URE vs. USD

Last updated Jun 5, 2026

URE (ProShares Ultra Real Estate) and USD (ProShares Ultra Semiconductors) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while USD is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (200%). Both are passively managed. Over the past 10 years, URE returned 3.35%/yr vs 61.24%/yr for USD. At a 0.43 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.

Performance

URE vs. USD - Performance Comparison

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

Returns By Period

In the year-to-date period, URE achieves a 18.80% return, which is significantly lower than USD's 103.32% return. Over the past 10 years, URE has underperformed USD with an annualized return of 3.35%, while USD has yielded a comparatively higher 61.24% annualized return.

URE

• 1D: 4.23%
• 1M: 0.65%
• YTD: 18.80%
• 6M: 17.25%
• 1Y: 11.93%
• 3Y*: 10.89%
• 5Y*: -3.27%
• 10Y*: 3.35%

USD

• 1D: -4.99%
• 1M: 31.62%
• YTD: 103.32%
• 6M: 97.79%
• 1Y: 250.81%
• 3Y*: 125.78%
• 5Y*: 67.80%
• 10Y*: 61.24%

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

URE vs. USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URE ProShares Ultra Real Estate	18.80%	-3.65%	0.35%	11.58%	-49.64%	88.24%	-28.06%	57.86%	-13.80%	16.56%
USD ProShares Ultra Semiconductors	103.32%	62.08%	139.64%	228.79%	-68.57%	104.27%	68.16%	110.37%	-26.88%	81.72%

Correlation

The correlation between URE and USD is -0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.00
Correlation (3Y) Calculated over the trailing 3-year period	0.11
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Feb 5, 2007	0.43

The correlation between URE and USD shifts across timeframes, from -0.00 (1 year) to 0.43 (all time), reflecting how their relationship changes across market environments.

URE vs. USD - Sectors Allocation Comparison

Sectors	URE	USD
Real Estate	67.2%	-
Financial Services	8.6%	27.8%
Basic Materials	1.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	0.0%
Healthcare	-	-
Industrials	-	-
Technology	-	27.4%
Utilities	-	-

Return for Risk

URE vs. USD — Risk / Return Rank

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

URE

URE Risk / Return Rank: 17
URE Sharpe Ratio Rank: 16
URE Sortino Ratio Rank: 16
URE Omega Ratio Rank: 17
URE Calmar Ratio Rank: 19
URE Martin Ratio Rank: 18

USD

USD Risk / Return Rank: 89
USD Sharpe Ratio Rank: 96
USD Sortino Ratio Rank: 82
USD Omega Ratio Rank: 81
USD Calmar Ratio Rank: 95
USD Martin Ratio Rank: 92

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. USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and ProShares Ultra Semiconductors (USD). 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.

	URE	USD	Difference
Sharpe ratio: Return per unit of total volatility	0.44	4.12	-3.68
Sortino ratio: Return per unit of downside risk	0.76	3.62	-2.85
Omega ratio: Gain probability vs. loss probability	1.10	1.48	-0.39
Calmar ratio: Return relative to maximum drawdown	0.73	7.94	-7.22
Martin ratio: Return relative to average drawdown	1.75	22.96	-21.21
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

URE vs. USD - Sharpe Ratio Comparison

The current URE Sharpe Ratio is 0.44, which is lower than the USD Sharpe Ratio of 4.12. The chart below compares the historical Sharpe Ratios of URE and USD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	URE	USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	4.12	-3.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.09	0.89	-0.98
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.08	0.89	-0.80
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.49	-0.54

Drawdowns

URE vs. USD - Drawdown Comparison

The maximum URE drawdown since its inception was -97.16%, which is greater than USD's maximum drawdown of -88.63%. Use the drawdown chart below to compare losses from any high point for URE and USD.

Drawdown Indicators

	URE	USD	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-88.63%	-8.53%
Max Drawdown (1Y) Largest decline over 1 year	-16.50%	-31.80%	+15.30%
Max Drawdown (3Y) Largest decline over 3 years	-33.77%	-64.46%	+30.69%
Max Drawdown (5Y) Largest decline over 5 years	-63.66%	-77.85%	+14.19%
Max Drawdown (10Y) Largest decline over 10 years	-70.49%	-77.85%	+7.36%
Current Drawdown Current decline from peak	-50.67%	-6.07%	-44.60%
Average Drawdown Average peak-to-trough decline	-64.52%	-32.35%	-32.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.83%	10.98%	-4.15%

Volatility

URE vs. USD - Volatility Comparison

The current volatility for ProShares Ultra Real Estate (URE) is 8.68%, while ProShares Ultra Semiconductors (USD) has a volatility of 21.29%. This indicates that URE experiences smaller price fluctuations and is considered to be less risky than USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	URE	USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.68%	21.29%	-12.61%
Volatility (6M) Calculated over the trailing 6-month period	19.70%	46.74%	-27.04%
Volatility (1Y) Calculated over the trailing 1-year period	27.04%	61.28%	-34.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.33%	76.56%	-39.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.55%	69.24%	-28.69%

URE vs. USD - Expense Ratio Comparison

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

Dividends

URE vs. USD - Dividend Comparison

URE's dividend yield for the trailing twelve months is around 1.97%, more than USD's 0.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
URE ProShares Ultra Real Estate	1.97%	2.42%	2.09%	1.32%	1.26%	0.58%	0.94%	1.10%	1.53%	0.93%	0.96%	0.81%
USD ProShares Ultra Semiconductors	0.23%	0.39%	0.10%	0.05%	0.30%	0.00%	0.14%	0.72%	0.93%	0.32%	0.46%	0.39%

Frequently Asked Questions

Can I hold both URE and USD in my portfolio?

URE and USD have a correlation of -0.00, 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 USD?

USD has higher volatility (21.29%) compared to URE (8.68%). In terms of maximum drawdown, URE dropped -97.16% vs USD's -88.63%.

Which ETF is better, URE or USD?

On 10-year performance, USD leads with 61.24% vs 3.35% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, URE has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URE or USD?

Over the 10-year period, USD has performed better with a 61.24% return vs 3.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URE or USD?

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

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

URE has the higher dividend yield at 1.97%, compared with 0.23% for USD.

What is the main difference between URE and USD?

URE is categorized as REIT, while USD is Leveraged Equities. URE tracks Dow Jones U.S. Real Estate Index (200%), while USD tracks Dow Jones U.S. Semiconductors Index (200%).

Which has better risk-adjusted returns?

USD currently has the higher Sharpe Ratio (4.12 vs 0.44), 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.