URE vs. ULE

Last updated Jun 13, 2026

URE (ProShares Ultra Real Estate) and ULE (ProShares Ultra Euro) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while ULE is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). Both are passively managed. Over the past 10 years, URE returned 3.72%/yr vs -2.46%/yr for ULE. At a 0.22 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

URE vs. ULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Real Estate (URE) and ProShares Ultra Euro (ULE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, URE achieves a 23.42% return, which is significantly higher than ULE's -3.77% return. Over the past 10 years, URE has outperformed ULE with an annualized return of 3.72%, while ULE has yielded a comparatively lower -2.46% annualized return.

URE

• 1D: 1.83%
• 1M: 4.44%
• YTD: 23.42%
• 6M: 23.42%
• 1Y: 14.27%
• 3Y*: 10.96%
• 5Y*: -3.33%
• 10Y*: 3.72%

ULE

• 1D: 0.24%
• 1M: -2.67%
• YTD: -3.77%
• 6M: -3.85%
• 1Y: -2.21%
• 3Y*: 3.78%
• 5Y*: -3.70%
• 10Y*: -2.46%

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

URE vs. ULE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URE ProShares Ultra Real Estate	23.42%	-3.65%	0.35%	11.58%	-49.64%	88.24%	-28.06%	57.86%	-13.80%	16.56%
ULE ProShares Ultra Euro	-3.77%	25.97%	-11.73%	5.08%	-15.51%	-15.66%	14.74%	-8.90%	-13.40%	23.92%

Correlation

The correlation between URE and ULE is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.28
Correlation (10Y) Calculated over the trailing 10-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008	0.22

The correlation between URE and ULE shifts across timeframes, from 0.17 (10 years) to 0.30 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

URE vs. ULE — Risk / Return Rank

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

URE

URE Risk / Return Rank: 20
URE Sharpe Ratio Rank: 19
URE Sortino Ratio Rank: 18
URE Omega Ratio Rank: 19
URE Calmar Ratio Rank: 22
URE Martin Ratio Rank: 21

ULE

ULE Risk / Return Rank: 7
ULE Sharpe Ratio Rank: 8
ULE Sortino Ratio Rank: 7
ULE Omega Ratio Rank: 7
ULE Calmar Ratio Rank: 8
ULE Martin Ratio Rank: 7

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. ULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and ProShares Ultra Euro (ULE). 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	ULE	Difference
Sharpe ratio: Return per unit of total volatility	0.52	-0.17	+0.69
Sortino ratio: Return per unit of downside risk	0.87	-0.15	+1.02
Omega ratio: Gain probability vs. loss probability	1.11	0.98	+0.13
Calmar ratio: Return relative to maximum drawdown	0.87	-0.21	+1.08
Martin ratio: Return relative to average drawdown	2.09	-0.44	+2.54

URE vs. ULE - Sharpe Ratio Comparison

The current URE Sharpe Ratio is 0.52, which is higher than the ULE Sharpe Ratio of -0.17. The chart below compares the historical Sharpe Ratios of URE and ULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

URE vs. ULE - Drawdown Comparison

The maximum URE drawdown since its inception was -97.16%, which is greater than ULE's maximum drawdown of -72.74%. Use the drawdown chart below to compare losses from any high point for URE and ULE.

Drawdown Indicators

	URE	ULE	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-72.74%	-24.42%
Max Drawdown (1Y) Largest decline over 1 year	-16.50%	-10.40%	-6.10%
Max Drawdown (3Y) Largest decline over 3 years	-33.77%	-17.44%	-16.33%
Max Drawdown (5Y) Largest decline over 5 years	-63.66%	-40.32%	-23.34%
Max Drawdown (10Y) Largest decline over 10 years	-70.49%	-51.30%	-19.19%
Current Drawdown Current decline from peak	-48.75%	-62.43%	+13.68%
Average Drawdown Average peak-to-trough decline	-64.49%	-46.08%	-18.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	4.99%	+1.84%

Volatility

URE vs. ULE - Volatility Comparison

ProShares Ultra Real Estate (URE) has a higher volatility of 9.54% compared to ProShares Ultra Euro (ULE) at 2.37%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than ULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URE	ULE	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.54%	2.37%	+7.17%
Volatility (6M) Calculated over the trailing 6-month period	20.35%	8.83%	+11.52%
Volatility (1Y) Calculated over the trailing 1-year period	27.52%	13.28%	+14.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.38%	16.12%	+21.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.58%	15.21%	+25.37%

URE vs. ULE - Expense Ratio Comparison

Both URE and ULE have an expense ratio of 0.95%.

Dividends

URE vs. ULE - Dividend Comparison

URE's dividend yield for the trailing twelve months is around 1.90%, while ULE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ULE ProShares Ultra Euro	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	1.90%	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 ULE in my portfolio?

URE and ULE have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URE or ULE?

URE has higher volatility (9.54%) compared to ULE (2.37%). In terms of maximum drawdown, URE dropped -97.16% vs ULE's -72.74%.

Which ETF is better, URE or ULE?

On 10-year performance, URE leads with 3.72% vs -2.46% for ULE. Both ETFs have the same 0.95% expense ratio. On volatility, ULE has been the lower-risk option at 2.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URE or ULE?

Over the 10-year period, URE has performed better with a 3.72% return vs -2.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URE or ULE?

URE and ULE have the same expense ratio: 0.95% per year.

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

URE has the higher dividend yield at 1.90%, compared with 0.00% for ULE.

What is the main difference between URE and ULE?

URE is categorized as REIT, while ULE is Leveraged Currency. URE tracks Dow Jones U.S. Real Estate Index (200%), while ULE tracks USD/EUR Exchange Rate (-200%).

Which has better risk-adjusted returns?

URE currently has the higher Sharpe Ratio (0.52 vs -0.17), 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.