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DRN vs. SPXS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DRN vs. SPXS

Last updated Jun 4, 2026

DRN (Direxion Daily Real Estate Bull 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DRN is a REIT fund tracking the MSCI US REIT Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, DRN returned -5.09%/yr vs -42.01%/yr for SPXS. At a correlation of -0.62, they often move in opposite directions. DRN charges 0.99%/yr vs 1.08%/yr for SPXS.

Performance

DRN vs. SPXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Real Estate Bull 3x Shares (DRN) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, DRN achieves a 19.48% return, which is significantly higher than SPXS's -25.49% return. Over the past 10 years, DRN has outperformed SPXS with an annualized return of -5.09%, while SPXS has yielded a comparatively lower -42.01% annualized return.

DRN

1D
0.10%
1M
-4.89%
YTD
19.48%
6M
15.83%
1Y
7.81%
3Y*
7.35%
5Y*
-11.56%
10Y*
-5.09%

SPXS

1D
2.19%
1M
-13.11%
YTD
-25.49%
6M
-24.86%
1Y
-48.73%
3Y*
-42.68%
5Y*
-34.76%
10Y*
-42.01%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DRN vs. SPXS - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DRN
Direxion Daily Real Estate Bull 3x Shares		19.48%-11.24%-5.29%12.03%-67.26%152.94%-55.37%81.86%-25.11%7.50%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		-25.49%-41.53%-42.84%-45.97%36.14%-58.11%-70.47%-56.40%3.44%-44.52%

Correlation

The correlation between DRN and SPXS is -0.32, 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

-0.32

Correlation (3Y)
Calculated over the trailing 3-year period

-0.45

Correlation (5Y)
Calculated over the trailing 5-year period

-0.58

Correlation (10Y)
Calculated over the trailing 10-year period

-0.55

Correlation (All Time)
Calculated using the full available price history since Jul 17, 2009

-0.62

Over the past year, the inverse relationship between DRN and SPXS has weakened: their correlation has moved from -0.62 to -0.32, meaning they move in opposite directions less often than they have historically.

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Direxion Daily Real Estate Bull 3x Shares

Direxion Daily S&P 500 Bear 3X Shares

Often compared with DRN:
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Often compared with SPXS:
SPXS vs. SPXUSPXS vs. SPXLSPXS vs. CSPX.LSPXS vs. SQQQSPXS vs. SPXP.LSPXS vs. SPYSPXS vs. SDS

Return for Risk

DRN vs. SPXS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRN
DRN Risk / Return Rank: 1212
Overall Rank
DRN Sharpe Ratio Rank: 1111
Sharpe Ratio Rank
DRN Sortino Ratio Rank: 1212
Sortino Ratio Rank
DRN Omega Ratio Rank: 1313
Omega Ratio Rank
DRN Calmar Ratio Rank: 1212
Calmar Ratio Rank
DRN Martin Ratio Rank: 1212
Martin Ratio Rank
SPXS
SPXS Risk / Return Rank: 11
Overall Rank
SPXS Sharpe Ratio Rank: 00
Sharpe Ratio Rank
SPXS Sortino Ratio Rank: 00
Sortino Ratio Rank
SPXS Omega Ratio Rank: 00
Omega Ratio Rank
SPXS Calmar Ratio Rank: 11
Calmar Ratio Rank
SPXS Martin Ratio Rank: 11
Martin Ratio Rank
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. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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.

DRNSPXSDifference

Sharpe ratio

Return per unit of total volatility

0.20

-1.38

+1.57

Sortino ratio

Return per unit of downside risk

0.53

-2.31

+2.84

Omega ratio

Gain probability vs. loss probability

1.07

0.75

+0.31

Calmar ratio

Return relative to maximum drawdown

0.32

-0.96

+1.29

Martin ratio

Return relative to average drawdown

0.72

-1.62

+2.34

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRN vs. SPXS - Sharpe Ratio Comparison

The current DRN Sharpe Ratio is 0.20, which is higher than the SPXS Sharpe Ratio of -1.38. The chart below compares the historical Sharpe Ratios of DRN and SPXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

DRNSPXSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.20

-1.38

+1.57

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.20

-0.69

+0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.08

-0.79

+0.70

Sharpe Ratio (All Time)

Calculated using the full available price history

0.21

-0.83

+1.04

Drawdowns

DRN vs. SPXS - Drawdown Comparison

The maximum DRN drawdown since its inception was -86.32%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DRN and SPXS.

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Drawdown Indicators

DRNSPXSDifference

Max Drawdown

Largest peak-to-trough decline

-86.32%

-100.00%

+13.68%

Max Drawdown (1Y)

Largest decline over 1 year

-24.28%

-50.77%

+26.49%

Max Drawdown (3Y)

Largest decline over 3 years

-48.26%

-84.13%

+35.87%

Max Drawdown (5Y)

Largest decline over 5 years

-80.58%

-90.11%

+9.53%

Max Drawdown (10Y)

Largest decline over 10 years

-86.32%

-99.63%

+13.31%

Current Drawdown

Current decline from peak

-65.93%

-100.00%

+34.07%

Average Drawdown

Average peak-to-trough decline

-35.07%

-96.30%

+61.23%

Ulcer Index

Depth and duration of drawdowns from previous peaks

10.91%

30.04%

-19.13%

Volatility

DRN vs. SPXS - Volatility Comparison

Direxion Daily Real Estate Bull 3x Shares (DRN) has a higher volatility of 11.13% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that DRN's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DRNSPXSDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.13%

8.51%

+2.62%

Volatility (6M)

Calculated over the trailing 6-month period

28.89%

26.82%

+2.07%

Volatility (1Y)

Calculated over the trailing 1-year period

40.04%

35.54%

+4.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

56.65%

50.39%

+6.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

60.61%

53.54%

+7.07%

DRN vs. SPXS - Expense Ratio Comparison

DRN has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.

Dividends

DRN vs. SPXS - Dividend Comparison

DRN's dividend yield for the trailing twelve months is around 2.23%, less than SPXS's 4.91% yield.

PositionTTM202520242023202220212020201920182017
DRN
Direxion Daily Real Estate Bull 3x Shares		2.23%2.81%2.24%2.84%2.70%4.21%1.90%2.59%3.11%0.91%
SPXS
Direxion Daily S&P 500 Bear 3X Shares		4.91%4.93%6.18%5.66%0.00%0.00%0.51%1.74%0.58%0.00%

Frequently Asked Questions

DRN and SPXS have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DRN has higher volatility (11.13%) compared to SPXS (8.51%). In terms of maximum drawdown, DRN dropped -86.32% vs SPXS's -100.00%.

On 10-year performance, DRN leads with -5.09% vs -42.01% for SPXS. On fees, DRN is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -5.09% return vs -42.01%. 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 SPXS.

SPXS has the higher dividend yield at 4.91%, compared with 2.23% for DRN.

DRN is categorized as REIT, while SPXS is Inverse Equities. DRN tracks MSCI US REIT Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for DRN and 1.08% for SPXS.

DRN currently has the higher Sharpe Ratio (0.20 vs -1.38), 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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