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 -29.40%/yr vs 5.93%/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
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Returns By Period
In the year-to-date period, DRV achieves a -29.93% return, which is significantly lower than FRI's 16.71% return. Over the past 10 years, DRV has underperformed FRI with an annualized return of -29.40%, while FRI has yielded a comparatively higher 5.93% 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%
FRI
- 1D
- 1.36%
- 1M
- 1.57%
- YTD
- 16.71%
- 6M
- 17.19%
- 1Y
- 17.99%
- 3Y*
- 13.61%
- 5Y*
- 5.21%
- 10Y*
- 5.93%
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 | -29.93% | -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 | 16.71% | 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 -0.93, 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 | -0.93 |
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 16, 2009 | -0.98 |
The correlation between DRV and FRI has been stable across timeframes, ranging from -0.98 to -0.93 - 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 | -1.85 | ||
| Sortino ratioReturn per unit of downside risk | -2.39 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.23 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.39 | -3.06 |
| Martin ratioReturn relative to average drawdown | -1.47 | 7.53 | -9.00 |
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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 | -32.86% | -7.57% | -25.29% |
Max Drawdown (3Y)Largest decline over 3 years | -71.93% | -18.90% | -53.03% |
Max Drawdown (5Y)Largest decline over 5 years | -74.35% | -31.21% | -43.14% |
Max Drawdown (10Y)Largest decline over 10 years | -97.42% | -44.16% | -53.26% |
Current DrawdownCurrent decline from peak | -99.99% | -0.25% | -99.74% |
Average DrawdownAverage peak-to-trough decline | -97.75% | -13.67% | -84.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.12% | 2.40% | +12.72% |
Volatility
DRV vs. FRI - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 16.42% compared to First Trust S&P REIT Index Fund (FRI) at 5.30%. 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 | 16.42% | 5.30% | +11.12% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 9.99% | +21.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.62% | 13.70% | +28.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.12% | 18.69% | +38.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 21.10% | +41.72% |
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 4.00%, more than FRI's 2.49% 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% |
FRI First Trust S&P REIT Index Fund | 2.49% | 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 -0.93, 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 FRI (5.30%). In terms of maximum drawdown, DRV dropped -99.99% vs FRI's -71.95%.
On 10-year performance, FRI leads with 5.93% vs -29.40% for DRV. On fees, FRI is cheaper at 0.50% per year. On volatility, FRI has been the lower-risk option at 5.30%. 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 5.93% return vs -29.40%. 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 4.00%, compared with 2.49% 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 (1.32 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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