DRV vs. URE
DRV (Direxion Daily Real Estate Bear 3x Shares) and URE (ProShares Ultra Real Estate) are both REIT funds - DRV tracks the MSCI US REIT Index (-300%) while URE tracks the Dow Jones U.S. Real Estate Index (200%). Both are passively managed. Over the past 10 years, DRV returned -28.87%/yr vs 2.78%/yr for URE. At a correlation of -0.99, they often move in opposite directions. DRV charges 1.08%/yr vs 0.95%/yr for URE.
Performance
DRV vs. URE - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -21.02% return, which is significantly lower than URE's 13.84% return. Over the past 10 years, DRV has underperformed URE with an annualized return of -28.87%, while URE has yielded a comparatively higher 2.78% annualized return.
DRV
- 1D
- -1.47%
- 1M
- 6.20%
- YTD
- -21.02%
- 6M
- -18.87%
- 1Y
- -16.17%
- 3Y*
- -22.75%
- 5Y*
- -15.22%
- 10Y*
- -28.87%
URE
- 1D
- 0.77%
- 1M
- -4.34%
- YTD
- 13.84%
- 6M
- 12.11%
- 1Y
- 7.25%
- 3Y*
- 8.92%
- 5Y*
- -4.07%
- 10Y*
- 2.78%
DRV vs. URE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | -21.02% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
URE ProShares Ultra Real Estate | 13.84% | -3.65% | 0.35% | 11.58% | -49.64% | 88.24% | -28.06% | 57.86% | -13.80% | 16.56% |
Correlation
The correlation between DRV and URE is -0.99, 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 | -0.99 |
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 17, 2009 | -0.99 |
The correlation between DRV and URE 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. URE — Risk / Return Rank
DRV
URE
DRV vs. URE - 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 Ultra Real Estate (URE). 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.
| DRV | URE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.40 | 0.27 | -0.67 |
Sortino ratioReturn per unit of downside risk | -0.35 | 0.54 | -0.89 |
Omega ratioGain probability vs. loss probability | 0.96 | 1.07 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | -0.53 | 0.44 | -0.97 |
Martin ratioReturn relative to average drawdown | -1.19 | 1.07 | -2.26 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DRV | URE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.40 | 0.27 | -0.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.27 | -0.11 | -0.16 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.46 | 0.07 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.68 | -0.06 | -0.62 |
Drawdowns
DRV vs. URE - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, roughly equal to the maximum URE drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for DRV and URE.
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Drawdown Indicators
| DRV | URE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -97.16% | -2.83% |
Max Drawdown (1Y)Largest decline over 1 year | -30.02% | -16.50% | -13.52% |
Max Drawdown (3Y)Largest decline over 3 years | -70.74% | -33.77% | -36.97% |
Max Drawdown (5Y)Largest decline over 5 years | -73.26% | -63.66% | -9.60% |
Max Drawdown (10Y)Largest decline over 10 years | -97.31% | -70.49% | -26.82% |
Current DrawdownCurrent decline from peak | -99.99% | -52.73% | -47.26% |
Average DrawdownAverage peak-to-trough decline | -97.77% | -64.52% | -33.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.45% | 6.82% | +6.63% |
Volatility
DRV vs. URE - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) has a higher volatility of 11.56% compared to ProShares Ultra Real Estate (URE) at 7.65%. This indicates that DRV's price experiences larger fluctuations and is considered to be riskier than URE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRV | URE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.56% | 7.65% | +3.91% |
Volatility (6M)Calculated over the trailing 6-month period | 29.11% | 19.52% | +9.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.37% | 26.73% | +13.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.91% | 37.28% | +19.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.67% | 40.54% | +22.13% |
DRV vs. URE - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is higher than URE's 0.95% expense ratio.
Dividends
DRV vs. URE - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 3.55%, more than URE's 2.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.55% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% | 0.00% | 0.00% | 0.00% |
URE ProShares Ultra Real Estate | 2.06% | 2.42% | 2.09% | 1.32% | 1.26% | 0.58% | 0.94% | 1.10% | 1.53% | 0.93% | 0.96% | 0.81% |
Frequently Asked Questions
DRV and URE have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (11.56%) compared to URE (7.65%). In terms of maximum drawdown, DRV dropped -99.99% vs URE's -97.16%.
On 10-year performance, URE leads with 2.78% vs -28.87% for DRV. On fees, URE is cheaper at 0.95% per year. On volatility, URE has been the lower-risk option at 7.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, URE has performed better with a 2.78% return vs -28.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
URE is cheaper with a 0.95% expense ratio, compared with 1.08% for DRV.
DRV has the higher dividend yield at 3.55%, compared with 2.06% for URE.
DRV tracks MSCI US REIT Index (-300%), while URE 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 URE.
URE currently has the higher Sharpe Ratio (0.27 vs -0.40), 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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