VNQ vs. URE
VNQ (Vanguard Real Estate ETF) and URE (ProShares Ultra Real Estate) are both REIT funds - VNQ tracks the MSCI US Investable Market Real Estate 25/50 Index while URE tracks the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, VNQ returned 5.35%/yr vs 3.18%/yr for URE. With a 0.98 correlation, they move nearly in lockstep. VNQ charges 0.13%/yr vs 0.95%/yr for URE.
Performance
VNQ vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, VNQ achieves a 10.80% return, which is significantly lower than URE's 20.03% return. Over the past 10 years, VNQ has outperformed URE with an annualized return of 5.35%, while URE has yielded a comparatively lower 3.18% annualized return.
VNQ
- 1D
- -0.87%
- 1M
- 0.25%
- YTD
- 10.80%
- 6M
- 10.46%
- 1Y
- 10.33%
- 3Y*
- 10.98%
- 5Y*
- 2.52%
- 10Y*
- 5.35%
URE
- 1D
- -1.05%
- 1M
- 0.19%
- YTD
- 20.03%
- 6M
- 19.27%
- 1Y
- 8.98%
- 3Y*
- 12.32%
- 5Y*
- -3.35%
- 10Y*
- 3.18%
VNQ vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VNQ Vanguard Real Estate ETF | 10.80% | 3.24% | 4.81% | 11.85% | -26.25% | 40.54% | -4.61% | 28.91% | -6.03% | 4.90% |
URE ProShares Ultra Real Estate | 20.03% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between VNQ and URE is 0.98 - 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 | 0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
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 Feb 2, 2007 | 0.98 |
The correlation between VNQ and URE has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
VNQ vs. URE — Risk / Return Rank
VNQ
URE
VNQ vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Vanguard Real Estate ETF (VNQ) 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.
| VNQ | URE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.43 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.08 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | 0.55 | +0.70 |
| Martin ratioReturn relative to average drawdown | 3.92 | 1.33 | +2.60 |
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Drawdowns
VNQ vs. URE - Drawdown Comparison
The maximum VNQ drawdown since its inception was -73.07%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for VNQ and URE.
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Drawdown Indicators
| VNQ | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.07% | -97.16% | +24.09% |
Max Drawdown (1Y)Largest decline over 1 year | -8.34% | -16.50% | +8.16% |
Max Drawdown (3Y)Largest decline over 3 years | -17.46% | -33.77% | +16.31% |
Max Drawdown (5Y)Largest decline over 5 years | -34.48% | -63.66% | +29.18% |
Max Drawdown (10Y)Largest decline over 10 years | -42.40% | -70.49% | +28.09% |
Current DrawdownCurrent decline from peak | -1.52% | -50.16% | +48.64% |
Average DrawdownAverage peak-to-trough decline | -13.60% | -64.47% | +50.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 6.87% | -4.21% |
Volatility
VNQ vs. URE - Volatility Comparison
The current volatility for Vanguard Real Estate ETF (VNQ) is 5.27%, while ProShares Ultra Real Estate (URE) has a volatility of 10.70%. This indicates that VNQ 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
| VNQ | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.27% | 10.70% | -5.43% |
Volatility (6M)Calculated over the trailing 6-month period | 10.24% | 21.29% | -11.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 28.06% | -14.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.87% | 37.44% | -18.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.75% | 40.63% | -19.88% |
VNQ vs. URE - Expense Ratio Comparison
VNQ has a 0.13% expense ratio, which is lower than URE's 0.95% expense ratio.
Dividends
VNQ vs. URE - Dividend Comparison
VNQ's dividend yield for the trailing twelve months is around 3.59%, more than URE's 1.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
URE ProShares Ultra Real Estate | 1.95% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
VNQ Vanguard Real Estate ETF | 3.59% | 3.92% | 3.85% | 3.95% | 3.91% | 2.56% | 3.93% | 3.39% | 4.74% | 4.23% | 4.82% | 3.92% |
Frequently Asked Questions
With a correlation of 0.98, VNQ and URE 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 (10.70%) compared to VNQ (5.27%). In terms of maximum drawdown, VNQ dropped -73.07% vs URE's -97.16%.
On 10-year performance, VNQ leads with 5.35% vs 3.18% for URE. On fees, VNQ is cheaper at 0.13% per year. On volatility, VNQ has been the lower-risk option at 5.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VNQ has performed better with a 5.35% return vs 3.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VNQ is cheaper with a 0.13% expense ratio, compared with 0.95% for URE.
VNQ has the higher dividend yield at 3.59%, compared with 1.95% for URE.
VNQ tracks MSCI US Investable Market Real Estate 25/50 Index, while URE tracks Dow Jones U.S. Real Estate Index (200%). They also come from different issuers: Vanguard and ProShares. Their fees differ too: 0.13% for VNQ and 0.95% for URE.
VNQ currently has the higher Sharpe Ratio (0.75 vs 0.32), 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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