DRV vs. SPXS
DRV (Direxion Daily Real Estate Bear 3x Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DRV is a REIT fund tracking the MSCI US REIT Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, DRV returned -28.03%/yr vs -41.27%/yr for SPXS. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 1.08% expense ratio.
Performance
DRV vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -29.68% return, which is significantly lower than SPXS's -24.50% return. Over the past 10 years, DRV has outperformed SPXS with an annualized return of -28.03%, while SPXS has yielded a comparatively lower -41.27% annualized return.
DRV
- 1D
- -1.61%
- 1M
- 1.58%
- 6M
- -28.36%
- YTD
- -29.68%
- 1Y
- -24.84%
- 3Y*
- -21.19%
- 5Y*
- -15.39%
- 10Y*
- -28.03%
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
DRV vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | -29.68% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between DRV and SPXS is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.56 |
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 correlation between DRV and SPXS has dropped to 0.19 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.
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Return for Risk
DRV vs. SPXS — Risk / Return Rank
DRV
SPXS
DRV vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +1.02 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.82 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.94 | +0.21 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.64 | +0.14 |
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Drawdowns
DRV vs. SPXS - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DRV and SPXS.
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Drawdown Indicators
| DRV | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -34.33% | -43.64% | +9.31% |
Max Drawdown (3Y)Largest decline over 3 years | -72.55% | -84.13% | +11.58% |
Max Drawdown (5Y)Largest decline over 5 years | -74.91% | -90.11% | +15.20% |
Max Drawdown (10Y)Largest decline over 10 years | -97.48% | -99.56% | +2.08% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -97.76% | -96.30% | -1.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.61% | 24.98% | -8.37% |
Volatility
DRV vs. SPXS - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 15.36% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.36% | 12.80% | +2.56% |
Volatility (6M)Calculated over the trailing 6-month period | 33.01% | 30.04% | +2.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.85% | 37.71% | +5.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.20% | 50.75% | +6.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 53.52% | +9.30% |
DRV vs. SPXS - Expense Ratio Comparison
Both DRV and SPXS have an expense ratio of 1.08%.
Dividends
DRV vs. SPXS - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 3.84%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.84% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
DRV and SPXS have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (15.36%) compared to SPXS (12.80%). In terms of maximum drawdown, DRV dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, DRV leads with -28.03% vs -41.27% for SPXS. Both ETFs have the same 1.08% expense ratio. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DRV has performed better with a -28.03% return vs -41.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRV and SPXS have the same expense ratio: 1.08% per year.
SPXS has the higher dividend yield at 4.50%, compared with 3.84% for DRV.
DRV is categorized as REIT, while SPXS is Inverse Equities. DRV tracks MSCI US REIT Index (-300%), while SPXS tracks S&P 500 Index (-300%).
DRV currently has the higher Sharpe Ratio (-0.58 vs -1.09), 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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