PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
DRV vs. FRI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DRV vs. FRI

Last updated Jun 3, 2026

DRV (Direxion Daily Real Estate Bear 3x Shares) and FRI (First Trust S&P REIT Index Fund) are both REIT funds - DRV tracks the MSCI US REIT Index (-300%) while FRI tracks the S&P United States REIT. Both are passively managed. Over the past 10 years, DRV returned -28.87%/yr vs 5.60%/yr for FRI. At a correlation of -0.98, they often move in opposite directions. DRV charges 1.08%/yr vs 0.50%/yr for FRI.

Performance

DRV vs. FRI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Real Estate Bear 3x Shares (DRV) and First Trust S&P REIT Index Fund (FRI). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, DRV achieves a -21.02% return, which is significantly lower than FRI's 11.66% return. Over the past 10 years, DRV has underperformed FRI with an annualized return of -28.87%, while FRI has yielded a comparatively higher 5.60% annualized return.

DRV

1D
-1.47%
1M
6.20%
YTD
-21.02%
6M
-18.87%
1Y
-16.17%
3Y*
-22.75%
5Y*
-15.22%
10Y*
-28.87%

FRI

1D
0.38%
1M
-1.40%
YTD
11.66%
6M
10.48%
1Y
14.05%
3Y*
11.01%
5Y*
4.35%
10Y*
5.60%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DRV vs. FRI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DRV
Direxion Daily Real Estate Bear 3x Shares		-21.02%-7.27%-10.50%-33.74%68.51%-68.77%-60.48%-51.70%5.07%-17.10%
FRI
First Trust S&P REIT Index Fund		11.66%2.80%7.84%13.33%-24.66%42.55%-7.90%23.67%-4.28%3.86%

Correlation

The correlation between DRV and FRI is -0.92, 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

-0.92

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

-0.96

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

-0.97

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

-0.97

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

-0.98

The correlation between DRV and FRI has been stable across timeframes, ranging from -0.98 to -0.92 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Real Estate Bear 3x Shares

First Trust S&P REIT Index Fund

Often compared with DRV:
DRV vs. DRNDRV vs. SRSDRV vs. SPYDRV vs. ABRDRV vs. QLDDRV vs. AZNDRV vs. FREL
Often compared with FRI:
FRI vs. IYRFRI vs. VNQFRI vs. ^TNXFRI vs. RWRFRI vs. VWUAXFRI vs. KBWYFRI vs. USRT

Return for Risk

DRV vs. FRI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DRV
DRV Risk / Return Rank: 44
Overall Rank
DRV Sharpe Ratio Rank: 55
Sharpe Ratio Rank
DRV Sortino Ratio Rank: 55
Sortino Ratio Rank
DRV Omega Ratio Rank: 55
Omega Ratio Rank
DRV Calmar Ratio Rank: 44
Calmar Ratio Rank
DRV Martin Ratio Rank: 33
Martin Ratio Rank
FRI
FRI Risk / Return Rank: 3232
Overall Rank
FRI Sharpe Ratio Rank: 3030
Sharpe Ratio Rank
FRI Sortino Ratio Rank: 2828
Sortino Ratio Rank
FRI Omega Ratio Rank: 2828
Omega Ratio Rank
FRI Calmar Ratio Rank: 3838
Calmar Ratio Rank
FRI Martin Ratio Rank: 3838
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.

DRV vs. FRI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and First Trust S&P REIT Index Fund (FRI). 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.

DRVFRIDifference

Sharpe ratio

Return per unit of total volatility

-0.40

1.08

-1.48

Sortino ratio

Return per unit of downside risk

-0.35

1.52

-1.87

Omega ratio

Gain probability vs. loss probability

0.96

1.19

-0.23

Calmar ratio

Return relative to maximum drawdown

-0.53

1.88

-2.41

Martin ratio

Return relative to average drawdown

-1.19

6.00

-7.19

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

DRV vs. FRI - Sharpe Ratio Comparison

The current DRV Sharpe Ratio is -0.40, which is lower than the FRI Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of DRV and FRI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

DRVFRIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.40

1.08

-1.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.27

0.23

-0.50

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.46

0.27

-0.73

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.68

0.18

-0.86

Drawdowns

DRV vs. FRI - Drawdown Comparison

The maximum DRV drawdown since its inception was -99.99%, which is greater than FRI's maximum drawdown of -71.95%. Use the drawdown chart below to compare losses from any high point for DRV and FRI.

Loading charts...

Drawdown Indicators

DRVFRIDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-71.95%

-28.04%

Max Drawdown (1Y)

Largest decline over 1 year

-30.02%

-7.57%

-22.45%

Max Drawdown (3Y)

Largest decline over 3 years

-70.74%

-18.90%

-51.84%

Max Drawdown (5Y)

Largest decline over 5 years

-73.26%

-31.21%

-42.05%

Max Drawdown (10Y)

Largest decline over 10 years

-97.31%

-44.16%

-53.15%

Current Drawdown

Current decline from peak

-99.99%

-3.44%

-96.55%

Average Drawdown

Average peak-to-trough decline

-97.77%

-13.70%

-84.07%

Ulcer Index

Depth and duration of drawdowns from previous peaks

13.45%

2.37%

+11.08%

Volatility

DRV vs. FRI - Volatility Comparison

Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 11.56% compared to First Trust S&P REIT Index Fund (FRI) at 3.99%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than FRI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

DRVFRIDifference

Volatility (1M)

Calculated over the trailing 1-month period

11.56%

3.99%

+7.57%

Volatility (6M)

Calculated over the trailing 6-month period

29.11%

9.21%

+19.90%

Volatility (1Y)

Calculated over the trailing 1-year period

40.37%

13.05%

+27.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

56.91%

18.65%

+38.26%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

62.67%

21.06%

+41.61%

DRV vs. FRI - Expense Ratio Comparison

DRV has a 1.08% expense ratio, which is higher than FRI's 0.50% expense ratio.

Dividends

DRV vs. FRI - Dividend Comparison

DRV's dividend yield for the trailing twelve months is around 3.55%, more than FRI's 2.60% yield.

PositionTTM20252024202320222021202020192018201720162015
DRV
Direxion Daily Real Estate Bear 3x Shares		3.55%2.88%4.57%5.35%0.38%0.00%0.58%1.71%0.42%0.00%0.00%0.00%
FRI
First Trust S&P REIT Index Fund		2.60%2.99%3.33%3.24%2.52%1.44%3.08%2.28%3.21%2.82%3.27%2.66%

Frequently Asked Questions

DRV and FRI have a correlation of -0.92, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DRV has higher volatility (11.56%) compared to FRI (3.99%). In terms of maximum drawdown, DRV dropped -99.99% vs FRI's -71.95%.

On 10-year performance, FRI leads with 5.60% vs -28.87% for DRV. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 3.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, FRI has performed better with a 5.60% return vs -28.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FRI is cheaper with a 0.50% expense ratio, compared with 1.08% for DRV.

DRV has the higher dividend yield at 3.55%, compared with 2.60% for FRI.

DRV tracks MSCI US REIT Index (-300%), while FRI tracks S&P United States REIT. They also come from different issuers: Direxion and First Trust. Their fees differ too: 1.08% for DRV and 0.50% for FRI.

FRI currently has the higher Sharpe Ratio (1.08 vs -0.40), 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.

Portfolio Optimizer

Find the right allocation for DRV and FRI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer