USML vs. URE
USML (ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN) and URE (ProShares Ultra Real Estate) are both exchange-traded funds - USML is a Leveraged Equities fund tracking the MSCI USA Minimum Volatility Index, while URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 5 years, USML returned 7.54%/yr vs -3.33%/yr for URE. A 0.71 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.
Performance
USML vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, USML achieves a 1.74% return, which is significantly lower than URE's 23.42% return.
USML
- 1D
- 0.67%
- 1M
- 2.24%
- YTD
- 1.74%
- 6M
- 1.57%
- 1Y
- 3.61%
- 3Y*
- 15.23%
- 5Y*
- 7.54%
- 10Y*
- —
URE
- 1D
- 1.83%
- 1M
- 9.50%
- YTD
- 23.42%
- 6M
- 23.42%
- 1Y
- 16.45%
- 3Y*
- 10.96%
- 5Y*
- -3.33%
- 10Y*
- 3.72%
USML vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
USML ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN | 1.74% | 9.33% | 23.97% | 11.37% | -22.87% | 42.12% |
URE ProShares Ultra Real Estate | 23.42% | -3.65% | 0.35% | 11.58% | -49.64% | 79.07% |
Correlation
The correlation between USML and URE is 0.55, 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 | 0.55 |
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 5, 2021 | 0.71 |
The correlation between USML and URE shifts across timeframes, from 0.55 (1 year) to 0.72 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
USML vs. URE — Risk / Return Rank
USML
URE
USML vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) and ProShares Ultra Real Estate (URE). 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.
| USML | URE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 1.11 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.15 | 0.87 | -0.71 |
| Martin ratioReturn relative to average drawdown | 0.46 | 2.09 | -1.64 |
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Drawdowns
USML vs. URE - Drawdown Comparison
The maximum USML drawdown since its inception was -35.34%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for USML and URE.
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Drawdown Indicators
| USML | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.34% | -97.16% | +61.82% |
Max Drawdown (1Y)Largest decline over 1 year | -13.09% | -16.50% | +3.41% |
Max Drawdown (3Y)Largest decline over 3 years | -19.14% | -33.77% | +14.63% |
Max Drawdown (5Y)Largest decline over 5 years | -35.34% | -63.66% | +28.32% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.49% | — |
Current DrawdownCurrent decline from peak | -4.83% | -48.75% | +43.92% |
Average DrawdownAverage peak-to-trough decline | -10.38% | -64.49% | +54.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.41% | 6.83% | -2.42% |
Volatility
USML vs. URE - Volatility Comparison
The current volatility for ETRACS 2x Leveraged MSCI US Minimum Volatility Factor TR ETN (USML) is 4.74%, while ProShares Ultra Real Estate (URE) has a volatility of 9.54%. This indicates that USML experiences smaller price fluctuations and is considered to be less risky than URE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| USML | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.74% | 9.54% | -4.80% |
Volatility (6M)Calculated over the trailing 6-month period | 11.57% | 20.35% | -8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.41% | 27.52% | -11.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.47% | 37.38% | -12.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 24.24% | 40.58% | -16.34% |
USML vs. URE - Expense Ratio Comparison
Both USML and URE have an expense ratio of 0.95%.
Dividends
USML vs. URE - Dividend Comparison
USML has not paid dividends to shareholders, while URE's dividend yield for the trailing twelve months is around 1.90%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
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
USML and URE have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
URE has higher volatility (9.54%) compared to USML (4.74%). In terms of maximum drawdown, USML dropped -35.34% vs URE's -97.16%.
On 5-year performance, USML leads with 7.54% vs -3.33% for URE. Both ETFs have the same 0.95% expense ratio. On volatility, USML has been the lower-risk option at 4.74%. 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 7.54% return vs -3.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USML and URE have the same expense ratio: 0.95% per year.
URE has the higher dividend yield at 1.90%, compared with 0.00% for USML.
USML is categorized as Leveraged Equities, while URE is REIT. USML tracks MSCI USA Minimum Volatility Index, while URE tracks Dow Jones U.S. Real Estate Index (200%). They also come from different issuers: UBS and ProShares.
URE currently has the higher Sharpe Ratio (0.52 vs 0.12), 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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