DRV vs. SRS
DRV (Direxion Daily Real Estate Bear 3x Shares) and SRS (ProShares UltraShort Real Estate) are both REIT funds - DRV tracks the MSCI US REIT Index (-300%) while SRS tracks the Dow Jones U.S. Real Estate Index (-200%). Both are passively managed. Over the past 10 years, DRV returned -28.03%/yr vs -15.92%/yr for SRS. With a 0.99 correlation, they move nearly in lockstep. DRV charges 1.08%/yr vs 0.95%/yr for SRS.
Performance
DRV vs. SRS - 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 SRS's -19.62% return. Over the past 10 years, DRV has underperformed SRS with an annualized return of -28.03%, while SRS has yielded a comparatively higher -15.92% 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%
SRS
- 1D
- -0.99%
- 1M
- 1.32%
- 6M
- -18.70%
- YTD
- -19.62%
- 1Y
- -15.15%
- 3Y*
- -11.35%
- 5Y*
- -5.79%
- 10Y*
- -15.92%
DRV vs. SRS - 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% |
SRS ProShares UltraShort Real Estate | -19.62% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
Correlation
The correlation between DRV and SRS is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | 0.99 |
The correlation between DRV and SRS has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.
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Return for Risk
DRV vs. SRS — Risk / Return Rank
DRV
SRS
DRV vs. SRS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) and ProShares UltraShort Real Estate (SRS). 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 | SRS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.93 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.65 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.36 | -0.14 |
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Drawdowns
DRV vs. SRS - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, roughly equal to the maximum SRS drawdown of -99.96%. Use the drawdown chart below to compare losses from any high point for DRV and SRS.
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Drawdown Indicators
| DRV | SRS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.96% | -0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -34.33% | -23.22% | -11.11% |
Max Drawdown (3Y)Largest decline over 3 years | -72.55% | -53.19% | -19.36% |
Max Drawdown (5Y)Largest decline over 5 years | -74.91% | -53.19% | -21.72% |
Max Drawdown (10Y)Largest decline over 10 years | -97.48% | -86.30% | -11.18% |
Current DrawdownCurrent decline from peak | -99.99% | -99.96% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -97.76% | -91.26% | -6.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.61% | 11.14% | +5.47% |
Volatility
DRV vs. SRS - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 15.36% compared to ProShares UltraShort Real Estate (SRS) at 10.29%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than SRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | SRS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.36% | 10.29% | +5.07% |
Volatility (6M)Calculated over the trailing 6-month period | 33.01% | 22.18% | +10.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.85% | 28.77% | +14.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.20% | 37.81% | +19.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 40.79% | +22.03% |
DRV vs. SRS - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than SRS's 0.95% expense ratio.
Dividends
DRV vs. SRS - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 3.84%, more than SRS's 3.59% 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% |
SRS ProShares UltraShort Real Estate | 3.59% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% |
Frequently Asked Questions
With a correlation of 0.99, DRV and SRS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DRV has higher volatility (15.36%) compared to SRS (10.29%). In terms of maximum drawdown, DRV dropped -99.99% vs SRS's -99.96%.
On 10-year performance, SRS leads with -15.92% vs -28.03% for DRV. On fees, SRS is cheaper at 0.95% per year. On volatility, SRS has been the lower-risk option at 10.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SRS has performed better with a -15.92% return vs -28.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRS is cheaper with a 0.95% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 3.84%, compared with 3.59% for SRS.
DRV tracks MSCI US REIT Index (-300%), while SRS tracks Dow Jones U.S. Real Estate Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.08% for DRV and 0.95% for SRS.
SRS currently has the higher Sharpe Ratio (-0.53 vs -0.58), 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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