URE vs. GSG
URE (ProShares Ultra Real Estate) and GSG (iShares S&P GSCI Commodity-Indexed Trust) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while GSG is a Commodities fund tracking the S&P GSCI Total Return Index. Both are passively managed. Over the past 10 years, URE returned 2.39%/yr vs 7.61%/yr for GSG. At a 0.16 correlation, their price movements are largely independent. URE charges 0.95%/yr vs 0.75%/yr for GSG.
Performance
URE vs. GSG - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 25.18% return, which is significantly lower than GSG's 33.95% return. Over the past 10 years, URE has underperformed GSG with an annualized return of 2.39%, while GSG has yielded a comparatively higher 7.61% annualized return.
URE
- 1D
- 3.92%
- 1M
- 2.83%
- 6M
- 17.68%
- YTD
- 25.18%
- 1Y
- 17.22%
- 3Y*
- 8.92%
- 5Y*
- -3.49%
- 10Y*
- 2.39%
GSG
- 1D
- -0.93%
- 1M
- 4.15%
- 6M
- 29.74%
- YTD
- 33.95%
- 1Y
- 37.41%
- 3Y*
- 15.32%
- 5Y*
- 14.20%
- 10Y*
- 7.61%
URE vs. GSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 25.18% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
GSG iShares S&P GSCI Commodity-Indexed Trust | 33.95% | 5.93% | 8.52% | -5.51% | 24.08% | 38.77% | -23.94% | 15.62% | -13.88% | 3.89% |
Correlation
The correlation between URE and GSG is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.05 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2007 | 0.16 |
The correlation between URE and GSG shifts across timeframes, from -0.12 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
URE vs. GSG — Risk / Return Rank
URE
GSG
URE vs. GSG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and iShares S&P GSCI Commodity-Indexed Trust (GSG). 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 | GSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.99 | ||
| Sortino ratioReturn per unit of downside risk | -1.21 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.29 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 1.05 | 2.00 | -0.95 |
| Martin ratioReturn relative to average drawdown | 2.53 | 6.66 | -4.13 |
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Drawdowns
URE vs. GSG - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than GSG's maximum drawdown of -89.62%. Use the drawdown chart below to compare losses from any high point for URE and GSG.
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Drawdown Indicators
| URE | GSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -89.62% | -7.54% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -18.81% | +2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -18.81% | -14.96% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -29.12% | -34.54% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -57.64% | -12.85% |
Current DrawdownCurrent decline from peak | -48.02% | -59.56% | +11.54% |
Average DrawdownAverage peak-to-trough decline | -64.42% | -63.68% | -0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.83% | 5.63% | +1.20% |
Volatility
URE vs. GSG - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 10.80% compared to iShares S&P GSCI Commodity-Indexed Trust (GSG) at 7.17%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than GSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | GSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.80% | 7.17% | +3.63% |
Volatility (6M)Calculated over the trailing 6-month period | 22.34% | 21.54% | +0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.48% | 23.48% | +5.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.54% | 22.80% | +14.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.65% | 22.00% | +18.65% |
URE vs. GSG - Expense Ratio Comparison
URE has a 0.95% expense ratio, which is higher than GSG's 0.75% expense ratio.
Dividends
URE vs. GSG - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 1.95%, while GSG has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
GSG iShares S&P GSCI Commodity-Indexed Trust | 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 | 1.95% | 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 GSG have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URE has higher volatility (10.80%) compared to GSG (7.17%). In terms of maximum drawdown, URE dropped -97.16% vs GSG's -89.62%.
On 10-year performance, GSG leads with 7.61% vs 2.39% for URE. On fees, GSG is cheaper at 0.75% per year. On volatility, GSG has been the lower-risk option at 7.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSG has performed better with a 7.61% return vs 2.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSG is cheaper with a 0.75% expense ratio, compared with 0.95% for URE.
URE has the higher dividend yield at 1.95%, compared with 0.00% for GSG.
URE is categorized as REIT, while GSG is Commodities. URE tracks Dow Jones U.S. Real Estate Index (200%), while GSG tracks S&P GSCI Total Return Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for URE and 0.75% for GSG.
GSG currently has the higher Sharpe Ratio (1.60 vs 0.61), 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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