DRV vs. FREL
DRV (Direxion Daily Real Estate Bear 3x Shares) and FREL (Fidelity MSCI Real Estate Index ETF) are both REIT funds - DRV tracks the MSCI US REIT Index (-300%) while FREL tracks the MSCI USA IMI Real Estate Index. Both are passively managed. Over the past 10 years, DRV returned -29.40%/yr vs 5.97%/yr for FREL. At a correlation of -0.98, they often move in opposite directions. DRV charges 1.08%/yr vs 0.08%/yr for FREL.
Performance
DRV vs. FREL - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -29.93% return, which is significantly lower than FREL's 11.53% return. Over the past 10 years, DRV has underperformed FREL with an annualized return of -29.40%, while FREL has yielded a comparatively higher 5.97% annualized return.
DRV
- 1D
- -4.91%
- 1M
- -4.37%
- YTD
- -29.93%
- 6M
- -30.51%
- 1Y
- -22.15%
- 3Y*
- -27.14%
- 5Y*
- -17.01%
- 10Y*
- -29.40%
FREL
- 1D
- 1.38%
- 1M
- 1.09%
- YTD
- 11.53%
- 6M
- 11.94%
- 1Y
- 11.39%
- 3Y*
- 11.20%
- 5Y*
- 2.76%
- 10Y*
- 5.97%
DRV vs. FREL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | -29.93% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
FREL Fidelity MSCI Real Estate Index ETF | 11.53% | 3.09% | 5.05% | 11.74% | -26.21% | 40.46% | -4.99% | 28.78% | -4.52% | 8.86% |
Correlation
The correlation between DRV and FREL is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Feb 5, 2015 | -0.98 |
The correlation between DRV and FREL has been stable across timeframes, ranging from -0.99 to -0.97 - a consistent structural relationship.
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Return for Risk
DRV vs. FREL — Risk / Return Rank
DRV
FREL
DRV vs. FREL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and Fidelity MSCI Real Estate Index ETF (FREL). 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.
| DRV | FREL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.15 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.35 | -2.03 |
| Martin ratioReturn relative to average drawdown | -1.47 | 4.23 | -5.70 |
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Drawdowns
DRV vs. FREL - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, which is greater than FREL's maximum drawdown of -42.61%. Use the drawdown chart below to compare losses from any high point for DRV and FREL.
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Drawdown Indicators
| DRV | FREL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -42.61% | -57.38% |
Max Drawdown (1Y)Largest decline over 1 year | -32.86% | -8.45% | -24.41% |
Max Drawdown (3Y)Largest decline over 3 years | -71.93% | -17.54% | -54.39% |
Max Drawdown (5Y)Largest decline over 5 years | -74.35% | -34.40% | -39.95% |
Max Drawdown (10Y)Largest decline over 10 years | -97.42% | -42.61% | -54.81% |
Current DrawdownCurrent decline from peak | -99.99% | -0.77% | -99.22% |
Average DrawdownAverage peak-to-trough decline | -97.75% | -9.91% | -87.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.12% | 2.70% | +12.42% |
Volatility
DRV vs. FREL - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 16.42% compared to Fidelity MSCI Real Estate Index ETF (FREL) at 5.15%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than FREL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | FREL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.42% | 5.15% | +11.27% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 10.21% | +21.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.62% | 13.84% | +28.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.12% | 18.90% | +38.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 20.72% | +42.10% |
DRV vs. FREL - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than FREL's 0.08% expense ratio.
Dividends
DRV vs. FREL - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 4.00%, more than FREL's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 4.00% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% | 0.00% | 0.00% | 0.00% |
FREL Fidelity MSCI Real Estate Index ETF | 3.28% | 3.59% | 3.48% | 3.73% | 3.57% | 2.34% | 3.77% | 3.32% | 5.54% | 3.27% | 4.01% | 3.80% |
Frequently Asked Questions
DRV and FREL have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (16.42%) compared to FREL (5.15%). In terms of maximum drawdown, DRV dropped -99.99% vs FREL's -42.61%.
On 10-year performance, FREL leads with 5.97% vs -29.40% for DRV. On fees, FREL is cheaper at 0.08% per year. On volatility, FREL has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FREL has performed better with a 5.97% return vs -29.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FREL is cheaper with a 0.08% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 4.00%, compared with 3.28% for FREL.
DRV tracks MSCI US REIT Index (-300%), while FREL tracks MSCI USA IMI Real Estate Index. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 1.08% for DRV and 0.08% for FREL.
FREL currently has the higher Sharpe Ratio (0.83 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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