period

-0.09

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

0.06

Correlation (All Time)
Calculated using the full available price history since Jun 3, 2010

0.12

The correlation between URE and BNO shifts across timeframes, from -0.15 (1 year) to 0.12 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

ProShares Ultra Real Estate

United States Brent Oil Fund LP

Often compared with URE:
URE vs. DRNURE vs. REZURE vs. XLREURE vs. VOOURE vs. TQQQURE vs. VNQURE vs. SPY
Often compared with BNO:
BNO vs. USOBNO vs. XLEBNO vs. USLBNO vs. BOILBNO vs. UNGBNO vs. UCOBNO vs. UNL

Return for Risk

URE vs. BNO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
URE
URE Risk / Return Rank: 1717
Overall Rank
URE Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
URE Sortino Ratio Rank: 1616
Sortino Ratio Rank
URE Omega Ratio Rank: 1717
Omega Ratio Rank
URE Calmar Ratio Rank: 1919
Calmar Ratio Rank
URE Martin Ratio Rank: 1818
Martin Ratio Rank
BNO
BNO Risk / Return Rank: 6565
Overall Rank
BNO Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
BNO Sortino Ratio Rank: 5757
Sortino Ratio Rank
BNO Omega Ratio Rank: 6161
Omega Ratio Rank
BNO Calmar Ratio Rank: 8888
Calmar Ratio Rank
BNO Martin Ratio Rank: 5555
Martin Ratio Rank
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.

URE vs. BNO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and United States Brent Oil Fund LP (BNO). 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.

UREBNODifference
Sharpe ratioReturn per unit of total volatility
0.44
2.15

-1.70

Sortino ratioReturn per unit of downside risk
0.76
2.65

-1.89

Omega ratioGain probability vs. loss probability

1.10

1.36

-0.27

Calmar ratioReturn relative to maximum drawdown

0.73

4.99

-4.26

Martin ratioReturn relative to average drawdown

1.75

9.39

-7.64

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URE vs. BNO - Sharpe Ratio Comparison

The current URE Sharpe Ratio is 0.44, which is lower than the BNO Sharpe Ratio of 2.15. The chart below compares the historical Sharpe Ratios of URE and BNO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

UREBNODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.44

2.15

-1.70

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.09

0.67

-0.75

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.08

0.36

-0.28

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.06

0.14

-0.19

Drawdowns

URE vs. BNO - Drawdown Comparison

The maximum URE drawdown since its inception was -97.16%, which is greater than BNO's maximum drawdown of -87.06%. Use the drawdown chart below to compare losses from any high point for URE and BNO.

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Drawdown Indicators

UREBNODifference

Max Drawdown

Largest peak-to-trough decline

-97.16%

-87.06%

-10.10%

Max Drawdown (1Y)

Largest decline over 1 year

-16.50%

-17.87%

+1.37%

Max Drawdown (3Y)

Largest decline over 3 years

-33.77%

-23.75%

-10.02%

Max Drawdown (5Y)

Largest decline over 5 years

-63.66%

-33.70%

-29.96%

Max Drawdown (10Y)

Largest decline over 10 years

-70.49%

-75.18%

+4.69%

Current Drawdown

Current decline from peak

-50.67%

-12.72%

-37.95%

Average Drawdown

Average peak-to-trough decline

-64.52%

-40.16%

-24.36%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.83%

9.48%

-2.65%

Volatility

URE vs. BNO - Volatility Comparison

The current volatility for ProShares Ultra Real Estate (URE) is 8.68%, while United States Brent Oil Fund LP (BNO) has a volatility of 14.12%. This indicates that URE experiences smaller price fluctuations and is considered to be less risky than BNO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

UREBNODifference

Volatility (1M)

Calculated over the trailing 1-month period

8.68%

14.12%

-5.44%

Volatility (6M)

Calculated over the trailing 6-month period

19.70%

36.21%

-16.51%

Volatility (1Y)

Calculated over the trailing 1-year period

27.04%

41.56%

-14.52%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.33%

35.40%

+1.93%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.55%

36.69%

+3.86%

URE vs. BNO - Expense Ratio Comparison

URE has a 0.95% expense ratio, which is higher than BNO's 0.90% expense ratio.

Dividends

URE vs. BNO - Dividend Comparison

URE's dividend yield for the trailing twelve months is around 1.97%, while BNO has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
BNO
United States Brent Oil Fund LP		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		1.97%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

URE and BNO have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BNO has higher volatility (14.12%) compared to URE (8.68%). In terms of maximum drawdown, URE dropped -97.16% vs BNO's -87.06%.

On 10-year performance, BNO leads with 13.13% vs 3.35% for URE. On fees, BNO is cheaper at 0.90% per year. On volatility, URE has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, BNO has performed better with a 13.13% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

BNO is cheaper with a 0.90% expense ratio, compared with 0.95% for URE.

URE has the higher dividend yield at 1.97%, compared with 0.00% for BNO.

URE is categorized as REIT, while BNO is Oil & Gas. URE tracks Dow Jones U.S. Real Estate Index (200%), while BNO tracks Front Month Brent Crude Oil. They also come from different issuers: ProShares and Concierge Technologies. Their fees differ too: 0.95% for URE and 0.90% for BNO.

BNO currently has the higher Sharpe Ratio (2.15 vs 0.44), 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.

Portfolio Optimizer

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