URE vs. UCO
URE (ProShares Ultra Real Estate) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, URE returned 3.29%/yr vs 19.59%/yr for UCO. At a 0.18 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
URE vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 20.85% return, which is significantly lower than UCO's 77.33% return. Over the past 10 years, URE has underperformed UCO with an annualized return of 3.29%, while UCO has yielded a comparatively higher 19.59% annualized return.
URE
- 1D
- 0.19%
- 1M
- 0.20%
- YTD
- 20.85%
- 6M
- 20.09%
- 1Y
- 15.47%
- 3Y*
- 11.11%
- 5Y*
- -3.22%
- 10Y*
- 3.29%
UCO
- 1D
- 4.80%
- 1M
- -24.44%
- YTD
- 77.33%
- 6M
- 71.99%
- 1Y
- 53.08%
- 3Y*
- 14.02%
- 5Y*
- 11.51%
- 10Y*
- 19.59%
URE vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 20.85% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
UCO ProShares Ultra Bloomberg Crude Oil | 77.33% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between URE and UCO is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.10 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.18 |
The correlation between URE and UCO shifts across timeframes, from -0.13 (1 year) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
URE vs. UCO — Risk / Return Rank
URE
UCO
URE vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.38 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.18 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 0.94 | 1.44 | -0.50 |
| Martin ratioReturn relative to average drawdown | 2.28 | 3.23 | -0.95 |
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Drawdowns
URE vs. UCO - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, roughly equal to the maximum UCO drawdown of -99.86%. Use the drawdown chart below to compare losses from any high point for URE and UCO.
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Drawdown Indicators
| URE | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -99.86% | +2.70% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -37.09% | +20.59% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -50.38% | +16.61% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -67.24% | +3.58% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -96.50% | +26.01% |
Current DrawdownCurrent decline from peak | -49.82% | -86.24% | +36.42% |
Average DrawdownAverage peak-to-trough decline | -64.46% | -82.11% | +17.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.79% | 16.46% | -9.67% |
Volatility
URE vs. UCO - Volatility Comparison
The current volatility for ProShares Ultra Real Estate (URE) is 10.64%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 18.06%. This indicates that URE experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.64% | 18.06% | -7.42% |
Volatility (6M)Calculated over the trailing 6-month period | 21.24% | 48.70% | -27.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.03% | 56.42% | -28.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.43% | 60.21% | -22.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.62% | 317.66% | -277.04% |
URE vs. UCO - Expense Ratio Comparison
Both URE and UCO have an expense ratio of 0.95%.
Dividends
URE vs. UCO - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 2.02%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
UCO ProShares Ultra Bloomberg Crude Oil | 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 | 2.02% | 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 UCO have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (18.06%) compared to URE (10.64%). In terms of maximum drawdown, URE dropped -97.16% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.59% vs 3.29% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, URE has been the lower-risk option at 10.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.59% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URE and UCO have the same expense ratio: 0.95% per year.
URE has the higher dividend yield at 2.02%, compared with 0.00% for UCO.
URE is categorized as REIT, while UCO is Oil & Gas. URE tracks Dow Jones U.S. Real Estate Index (200%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%).
UCO currently has the higher Sharpe Ratio (0.95 vs 0.56), 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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