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 -27.93%/yr vs 28.61%/yr for SPXL. Their -0.62 correlation means they have often moved in opposite directions in the past. 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 -31.44% return, which is significantly lower than SPXL's 22.10% return. Over the past 10 years, DRV has underperformed SPXL with an annualized return of -27.93%, while SPXL has yielded a comparatively higher 28.61% 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%
SPXL
- 1D
- 2.01%
- 1M
- -0.23%
- 6M
- 18.15%
- YTD
- 22.10%
- 1Y
- 54.55%
- 3Y*
- 41.56%
- 5Y*
- 19.59%
- 10Y*
- 28.61%
- ALL TIME*
- 27.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $3.36M | $3.03M | $2.54M | |
| $473.70M | $462.79M | $534.56M |
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 | -31.44% | -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 | 22.10% | 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 -0.17, 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. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.40 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.55 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.54 |
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 -0.17, 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 | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -2.51 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.22 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.76 | -2.49 |
| Martin ratioReturn relative to average drawdown | -1.49 | 6.74 | -8.23 |
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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 | -37.53% | -26.77% | -10.76% |
Max Drawdown (3Y)Largest decline over 3 years | -73.89% | -48.95% | -24.94% |
Max Drawdown (5Y)Largest decline over 5 years | -76.13% | -63.80% | -12.33% |
Max Drawdown (10Y)Largest decline over 10 years | -97.60% | -76.86% | -20.74% |
Current DrawdownCurrent decline from peak | -99.99% | -6.70% | -93.29% |
Average DrawdownAverage peak-to-trough decline | -97.77% | -16.04% | -81.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.46% | 6.98% | +11.48% |
Volatility
DRV vs. SPXL - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 13.26% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. 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 | 13.26% | 10.75% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 33.11% | 30.45% | +2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.46% | 38.62% | +3.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.15% | 50.62% | +6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.84% | 53.45% | +9.39% |
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 3.94%, more than SPXL's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.53% | 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 -0.17, 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 SPXL (10.75%). In terms of maximum drawdown, DRV dropped -99.99% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.61% vs -27.93% for DRV. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. 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 28.61% return vs -27.93%. 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 3.94%, compared with 0.53% 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 (1.22 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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