DRN vs. DRV
DRN (Direxion Daily Real Estate Bull 3x Shares) and DRV (Direxion Daily Real Estate Bear 3x Shares) are both REIT funds from Direxion - DRN tracks the MSCI US REIT Index (300%) while DRV tracks the MSCI US REIT Index (-300%). Both are passively managed. Over the past 10 years, DRN returned -4.97%/yr vs -29.04%/yr for DRV. At a correlation of -0.99, they often move in opposite directions. DRN charges 0.99%/yr vs 1.08%/yr for DRV.
Performance
DRN vs. DRV - Performance Comparison
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Returns By Period
In the year-to-date period, DRN achieves a 25.50% return, which is significantly higher than DRV's -26.31% return. Over the past 10 years, DRN has outperformed DRV with an annualized return of -4.97%, while DRV has yielded a comparatively lower -29.04% annualized return.
DRN
- 1D
- 3.81%
- 1M
- -2.48%
- YTD
- 25.50%
- 6M
- 26.99%
- 1Y
- 12.78%
- 3Y*
- 11.24%
- 5Y*
- -10.91%
- 10Y*
- -4.97%
DRV
- 1D
- -3.64%
- 1M
- 0.57%
- YTD
- -26.31%
- 6M
- -26.80%
- 1Y
- -22.00%
- 3Y*
- -25.91%
- 5Y*
- -15.97%
- 10Y*
- -29.04%
DRN vs. DRV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 25.50% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
DRV Direxion Daily Real Estate Bear 3x Shares | -26.31% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
Correlation
The correlation between DRN and DRV is -0.99, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | -0.99 |
The correlation between DRN and DRV has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
DRN vs. DRV — Risk / Return Rank
DRN
DRV
DRN vs. DRV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bull 3x Shares (DRN) and Direxion Daily Real Estate Bear 3x Shares (DRV). 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.
| DRN | DRV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.83 | ||
| Sortino ratioReturn per unit of downside risk | +1.24 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.94 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.53 | -0.67 | +1.20 |
| Martin ratioReturn relative to average drawdown | 1.17 | -1.47 | +2.64 |
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Drawdowns
DRN vs. DRV - Drawdown Comparison
The maximum DRN drawdown since its inception was -86.32%, smaller than the maximum DRV drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for DRN and DRV.
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Drawdown Indicators
| DRN | DRV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -99.99% | +13.67% |
Max Drawdown (1Y)Largest decline over 1 year | -24.28% | -32.86% | +8.58% |
Max Drawdown (3Y)Largest decline over 3 years | -48.26% | -71.93% | +23.67% |
Max Drawdown (5Y)Largest decline over 5 years | -80.58% | -74.35% | -6.23% |
Max Drawdown (10Y)Largest decline over 10 years | -86.32% | -97.42% | +11.10% |
Current DrawdownCurrent decline from peak | -64.22% | -99.99% | +35.77% |
Average DrawdownAverage peak-to-trough decline | -35.14% | -97.75% | +62.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.95% | 14.99% | -4.04% |
Volatility
DRN vs. DRV - Volatility Comparison
Direxion Daily Real Estate Bull 3x Shares (DRN) and Direxion Daily Real Estate Bear 3x Shares (DRV) have volatilities of 15.38% and 15.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRN | DRV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.38% | 15.64% | -0.26% |
Volatility (6M)Calculated over the trailing 6-month period | 31.62% | 31.60% | +0.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.08% | 42.43% | -0.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.83% | 57.08% | -0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.77% | 62.81% | -2.04% |
DRN vs. DRV - Expense Ratio Comparison
DRN has a 0.99% expense ratio, which is lower than DRV's 1.08% expense ratio.
Dividends
DRN vs. DRV - Dividend Comparison
DRN's dividend yield for the trailing twelve months is around 2.12%, less than DRV's 3.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 2.12% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
DRV Direxion Daily Real Estate Bear 3x Shares | 3.81% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% | 0.00% |
Frequently Asked Questions
DRN and DRV have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (15.64%) compared to DRN (15.38%). In terms of maximum drawdown, DRN dropped -86.32% vs DRV's -99.99%.
On 10-year performance, DRN leads with -4.97% vs -29.04% for DRV. On fees, DRN is cheaper at 0.99% per year. On volatility, DRN has been the lower-risk option at 15.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DRN has performed better with a -4.97% return vs -29.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRN is cheaper with a 0.99% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 3.81%, compared with 2.12% for DRN.
DRN tracks MSCI US REIT Index (300%), while DRV tracks MSCI US REIT Index (-300%). Their fees differ too: 0.99% for DRN and 1.08% for DRV.
DRN currently has the higher Sharpe Ratio (0.31 vs -0.52), 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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