DRV vs. SPXL
DRV (Direxion Daily Real Estate Bear 3x Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - DRV is a REIT fund tracking the MSCI US REIT Index (-300%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 10 years, DRV returned -29.40%/yr vs 30.27%/yr for SPXL. At a correlation of -0.62, they often move in opposite directions. DRV charges 1.08%/yr vs 0.84%/yr for SPXL.
Performance
DRV vs. SPXL - 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 SPXL's 17.21% return. Over the past 10 years, DRV has underperformed SPXL with an annualized return of -29.40%, while SPXL has yielded a comparatively higher 30.27% 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%
SPXL
- 1D
- -4.48%
- 1M
- -5.53%
- YTD
- 17.21%
- 6M
- 13.86%
- 1Y
- 62.56%
- 3Y*
- 46.39%
- 5Y*
- 20.70%
- 10Y*
- 30.27%
DRV vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 17.21% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between DRV and SPXL is -0.24, 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 | -0.24 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | -0.62 |
Over the past year, the inverse relationship between DRV and SPXL has weakened: their correlation has moved from -0.62 to -0.24, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DRV vs. SPXL — Risk / Return Rank
DRV
SPXL
DRV vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.21 | ||
| Sortino ratioReturn per unit of downside risk | -2.71 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.28 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.35 | -3.03 |
| Martin ratioReturn relative to average drawdown | -1.47 | 9.57 | -11.04 |
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Drawdowns
DRV vs. SPXL - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for DRV and SPXL.
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Drawdown Indicators
| DRV | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -76.86% | -23.13% |
Max Drawdown (1Y)Largest decline over 1 year | -32.86% | -26.77% | -6.09% |
Max Drawdown (3Y)Largest decline over 3 years | -71.93% | -48.95% | -22.98% |
Max Drawdown (5Y)Largest decline over 5 years | -74.35% | -63.80% | -10.55% |
Max Drawdown (10Y)Largest decline over 10 years | -97.42% | -76.86% | -20.56% |
Current DrawdownCurrent decline from peak | -99.99% | -10.44% | -89.55% |
Average DrawdownAverage peak-to-trough decline | -97.75% | -16.09% | -81.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.12% | 6.56% | +8.56% |
Volatility
DRV vs. SPXL - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 16.42% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 14.70%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.42% | 14.70% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 29.55% | +2.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.62% | 37.43% | +5.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.12% | 50.54% | +6.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 53.47% | +9.35% |
DRV vs. SPXL - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
DRV vs. SPXL - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 4.00%, more than SPXL's 0.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.57% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
DRV and SPXL have a correlation of -0.24, 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 SPXL (14.70%). In terms of maximum drawdown, DRV dropped -99.99% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 30.27% vs -29.40% for DRV. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 14.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 30.27% return vs -29.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 4.00%, compared with 0.57% for SPXL.
DRV is categorized as REIT, while SPXL is Leveraged Equities. DRV tracks MSCI US REIT Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.08% for DRV and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.69 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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