XPP vs. URE
XPP (ProShares Ultra FTSE China 50) and URE (ProShares Ultra Real Estate) are both exchange-traded funds - XPP is a China Equities fund tracking the FTSE/Xinhua China 25 Index (200%), while URE is a REIT fund tracking the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, XPP returned -6.62%/yr vs 2.00%/yr for URE. At a 0.37 correlation, their price movements are largely independent. Both charge a 0.95% expense ratio.
Performance
XPP vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, XPP achieves a -19.65% return, which is significantly lower than URE's 24.02% return. Over the past 10 years, XPP has underperformed URE with an annualized return of -6.62%, while URE has yielded a comparatively higher 2.00% annualized return.
XPP
- 1D
- 5.58%
- 1M
- 10.65%
- 6M
- -23.23%
- YTD
- -19.65%
- 1Y
- -20.13%
- 3Y*
- 6.19%
- 5Y*
- -18.36%
- 10Y*
- -6.62%
- ALL TIME*
- -5.11%
URE
- 1D
- -0.76%
- 1M
- 7.97%
- 6M
- 13.74%
- YTD
- 24.02%
- 1Y
- 15.74%
- 3Y*
- 8.40%
- 5Y*
- -3.79%
- 10Y*
- 2.00%
- ALL TIME*
- -3.02%
XPP vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XPP ProShares Ultra FTSE China 50 | -19.65% | 45.84% | 38.18% | -34.77% | -50.06% | -40.45% | 7.07% | 24.88% | -31.36% | 80.21% |
URE ProShares Ultra Real Estate | 24.02% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between XPP and URE is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.27 |
Correlation (All Time) Calculated using the full available price history since Jun 4, 2009 | 0.37 |
The correlation between XPP and URE shifts across timeframes, from 0.19 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XPP vs. URE — Risk / Return Rank
XPP
URE
XPP vs. URE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra FTSE China 50 (XPP) 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.
| XPP | URE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.43 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.11 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | 0.96 | -1.41 |
| Martin ratioReturn relative to average drawdown | -0.97 | 2.31 | -3.28 |
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Drawdowns
XPP vs. URE - Drawdown Comparison
The maximum XPP drawdown since its inception was -89.90%, smaller than the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for XPP and URE.
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Drawdown Indicators
| XPP | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.90% | -97.16% | +7.26% |
Max Drawdown (1Y)Largest decline over 1 year | -44.78% | -16.50% | -28.28% |
Max Drawdown (3Y)Largest decline over 3 years | -52.95% | -33.77% | -19.18% |
Max Drawdown (5Y)Largest decline over 5 years | -82.87% | -63.66% | -19.21% |
Max Drawdown (10Y)Largest decline over 10 years | -89.90% | -70.49% | -19.41% |
Current DrawdownCurrent decline from peak | -78.74% | -48.51% | -30.23% |
Average DrawdownAverage peak-to-trough decline | -48.04% | -64.41% | +16.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.77% | 6.83% | +13.94% |
Volatility
XPP vs. URE - Volatility Comparison
ProShares Ultra FTSE China 50 (XPP) has a higher volatility of 12.90% compared to ProShares Ultra Real Estate (URE) at 9.37%. This indicates that XPP's price experiences larger fluctuations and is considered to be riskier 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
| XPP | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.90% | 9.37% | +3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 29.55% | 22.24% | +7.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.24% | 28.49% | +11.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.82% | 37.45% | +25.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 54.80% | 40.67% | +14.13% |
XPP vs. URE - Expense Ratio Comparison
Both XPP and URE have an expense ratio of 0.95%.
Dividends
XPP vs. URE - Dividend Comparison
XPP's dividend yield for the trailing twelve months is around 2.60%, more than URE's 1.97% 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% |
XPP ProShares Ultra FTSE China 50 | 2.60% | 2.32% | 2.96% | 2.87% | 0.00% | 0.00% | 0.00% | 3.81% | 1.47% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
XPP and URE have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XPP has higher volatility (12.90%) compared to URE (9.37%). In terms of maximum drawdown, XPP dropped -89.90% vs URE's -97.16%.
On 10-year performance, URE leads with 2.00% vs -6.62% for XPP. Both ETFs have the same 0.95% expense ratio. On volatility, URE has been the lower-risk option at 9.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, URE has performed better with a 2.00% return vs -6.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XPP and URE have the same expense ratio: 0.95% per year.
XPP has the higher dividend yield at 2.60%, compared with 1.97% for URE.
XPP is categorized as China Equities, while URE is REIT. XPP tracks FTSE/Xinhua China 25 Index (200%), while URE tracks Dow Jones U.S. Real Estate Index (200%).
URE currently has the higher Sharpe Ratio (0.56 vs -0.50), 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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