URE vs. FRI

Last updated Jun 4, 2026

URE (ProShares Ultra Real Estate) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - URE tracks the Dow Jones U.S. Real Estate Index (200%) while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, URE returned 2.80%/yr vs 5.62%/yr for FRI. Their correlation of 0.92 suggests significant overlap in exposure. URE charges 0.95%/yr vs 0.50%/yr for FRI.

Performance

URE vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Real Estate (URE) and First Trust S&P REIT Index Fund (FRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URE achieves a 13.97% return, which is significantly higher than FRI's 11.90% return. Over the past 10 years, URE has underperformed FRI with an annualized return of 2.80%, while FRI has yielded a comparatively higher 5.62% annualized return.

URE

• 1D: 0.12%
• 1M: -2.94%
• YTD: 13.97%
• 6M: 11.99%
• 1Y: 8.16%
• 3Y*: 8.96%
• 5Y*: -4.07%
• 10Y*: 2.80%

FRI

• 1D: 0.21%
• 1M: -0.46%
• YTD: 11.90%
• 6M: 10.60%
• 1Y: 14.73%
• 3Y*: 11.09%
• 5Y*: 4.41%
• 10Y*: 5.62%

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

URE vs. FRI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URE ProShares Ultra Real Estate	13.97%	-3.65%	0.35%	11.58%	-49.64%	88.24%	-28.06%	57.86%	-13.80%	16.56%
FRI First Trust S&P REIT Index Fund	11.90%	2.80%	7.84%	13.33%	-24.66%	42.55%	-7.90%	23.67%	-4.28%	3.86%

Correlation

The correlation between URE and FRI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.96
Correlation (5Y) Calculated over the trailing 5-year period	0.97
Correlation (10Y) Calculated over the trailing 10-year period	0.97
Correlation (All Time) Calculated using the full available price history since May 11, 2007	0.92

The correlation between URE and FRI has been stable across timeframes, ranging from 0.92 to 0.97 - a consistent structural relationship.

URE vs. FRI - Sectors Allocation Comparison

Sectors	URE	FRI
Real Estate	67.2%	96.2%
Financial Services	8.6%	2.3%
Basic Materials	1.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	0.8%

Return for Risk

URE vs. FRI — Risk / Return Rank

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

URE

URE Risk / Return Rank: 14
URE Sharpe Ratio Rank: 13
URE Sortino Ratio Rank: 14
URE Omega Ratio Rank: 13
URE Calmar Ratio Rank: 15
URE Martin Ratio Rank: 15

FRI

FRI Risk / Return Rank: 34
FRI Sharpe Ratio Rank: 31
FRI Sortino Ratio Rank: 29
FRI Omega Ratio Rank: 29
FRI Calmar Ratio Rank: 40
FRI Martin Ratio Rank: 39

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. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and First Trust S&P REIT Index Fund (FRI). 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.

	URE	FRI	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.13	-0.83
Sortino ratio: Return per unit of downside risk	0.58	1.59	-1.00
Omega ratio: Gain probability vs. loss probability	1.07	1.20	-0.13
Calmar ratio: Return relative to maximum drawdown	0.50	1.95	-1.46
Martin ratio: Return relative to average drawdown	1.20	6.21	-5.02
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. FRI - Sharpe Ratio Comparison

The current URE Sharpe Ratio is 0.31, which is lower than the FRI Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of URE and FRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	URE	FRI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.31	1.13	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.24	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.07	0.27	-0.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.18	-0.24

Drawdowns

URE vs. FRI - Drawdown Comparison

The maximum URE drawdown since its inception was -97.16%, which is greater than FRI's maximum drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for URE and FRI.

Drawdown Indicators

	URE	FRI	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-71.95%	-25.21%
Max Drawdown (1Y) Largest decline over 1 year	-16.50%	-7.57%	-8.93%
Max Drawdown (3Y) Largest decline over 3 years	-33.77%	-18.90%	-14.87%
Max Drawdown (5Y) Largest decline over 5 years	-63.66%	-31.21%	-32.45%
Max Drawdown (10Y) Largest decline over 10 years	-70.49%	-44.16%	-26.33%
Current Drawdown Current decline from peak	-52.68%	-3.24%	-49.44%
Average Drawdown Average peak-to-trough decline	-64.52%	-13.70%	-50.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	2.38%	+4.45%

Volatility

URE vs. FRI - Volatility Comparison

ProShares Ultra Real Estate (URE) has a higher volatility of 7.56% compared to First Trust S&P REIT Index Fund (FRI) at 3.93%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URE	FRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.56%	3.93%	+3.63%
Volatility (6M) Calculated over the trailing 6-month period	19.29%	9.14%	+10.15%
Volatility (1Y) Calculated over the trailing 1-year period	26.73%	13.05%	+13.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.28%	18.65%	+18.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.53%	21.06%	+19.47%

URE vs. FRI - Expense Ratio Comparison

URE has a 0.95% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

URE vs. FRI - Dividend Comparison

URE's dividend yield for the trailing twelve months is around 2.05%, less than FRI's 2.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FRI First Trust S&P REIT Index Fund	2.60%	2.99%	3.33%	3.24%	2.52%	1.44%	3.08%	2.28%	3.21%	2.82%	3.27%	2.66%
URE ProShares Ultra Real Estate	2.05%	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 URE and FRI in my portfolio?

With a correlation of 0.93, URE and FRI 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, URE or FRI?

URE has higher volatility (7.56%) compared to FRI (3.93%). In terms of maximum drawdown, URE dropped -97.16% vs FRI's -71.95%.

Which ETF is better, URE or FRI?

On 10-year performance, FRI leads with 5.62% vs 2.80% for URE. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URE or FRI?

Over the 10-year period, FRI has performed better with a 5.62% return vs 2.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URE or FRI?

FRI is cheaper with a 0.50% expense ratio, compared with 0.95% for URE.

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

FRI has the higher dividend yield at 2.60%, compared with 2.05% for URE.

What is the main difference between URE and FRI?

URE tracks Dow Jones U.S. Real Estate Index (200%), while FRI tracks S&P United States REIT. They also come from different issuers: ProShares and First Trust. Their fees differ too: 0.95% for URE and 0.50% for FRI.

Which has better risk-adjusted returns?

FRI currently has the higher Sharpe Ratio (1.13 vs 0.31), 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.