DRN vs. IYRI

Last updated Jun 24, 2026

DRN (Direxion Daily Real Estate Bull 3x Shares) and IYRI (NEOS Real Estate High Income ETF) are both exchange-traded funds - DRN is a REIT fund tracking the MSCI US REIT Index (300%), while IYRI is a Derivative Income fund actively managed by Neos. DRN is passively managed, while IYRI is actively managed. Over the past year, DRN returned 12.29% vs 9.17% for IYRI. Their correlation of 0.94 suggests significant overlap in exposure. DRN charges 0.99%/yr vs 0.68%/yr for IYRI.

Performance

DRN vs. IYRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Real Estate Bull 3x Shares (DRN) and NEOS Real Estate High Income ETF (IYRI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRN achieves a 29.87% return, which is significantly higher than IYRI's 7.08% return.

DRN

• 1D: 3.48%
• 1M: 0.92%
• YTD: 29.87%
• 6M: 31.25%
• 1Y: 12.29%
• 3Y*: 12.52%
• 5Y*: -10.17%
• 10Y*: -4.65%

IYRI

• 1D: 1.00%
• 1M: 0.83%
• YTD: 7.08%
• 6M: 7.36%
• 1Y: 9.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRN vs. IYRI - Yearly Performance Comparison

	2026 (YTD)	2025
DRN Direxion Daily Real Estate Bull 3x Shares	29.87%	-5.88%
IYRI NEOS Real Estate High Income ETF	7.08%	6.99%

Correlation

The correlation between DRN and IYRI is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.94

The correlation between DRN and IYRI has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

DRN vs. IYRI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRN

DRN Risk / Return Rank: 14
DRN Sharpe Ratio Rank: 13
DRN Sortino Ratio Rank: 14
DRN Omega Ratio Rank: 14
DRN Calmar Ratio Rank: 15
DRN Martin Ratio Rank: 14

IYRI

IYRI Risk / Return Rank: 26
IYRI Sharpe Ratio Rank: 25
IYRI Sortino Ratio Rank: 23
IYRI Omega Ratio Rank: 23
IYRI Calmar Ratio Rank: 26
IYRI Martin Ratio Rank: 31

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DRN vs. IYRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bull 3x Shares (DRN) and NEOS Real Estate High Income ETF (IYRI). 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	IYRI	Difference
Sharpe ratio: Return per unit of total volatility	0.29	0.86	-0.56
Sortino ratio: Return per unit of downside risk	0.67	1.23	-0.55
Omega ratio: Gain probability vs. loss probability	1.08	1.16	-0.07
Calmar ratio: Return relative to maximum drawdown	0.51	1.22	-0.71
Martin ratio: Return relative to average drawdown	1.12	4.37	-3.25

DRN vs. IYRI - Sharpe Ratio Comparison

The current DRN Sharpe Ratio is 0.29, which is lower than the IYRI Sharpe Ratio of 0.86. The chart below compares the historical Sharpe Ratios of DRN and IYRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DRN vs. IYRI - Drawdown Comparison

The maximum DRN drawdown since its inception was -86.32%, which is greater than IYRI's maximum drawdown of -12.12%. Use the drawdown chart below to compare losses from any high point for DRN and IYRI.

Drawdown Indicators

	DRN	IYRI	Difference
Max Drawdown Largest peak-to-trough decline	-86.32%	-12.12%	-74.20%
Max Drawdown (1Y) Largest decline over 1 year	-24.28%	-7.53%	-16.75%
Max Drawdown (3Y) Largest decline over 3 years	-48.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-80.58%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.32%	—	—
Current Drawdown Current decline from peak	-62.97%	-0.52%	-62.45%
Average Drawdown Average peak-to-trough decline	-35.15%	-1.69%	-33.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.95%	2.10%	+8.85%

Volatility

DRN vs. IYRI - Volatility Comparison

Direxion Daily Real Estate Bull 3x Shares (DRN) has a higher volatility of 15.77% compared to NEOS Real Estate High Income ETF (IYRI) at 4.21%. This indicates that DRN's price experiences larger fluctuations and is considered to be riskier than IYRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRN	IYRI	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.77%	4.21%	+11.56%
Volatility (6M) Calculated over the trailing 6-month period	31.71%	7.94%	+23.77%
Volatility (1Y) Calculated over the trailing 1-year period	42.14%	10.80%	+31.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.85%	13.20%	+43.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.77%	13.20%	+47.57%

DRN vs. IYRI - Expense Ratio Comparison

DRN has a 0.99% expense ratio, which is higher than IYRI's 0.68% expense ratio.

Dividends

DRN vs. IYRI - Dividend Comparison

DRN's dividend yield for the trailing twelve months is around 2.05%, less than IYRI's 11.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRN Direxion Daily Real Estate Bull 3x Shares	2.05%	2.81%	2.24%	2.84%	2.70%	4.21%	1.90%	2.59%	3.11%	0.91%
IYRI NEOS Real Estate High Income ETF	11.96%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DRN and IYRI in my portfolio?

With a correlation of 0.95, DRN and IYRI 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.

Which is riskier, DRN or IYRI?

DRN has higher volatility (15.77%) compared to IYRI (4.21%). In terms of maximum drawdown, DRN dropped -86.32% vs IYRI's -12.12%.

Which ETF is better, DRN or IYRI?

On 1-year performance, DRN leads with 12.29% vs 9.17% for IYRI. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRN or IYRI?

Over the 1-year period, DRN has performed better with a 12.29% return vs 9.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRN or IYRI?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.99% for DRN.

Which ETF pays a higher dividend yield, DRN or IYRI?

IYRI has the higher dividend yield at 11.96%, compared with 2.05% for DRN.

What is the main difference between DRN and IYRI?

DRN is categorized as REIT, while IYRI is Derivative Income. They also come from different issuers: Direxion and Neos. Their fees differ too: 0.99% for DRN and 0.68% for IYRI.

Which has better risk-adjusted returns?

IYRI currently has the higher Sharpe Ratio (0.86 vs 0.29), 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.