URE vs. XLRE
URE (ProShares Ultra Real Estate) and XLRE (Real Estate Select Sector SPDR Fund) are both REIT funds - URE tracks the Dow Jones U.S. Real Estate Index (200%) while XLRE tracks the Real Estate Select Sector Index. Both are passively managed. Over the past 10 years, URE returned 3.29%/yr vs 6.92%/yr for XLRE. With a 0.97 correlation, they move nearly in lockstep. URE charges 0.95%/yr vs 0.13%/yr for XLRE.
Performance
URE vs. XLRE - 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 XLRE's 12.35% return. Over the past 10 years, URE has underperformed XLRE with an annualized return of 3.29%, while XLRE has yielded a comparatively higher 6.92% 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%
XLRE
- 1D
- 1.41%
- 1M
- 1.06%
- YTD
- 12.35%
- 6M
- 12.83%
- 1Y
- 9.79%
- 3Y*
- 11.31%
- 5Y*
- 3.53%
- 10Y*
- 6.92%
URE vs. XLRE - 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% |
XLRE Real Estate Select Sector SPDR Fund | 12.35% | 2.63% | 5.09% | 12.36% | -26.25% | 46.10% | -2.18% | 28.68% | -2.39% | 10.69% |
Correlation
The correlation between URE and XLRE is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Oct 8, 2015 | 0.97 |
The correlation between URE and XLRE has been stable across timeframes, ranging from 0.97 to 1.00 - a consistent structural relationship.
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Return for Risk
URE vs. XLRE — Risk / Return Rank
URE
XLRE
URE vs. XLRE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Real Estate (URE) and Real Estate Select Sector SPDR Fund (XLRE). 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 | XLRE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.30 | ||
| Sortino ratioReturn per unit of downside risk | -0.31 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.13 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.18 | -0.50 |
| Martin ratioReturn relative to average drawdown | 1.63 | 3.23 | -1.60 |
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Drawdowns
URE vs. XLRE - Drawdown Comparison
The maximum URE drawdown since its inception was -97.16%, which is greater than XLRE's maximum drawdown of -38.83%. Use the drawdown chart below to compare losses from any high point for URE and XLRE.
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Drawdown Indicators
| URE | XLRE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.16% | -38.83% | -58.33% |
Max Drawdown (1Y)Largest decline over 1 year | -16.50% | -8.33% | -8.17% |
Max Drawdown (3Y)Largest decline over 3 years | -33.77% | -16.74% | -17.03% |
Max Drawdown (5Y)Largest decline over 5 years | -63.66% | -34.12% | -29.54% |
Max Drawdown (10Y)Largest decline over 10 years | -70.49% | -38.83% | -31.66% |
Current DrawdownCurrent decline from peak | -49.63% | -0.72% | -48.91% |
Average DrawdownAverage peak-to-trough decline | -64.47% | -9.56% | -54.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.86% | 3.04% | +3.82% |
Volatility
URE vs. XLRE - Volatility Comparison
ProShares Ultra Real Estate (URE) has a higher volatility of 10.65% compared to Real Estate Select Sector SPDR Fund (XLRE) at 5.35%. This indicates that URE's price experiences larger fluctuations and is considered to be riskier than XLRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| URE | XLRE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.65% | 5.35% | +5.30% |
Volatility (6M)Calculated over the trailing 6-month period | 21.26% | 10.63% | +10.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.21% | 14.17% | +14.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.44% | 19.13% | +18.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.64% | 20.45% | +20.19% |
URE vs. XLRE - Expense Ratio Comparison
URE has a 0.95% expense ratio, which is higher than XLRE's 0.13% expense ratio.
Dividends
URE vs. XLRE - Dividend Comparison
URE's dividend yield for the trailing twelve months is around 1.93%, less than XLRE's 3.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
XLRE Real Estate Select Sector SPDR Fund | 3.15% | 3.45% | 3.43% | 3.31% | 3.70% | 2.61% | 3.15% | 3.06% | 3.78% | 3.25% | 4.22% | 1.09% |
Frequently Asked Questions
With a correlation of 0.99, URE and XLRE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
URE has higher volatility (10.65%) compared to XLRE (5.35%). In terms of maximum drawdown, URE dropped -97.16% vs XLRE's -38.83%.
On 10-year performance, XLRE leads with 6.92% vs 3.29% for URE. On fees, XLRE is cheaper at 0.13% per year. On volatility, XLRE has been the lower-risk option at 5.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XLRE has performed better with a 6.92% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XLRE is cheaper with a 0.13% expense ratio, compared with 0.95% for URE.
XLRE has the higher dividend yield at 3.15%, compared with 1.93% for URE.
URE tracks Dow Jones U.S. Real Estate Index (200%), while XLRE tracks Real Estate Select Sector Index. They also come from different issuers: ProShares and State Street. Their fees differ too: 0.95% for URE and 0.13% for XLRE.
XLRE currently has the higher Sharpe Ratio (0.70 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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