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INDL vs. DRN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

INDL vs. DRN

Last updated Jun 13, 2026

INDL (Direxion Daily India Bull 3x Shares) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both exchange-traded funds - INDL is a Leveraged Equities fund tracking the Indus India Index (300%), while DRN is a REIT fund tracking the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, INDL returned 0.22%/yr vs -3.96%/yr for DRN. At a 0.39 correlation, their price movements are largely independent. INDL charges 1.33%/yr vs 0.99%/yr for DRN.

Performance

INDL vs. DRN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) and Direxion Daily Real Estate Bull 3x Shares (DRN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, INDL achieves a -23.37% return, which is significantly lower than DRN's 34.24% return. Over the past 10 years, INDL has outperformed DRN with an annualized return of 0.22%, while DRN has yielded a comparatively lower -3.96% annualized return.

INDL

1D
2.23%
1M
0.60%
YTD
-23.37%
6M
-20.84%
1Y
-28.42%
3Y*
-0.01%
5Y*
-2.48%
10Y*
0.22%

DRN

1D
2.62%
1M
6.26%
YTD
34.24%
6M
33.93%
1Y
16.41%
3Y*
10.01%
5Y*
-10.77%
10Y*
-3.96%
*Multi-year figures are annualized to reflect compound growth (CAGR)

INDL vs. DRN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
INDL
Direxion Daily India Bull 3x Shares		-23.37%-3.21%7.56%26.06%-22.88%40.26%-36.43%3.15%-34.29%127.98%
DRN
Direxion Daily Real Estate Bull 3x Shares		34.24%-11.24%-5.29%12.03%-67.26%152.94%-55.37%81.86%-25.11%7.50%

Correlation

The correlation between INDL and DRN is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.24

Correlation (3Y)
Calculated over the trailing 3-year period

0.29

Correlation (5Y)
Calculated over the trailing 5-year period

0.38

Correlation (10Y)
Calculated over the trailing 10-year period

0.32

Correlation (All Time)
Calculated using the full available price history since Mar 11, 2010

0.39

The correlation between INDL and DRN shifts across timeframes, from 0.24 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

INDL vs. DRN - Sectors Allocation Comparison

Sectors
INDL
DRN

Financial Services

28.3%

-

Consumer Cyclical

12.4%

-

Industrials

10.3%

-

Energy

9.4%

-

Basic Materials

8.6%
0.4%

Technology

8.2%

-

Consumer Defensive

6.3%

-

Healthcare

6.1%

-

Communication Services

4.6%

-

Utilities

4.5%

-

Real Estate

1.4%
19.8%

Financial Services

INDL
28.3%
DRN

-

Consumer Cyclical

INDL
12.4%
DRN

-

Industrials

INDL
10.3%
DRN

-

Energy

INDL
9.4%
DRN

-

Basic Materials

INDL
8.6%
DRN
0.4%

Technology

INDL
8.2%
DRN

-

Consumer Defensive

INDL
6.3%
DRN

-

Healthcare

INDL
6.1%
DRN

-

Communication Services

INDL
4.6%
DRN

-

Utilities

INDL
4.5%
DRN

-

Real Estate

INDL
1.4%
DRN
19.8%

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Direxion Daily India Bull 3x Shares

Direxion Daily Real Estate Bull 3x Shares

Often compared with INDL:
INDL vs. INDAINDL vs. GLININDL vs. BRZUINDL vs. TQQQINDL vs. INDYINDL vs. FLININDL vs. IAK
Often compared with DRN:
DRN vs. DRVDRN vs. UREDRN vs. XHBDRN vs. ITBDRN vs. PAVEDRN vs. DPSTDRN vs. TECL

Return for Risk

INDL vs. DRN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
INDL
INDL Risk / Return Rank: 22
Overall Rank
INDL Sharpe Ratio Rank: 22
Sharpe Ratio Rank
INDL Sortino Ratio Rank: 22
Sortino Ratio Rank
INDL Omega Ratio Rank: 22
Omega Ratio Rank
INDL Calmar Ratio Rank: 33
Calmar Ratio Rank
INDL Martin Ratio Rank: 11
Martin Ratio Rank
DRN
DRN Risk / Return Rank: 1717
Overall Rank
DRN Sharpe Ratio Rank: 1616
Sharpe Ratio Rank
DRN Sortino Ratio Rank: 1717
Sortino Ratio Rank
DRN Omega Ratio Rank: 1717
Omega Ratio Rank
DRN Calmar Ratio Rank: 1919
Calmar Ratio Rank
DRN Martin Ratio Rank: 1717
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

INDL vs. DRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) and Direxion Daily Real Estate Bull 3x Shares (DRN). 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.

INDLDRNDifference
Sharpe ratioReturn per unit of total volatility
-0.96
0.40

-1.36

Sortino ratioReturn per unit of downside risk
-1.37
0.81

-2.17

Omega ratioGain probability vs. loss probability

0.85

1.10

-0.25

Calmar ratioReturn relative to maximum drawdown

-0.75

0.68

-1.43

Martin ratioReturn relative to average drawdown

-1.55

1.51

-3.06

INDL vs. DRN - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -0.96, which is lower than the DRN Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of INDL and DRN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

INDL vs. DRN - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, which is greater than DRN's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for INDL and DRN.

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Drawdown Indicators

INDLDRNDifference

Max Drawdown

Largest peak-to-trough decline

-95.67%

-86.32%

-9.35%

Max Drawdown (1Y)

Largest decline over 1 year

-37.82%

-24.28%

-13.54%

Max Drawdown (3Y)

Largest decline over 3 years

-47.64%

-48.26%

+0.62%

Max Drawdown (5Y)

Largest decline over 5 years

-47.64%

-80.58%

+32.94%

Max Drawdown (10Y)

Largest decline over 10 years

-91.96%

-86.32%

-5.64%

Current Drawdown

Current decline from peak

-78.43%

-61.73%

-16.70%

Average Drawdown

Average peak-to-trough decline

-66.36%

-35.11%

-31.25%

Ulcer Index

Depth and duration of drawdowns from previous peaks

18.35%

10.92%

+7.43%

Volatility

INDL vs. DRN - Volatility Comparison

The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 8.12%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 14.29%. This indicates that INDL experiences smaller price fluctuations and is considered to be less risky than DRN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

INDLDRNDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.12%

14.29%

-6.17%

Volatility (6M)

Calculated over the trailing 6-month period

25.59%

30.42%

-4.83%

Volatility (1Y)

Calculated over the trailing 1-year period

29.71%

41.19%

-11.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

30.62%

56.78%

-26.16%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

52.69%

60.68%

-7.99%

INDL vs. DRN - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than DRN's 0.99% expense ratio.

Dividends

INDL vs. DRN - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.64%, less than DRN's 1.98% yield.

PositionTTM202520242023202220212020201920182017
DRN
Direxion Daily Real Estate Bull 3x Shares		1.98%2.81%2.24%2.84%2.70%4.21%1.90%2.59%3.11%0.91%
INDL
Direxion Daily India Bull 3x Shares		1.64%1.42%2.79%1.65%0.09%2.35%0.00%0.68%0.18%0.31%

Frequently Asked Questions

INDL and DRN have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DRN has higher volatility (14.29%) compared to INDL (8.12%). In terms of maximum drawdown, INDL dropped -95.67% vs DRN's -86.32%.

On 10-year performance, INDL leads with 0.22% vs -3.96% for DRN. On fees, DRN is cheaper at 0.99% per year. On volatility, INDL has been the lower-risk option at 8.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, INDL has performed better with a 0.22% return vs -3.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

DRN is cheaper with a 0.99% expense ratio, compared with 1.33% for INDL.

DRN has the higher dividend yield at 1.98%, compared with 1.64% for INDL.

INDL is categorized as Leveraged Equities, while DRN is REIT. INDL tracks Indus India Index (300%), while DRN tracks MSCI US REIT Index (300%). Their fees differ too: 1.33% for INDL and 0.99% for DRN.

DRN currently has the higher Sharpe Ratio (0.40 vs -0.96), 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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