URE vs. REZ
URE (ProShares Ultra Real Estate) and REZ (iShares Residential Real Estate ETF) are both REIT funds - URE tracks the Dow Jones U.S. Real Estate Index (200%) while REZ tracks the FTSE NAREIT All Residential Capped Index. Both are passively managed. Over the past 10 years, URE returned 3.29%/yr vs 6.81%/yr for REZ. Their correlation of 0.90 suggests significant overlap in exposure. URE charges 0.95%/yr vs 0.48%/yr for REZ.
Performance
URE vs. REZ - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 21.30% return, which is significantly higher than REZ's 11.57% return. Over the past 10 years, URE has underperformed REZ with an annualized return of 3.29%, while REZ has yielded a comparatively higher 6.81% 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%
REZ
- 1D
- 1.85%
- 1M
- 0.19%
- YTD
- 11.57%
- 6M
- 12.05%
- 1Y
- 12.95%
- 3Y*
- 12.29%
- 5Y*
- 4.34%
- 10Y*
- 6.81%
URE vs. REZ - 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% |
REZ iShares Residential Real Estate ETF | 11.57% | 4.80% | 12.73% | 10.97% | -28.31% | 47.86% | -6.62% | 24.49% | 3.89% | 3.87% |
Correlation
The correlation between URE and REZ is 0.86, 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 | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 4, 2007 | 0.90 |
The correlation between URE and REZ has been stable across timeframes, ranging from 0.86 to 0.92 - a consistent structural relationship.
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Return for Risk
URE vs. REZ — Risk / Return Rank
URE
REZ
URE vs. REZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and iShares Residential Real Estate ETF (REZ). 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 | REZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.47 | ||
| Sortino ratioReturn per unit of downside risk | -0.53 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.15 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.48 | -0.80 |
| Martin ratioReturn relative to average drawdown | 1.63 | 4.49 | -2.86 |
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Drawdowns
URE vs. REZ - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than REZ's maximum drawdown of -66.87%. Use the drawdown chart below to compare losses from any high point for URE and REZ.
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Drawdown Indicators
| URE | REZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -66.87% | -30.29% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -8.76% | -7.74% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -18.39% | -15.38% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -35.05% | -28.61% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -44.15% | -26.34% |
Current DrawdownCurrent decline from peak | -49.63% | -0.64% | -48.99% |
Average DrawdownAverage peak-to-trough decline | -64.47% | -12.66% | -51.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 2.89% | +3.97% |
Volatility
URE vs. REZ - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 10.65% compared to iShares Residential Real Estate ETF (REZ) at 6.03%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than REZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | REZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.65% | 6.03% | +4.62% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 11.55% | +9.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 15.07% | +13.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.44% | 19.00% | +18.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 21.58% | +19.06% |
URE vs. REZ - Expense Ratio Comparison
URE has a 0.95% expense ratio, which is higher than REZ's 0.48% expense ratio.
Dividends
URE vs. REZ - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 1.93%, less than REZ's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
REZ iShares Residential Real Estate ETF | 2.06% | 2.74% | 2.26% | 2.94% | 3.37% | 1.81% | 3.17% | 2.90% | 3.63% | 3.57% | 5.55% | 3.18% |
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
URE and REZ have a correlation of 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URE has higher volatility (10.65%) compared to REZ (6.03%). In terms of maximum drawdown, URE dropped -97.16% vs REZ's -66.87%.
On 10-year performance, REZ leads with 6.81% vs 3.29% for URE. On fees, REZ is cheaper at 0.48% per year. On volatility, REZ has been the lower-risk option at 6.03%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, REZ has performed better with a 6.81% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REZ is cheaper with a 0.48% expense ratio, compared with 0.95% for URE.
REZ has the higher dividend yield at 2.06%, compared with 1.93% for URE.
URE tracks Dow Jones U.S. Real Estate Index (200%), while REZ tracks FTSE NAREIT All Residential Capped Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for URE and 0.48% for REZ.
REZ currently has the higher Sharpe Ratio (0.87 vs 0.40), 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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