Which came closer to its stated multiple, REK or URE?

Over the window to Sep 30, 2026, REK finished 1.5 points from what its multiple implies and URE finished 0.7 points from its own, so URE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are REK and URE levered on the same thing?

Yes. Both are levered on iShares U.S. Real Estate ETF, REK at -1 times and URE at +2 times the daily move.

Which one decays faster, REK or URE?

Decay follows how much the underlying moves about. Over this window REK’s moved at 13% annualized and URE’s at 13%, so REK has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold REK or URE for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, REK or URE?

REK charges 0.95% a year and URE charges 0.95%, so REK is cheaper. Fees come from each fund's prospectus.

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REK vs URE: which held to its multiple?

Over three months against its own daily promise, REK finished 1.4 points over and URE 0.8 points short. ProShares Short Real Estate and ProShares Ultra Real Estate.

+8.3%

REK returned, 3 months

−14.3%

URE returned, 3 months

+1.5 pts

REK from its stated multiple

−0.7 pts

URE from its stated multiple

REK · 3 months to Sep 30, 20261.5 pts ahead of its stated multiple

REK returned +8.3% while −1 times IYR's move would have been +6.8%

URE · 3 months to Sep 30, 20260.7 pts short of its stated multiple

URE returned −14.3% while 2 times IYR's move would have been −13.6%

ETFIQ Decay Resistance Score · URE scores higherDid it keep up with its own daily multiple, compounded day by day?

REK among the 125 inverse ETFs over three months

REK 43.6

0.4, the lowest in this set99.6, the highest

URE among the 470 leveraged ETFs, long, over three months

URE 96.7

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. URE is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	REK	URE	REK	URE	REK	URE
1 month	+7.4%	−13.0%	+6.7%	−13.4%	+0.7 pts	+0.4 pts
3 months	+8.3%	−14.3%	+6.8%	−13.6%	+1.5 pts	−0.7 pts
6 months	+0.6%	−0.6%	−1.4%	+2.8%	+2.0 pts	−3.4 pts
1 year	+4.2%	−6.3%	−0.3%	+0.6%	+4.5 pts	−7.0 pts
3 years	−12.6%	+34.5%	−30.9%	+61.8%	+18.3 pts	−27.3 pts
Since launch REK Mar 2010 · URE Jan 2010	−79.7%	+326.6%	not meaningful	not meaningful	not meaningful	not meaningful

REK and URE over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

REK

ProShares Short Real Estate · Aims to return 1 times the opposite of the daily move of iShares U.S. Real Estate ETF (IYR)

URE

ProShares Ultra Real Estate · Aims to return twice the daily move of iShares U.S. Real Estate ETF (IYR)

Issuer ProShares ProShares

Sets out to return -1x +2x

Underlying asset IYR IYR

Segment sector sector

Fund returned, 3 months or since launch +8.3% −14.3%

Underlying returned, over that window −6.8% −6.8%

What the stated multiple implies, over that window +6.8% −13.6%

Difference from stated, over that window +1.5 pts −0.7 pts

Fund returned, 1 year or since launch +4.2% −6.3%

Difference from stated, over that window +4.5 pts −7.0 pts

Underlying volatility 13% 13%

Expense ratio 0.95% 0.95%

Launched Mar 18, 2010 Jan 4, 2010

Net assets $13m $47m

REK and URE on the same fields, as of Sep 30, 2026. Source: ETFIQ.

REK in plain words

Three months to Sep 30, 2026: REK returned +8.3% where its own daily promise gave +6.8%, 1.4 points over. Read the multiple against the whole window instead and −1 times IYR's −6.8% implies +6.8%, which makes REK look 1.5 points over. 0.0 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. REK aims to return -1 times IYR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IYR moved at 13% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

URE in plain words

Three months to Sep 30, 2026: URE returned −14.3% where its own daily promise gave −13.5%, 0.8 points short. Read the multiple against the whole window instead and 2 times IYR's −6.8% implies −13.6%, which makes URE look 0.7 points short. 0.1 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. URE aims to return +2 times IYR's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, REK or URE?: Over the window to Sep 30, 2026, REK finished 1.5 points from what its multiple implies and URE finished 0.7 points from its own, so URE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are REK and URE levered on the same thing?: Yes. Both are levered on iShares U.S. Real Estate ETF, REK at -1 times and URE at +2 times the daily move.
Which one decays faster, REK or URE?: Decay follows how much the underlying moves about. Over this window REK’s moved at 13% annualized and URE’s at 13%, so REK has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold REK or URE for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, REK or URE?: REK charges 0.95% a year and URE charges 0.95%, so REK is cheaper. Fees come from each fund's prospectus.

Other comparisons

REK vs SRS REK vs DRN REK vs DRV URE vs DRN URE vs DRV URE vs SRS

IYR →REK on its own →URE on its own →How every figure is computed →Standards and sources →

Where these figures came from

REK and URE filings on SEC EDGAR ↗REK and URE prospectus with the expense ratio (SEC) ↗ProShares page for REK ↗ProShares page for URE ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, REK against URE, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/rek-vs-ure

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.