DRV vs. FRI
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 -27.93%/yr vs 5.42%/yr for FRI. Their -0.98 correlation means they have often moved in opposite directions in the past. DRV charges 1.08%/yr vs 0.50%/yr for FRI.
Performance
DRV vs. FRI - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -31.44% return, which is significantly lower than FRI's 19.62% return. Over the past 10 years, DRV has underperformed FRI with an annualized return of -27.93%, while FRI has yielded a comparatively higher 5.42% annualized return.
DRV
- 1D
- 1.83%
- 1M
- -2.68%
- 6M
- -25.85%
- YTD
- -31.44%
- 1Y
- -28.22%
- 3Y*
- -23.26%
- 5Y*
- -15.14%
- 10Y*
- -27.93%
- ALL TIME*
- -43.10%
FRI
- 1D
- -0.53%
- 1M
- 0.72%
- 6M
- 16.22%
- YTD
- 19.62%
- 1Y
- 24.63%
- 3Y*
- 11.71%
- 5Y*
- 4.87%
- 10Y*
- 5.42%
- ALL TIME*
- 5.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36M | $3.03M | $2.54M | |
| $1.71M | $1.21M | $886.33K |
DRV vs. FRI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | -31.44% | -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 | 19.62% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.92 |
Correlation (3Y) Balances recent behavior with more history. | -0.96 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.96 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.97 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 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.
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Return for Risk
DRV vs. FRI — Risk / Return Rank
DRV
FRI
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.
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 | FRI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.43 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.31 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 3.19 | -3.93 |
| Martin ratioReturn relative to average drawdown | -1.49 | 10.66 | -12.16 |
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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.
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Drawdown Indicators
| DRV | FRI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -71.95% | -28.04% |
Max Drawdown (1Y)Largest decline over 1 year | -37.53% | -7.57% | -29.96% |
Max Drawdown (3Y)Largest decline over 3 years | -73.89% | -18.90% | -54.99% |
Max Drawdown (5Y)Largest decline over 5 years | -76.13% | -31.21% | -44.92% |
Max Drawdown (10Y)Largest decline over 10 years | -97.60% | -44.16% | -53.44% |
Current DrawdownCurrent decline from peak | -99.99% | -2.89% | -97.10% |
Average DrawdownAverage peak-to-trough decline | -97.77% | -13.59% | -84.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.46% | 2.26% | +16.20% |
Volatility
DRV vs. FRI - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 13.26% compared to First Trust S&P REIT Index Fund (FRI) at 4.67%. 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.
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Volatility by Period
| DRV | FRI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.26% | 4.67% | +8.59% |
Volatility (6M)Calculated over the trailing 6-month period | 33.11% | 10.57% | +22.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.46% | 13.69% | +28.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.15% | 18.70% | +38.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.84% | 21.11% | +41.73% |
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 3.94%, more than FRI's 2.40% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.94% | 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 | 2.40% | 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 (13.26%) compared to FRI (4.67%). In terms of maximum drawdown, DRV dropped -99.99% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.42% vs -27.93% for DRV. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 4.67%. 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 5.42% return vs -27.93%. 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 3.94%, compared with 2.40% 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 (1.78 vs -0.66), 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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