URE vs. DRN
URE (ProShares Ultra Real Estate) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both REIT funds - URE tracks the Dow Jones U.S. Real Estate Index (200%) while DRN tracks the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, URE returned 3.29%/yr vs -4.65%/yr for DRN. With a 0.99 correlation, they move nearly in lockstep. URE charges 0.95%/yr vs 0.99%/yr for DRN.
Performance
URE vs. DRN - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 21.30% return, which is significantly lower than DRN's 29.87% return. Over the past 10 years, URE has outperformed DRN with an annualized return of 3.29%, while DRN has yielded a comparatively lower -4.65% annualized return.
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%
DRN
- 1D
- 3.48%
- 1M
- 0.92%
- YTD
- 29.87%
- 6M
- 31.25%
- 1Y
- 12.29%
- 3Y*
- 12.52%
- 5Y*
- -10.17%
- 10Y*
- -4.65%
URE vs. DRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DRN Direxion Daily Real Estate Bull 3x Shares | 29.87% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
Correlation
The correlation between URE and DRN is 0.99 - 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 | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 Jul 16, 2009 | 0.99 |
The correlation between URE and DRN has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
URE vs. DRN — Risk / Return Rank
URE
DRN
URE vs. DRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and Direxion Daily Real Estate Bull 3x Shares (DRN). 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.
| URE | DRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.11 | ||
| Sortino ratioReturn per unit of downside risk | +0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.08 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 0.51 | +0.17 |
| Martin ratioReturn relative to average drawdown | 1.63 | 1.12 | +0.51 |
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Drawdowns
URE vs. DRN - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than DRN's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for URE and DRN.
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Drawdown Indicators
| URE | DRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -86.32% | -10.84% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -24.28% | +7.78% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -48.26% | +14.49% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -80.58% | +16.92% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -86.32% | +15.83% |
Current DrawdownCurrent decline from peak | -49.63% | -62.97% | +13.34% |
Average DrawdownAverage peak-to-trough decline | -64.47% | -35.15% | -29.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 10.95% | -4.09% |
Volatility
URE vs. DRN - Volatility Comparison
The current volatility for ProShares Ultra Real Estate (URE) is 10.65%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 15.77%. This indicates that URE experiences smaller price fluctuations and is considered to be less risky than DRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.65% | 15.77% | -5.12% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 31.71% | -10.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 42.14% | -13.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.44% | 56.85% | -19.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 60.77% | -20.13% |
URE vs. DRN - Expense Ratio Comparison
URE has a 0.95% expense ratio, which is lower than DRN's 0.99% expense ratio.
Dividends
URE vs. DRN - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 1.93%, less than DRN's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 2.05% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% | 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
With a correlation of 0.99, URE and DRN 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.
DRN has higher volatility (15.77%) compared to URE (10.65%). In terms of maximum drawdown, URE dropped -97.16% vs DRN's -86.32%.
On 10-year performance, URE leads with 3.29% vs -4.65% for DRN. On fees, URE is cheaper at 0.95% per year. On volatility, URE has been the lower-risk option at 10.65%. 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 3.29% return vs -4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URE is cheaper with a 0.95% expense ratio, compared with 0.99% for DRN.
DRN has the higher dividend yield at 2.05%, compared with 1.93% for URE.
URE tracks Dow Jones U.S. Real Estate Index (200%), while DRN tracks MSCI US REIT Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for URE and 0.99% for DRN.
URE currently has the higher Sharpe Ratio (0.40 vs 0.29), 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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