URE vs. USML
URE (ProShares Ultra Real Estate) and USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) are both exchange-traded funds - URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%), while USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 5 years, URE returned -4.32%/yr vs 7.63%/yr for USML. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
URE vs. USML - Performance Comparison
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Returns By Period
In the year-to-date period, URE achieves a 16.38% return, which is significantly higher than USML's 0.78% return.
URE
- 1D
- -3.00%
- 1M
- -2.48%
- YTD
- 16.38%
- 6M
- 16.33%
- 1Y
- 9.26%
- 3Y*
- 9.26%
- 5Y*
- -4.32%
- 10Y*
- 2.98%
USML
- 1D
- -0.92%
- 1M
- 2.21%
- YTD
- 0.78%
- 6M
- 2.17%
- 1Y
- 0.57%
- 3Y*
- 15.45%
- 5Y*
- 7.63%
- 10Y*
- —
URE vs. USML - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 16.38% | -3.65% | 0.35% | 11.58% | -49.64% | 77.74% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.78% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
Correlation
The correlation between URE and USML is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.64 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Feb 8, 2021 | 0.71 |
The correlation between URE and USML shifts across timeframes, from 0.56 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
URE vs. USML — Risk / Return Rank
URE
USML
URE vs. USML - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML). 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 | USML | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.02 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.56 | 0.04 | +0.52 |
| Martin ratioReturn relative to average drawdown | 1.36 | 0.13 | +1.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| URE | USML | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.34 | 0.03 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.31 | -0.43 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.07 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.06 | 0.42 | -0.48 |
Drawdowns
URE vs. USML - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than USML's maximum drawdown of -35.34%. Use the drawdown chart below to compare losses from any high point for URE and USML.
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Drawdown Indicators
| URE | USML | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -35.34% | -61.82% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -13.09% | -3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -19.14% | -14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -35.34% | -28.32% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | — | — |
Current DrawdownCurrent decline from peak | -51.68% | -5.74% | -45.94% |
Average DrawdownAverage peak-to-trough decline | -64.51% | -10.40% | -54.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.84% | 4.36% | +2.48% |
Volatility
URE vs. USML - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 8.64% compared to ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) at 4.70%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than USML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | USML | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 4.70% | +3.94% |
Volatility (6M)Calculated over the trailing 6-month period | 19.97% | 11.61% | +8.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.26% | 16.45% | +10.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.35% | 24.48% | +12.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.57% | 24.28% | +16.29% |
URE vs. USML - Expense Ratio Comparison
Both URE and USML have an expense ratio of 0.95%.
Dividends
URE vs. USML - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 2.01%, while USML has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 2.01% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
URE and USML have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URE has higher volatility (8.64%) compared to USML (4.70%). In terms of maximum drawdown, URE dropped -97.16% vs USML's -35.34%.
On 5-year performance, USML leads with 7.63% vs -4.32% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USML has performed better with a 7.63% return vs -4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URE and USML have the same expense ratio: 0.95% per year.
URE has the higher dividend yield at 2.01%, compared with 0.00% for USML.
URE is categorized as REIT, while USML is Leveraged Equities. URE tracks Dow Jones U.S. Real Estate Index (200%), while USML tracks MSCI USA Minimum Volatility Index. They also come from different issuers: ProShares and UBS.
URE currently has the higher Sharpe Ratio (0.34 vs 0.03), 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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