Both are correct, but they have different meanings. English is full of wonderful subtleties!
You are really beautiful. (âReallyâ is just an intensifier. It means âYou are very beautifulâ)
You really are beautiful. (Here âreallyâ confirms that the statement is true. Itâs real, not pretend)
An example:
A to B: Youâre beautiful.
B to A: Youâre just saying that to make me feel better. Iâve never been good-looking.
A to B. No, Iâm not. You really are beautiful.
The âreallyâ here is to emphasize the truth of the statement.