URE vs. FRI
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 2.23%/yr vs 5.52%/yr for FRI. Their correlation of 0.92 means they have usually moved in the same direction. URE charges 0.95%/yr vs 0.50%/yr for FRI.
Performance
URE vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 23.35% return, which is significantly higher than FRI's 19.70% return. Over the past 10 years, URE has underperformed FRI with an annualized return of 2.23%, while FRI has yielded a comparatively higher 5.52% annualized return.
URE
- 1D
- 0.70%
- 1M
- 1.91%
- 6M
- 20.58%
- YTD
- 23.35%
- 1Y
- 18.25%
- 3Y*
- 11.31%
- 5Y*
- -3.92%
- 10Y*
- 2.23%
- ALL TIME*
- -3.04%
FRI
- 1D
- 0.06%
- 1M
- 0.78%
- 6M
- 17.29%
- YTD
- 19.70%
- 1Y
- 24.70%
- 3Y*
- 12.62%
- 5Y*
- 5.09%
- 10Y*
- 5.52%
- ALL TIME*
- 5.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.05M | $1.49M | $982.25K | |
| $611.02K | $406.79K | $255.52K |
URE vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 23.35% | -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 | 19.70% | 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, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.93 |
Correlation (3Y) Balances recent behavior with more history. | 0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.97 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.97 |
Correlation (All Time) Calculated using the full available price history since May 10, 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.
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Return for Risk
URE vs. FRI — Risk / Return Rank
URE
FRI
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.
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 | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.17 | ||
| Sortino ratioReturn per unit of downside risk | -1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.32 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.11 | 3.28 | -2.17 |
| Martin ratioReturn relative to average drawdown | 3.05 | 10.91 | -7.87 |
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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.
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Drawdown Indicators
| URE | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -48.78% | -2.83% | -45.95% |
Average DrawdownAverage peak-to-trough decline | -64.38% | -13.59% | -50.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.01% | 2.27% | +3.74% |
Volatility
URE vs. FRI - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 8.67% compared to First Trust S&P REIT Index Fund (FRI) at 4.53%. 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.
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Volatility by Period
| URE | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.67% | 4.53% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 22.10% | 10.56% | +11.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.02% | 13.61% | +14.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.52% | 18.71% | +18.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.68% | 21.11% | +19.57% |
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 1.98%, less than FRI's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRI First Trust S&P REIT Index Fund | 2.40% | 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 | 1.98% | 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 0.93, 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.
URE has higher volatility (8.67%) compared to FRI (4.53%). In terms of maximum drawdown, URE dropped -97.16% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.52% vs 2.23% for URE. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FRI has performed better with a 5.52% return vs 2.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FRI is cheaper with a 0.50% expense ratio, compared with 0.95% for URE.
FRI has the higher dividend yield at 2.40%, compared with 1.98% for URE.
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.
FRI currently has the higher Sharpe Ratio (1.83 vs 0.66), 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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