DRV vs. SPY
DRV (Direxion Daily Real Estate Bear 3x Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - DRV is a REIT fund tracking the MSCI US REIT Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, DRV returned -29.40%/yr vs 15.53%/yr for SPY. At a correlation of -0.62, they often move in opposite directions. DRV charges 1.08%/yr vs 0.09%/yr for SPY.
Performance
DRV vs. SPY - 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 SPY's 8.15% return. Over the past 10 years, DRV has underperformed SPY with an annualized return of -29.40%, while SPY has yielded a comparatively higher 15.53% 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%
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
DRV vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between DRV and SPY is -0.25, 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 | -0.25 |
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 SPY has weakened: their correlation has moved from -0.62 to -0.25, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DRV vs. SPY — Risk / Return Rank
DRV
SPY
DRV vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.34 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.67 | -3.34 |
| Martin ratioReturn relative to average drawdown | -1.47 | 11.92 | -13.39 |
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Drawdowns
DRV vs. SPY - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for DRV and SPY.
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Drawdown Indicators
| DRV | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -55.19% | -44.80% |
Max Drawdown (1Y)Largest decline over 1 year | -32.86% | -8.88% | -23.98% |
Max Drawdown (3Y)Largest decline over 3 years | -71.93% | -18.76% | -53.17% |
Max Drawdown (5Y)Largest decline over 5 years | -74.35% | -24.50% | -49.85% |
Max Drawdown (10Y)Largest decline over 10 years | -97.42% | -33.72% | -63.70% |
Current DrawdownCurrent decline from peak | -99.99% | -3.17% | -96.82% |
Average DrawdownAverage peak-to-trough decline | -97.75% | -9.04% | -88.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.12% | 1.98% | +13.14% |
Volatility
DRV vs. SPY - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 16.42% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.42% | 4.87% | +11.55% |
Volatility (6M)Calculated over the trailing 6-month period | 31.89% | 9.85% | +22.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.62% | 12.50% | +30.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.12% | 17.15% | +39.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 17.95% | +44.87% |
DRV vs. SPY - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
DRV vs. SPY - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 4.00%, more than SPY's 1.03% 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% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
DRV and SPY have a correlation of -0.25, 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 SPY (4.87%). In terms of maximum drawdown, DRV dropped -99.99% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.53% vs -29.40% for DRV. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.53% return vs -29.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 4.00%, compared with 1.03% for SPY.
DRV is categorized as REIT, while SPY is S&P 500. DRV tracks MSCI US REIT Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.08% for DRV and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.90 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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