REK vs. DRN
REK (ProShares Short Real Estate) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both REIT funds - REK tracks the DJ Global United States (All) / Real Estate -SS (-100%) while DRN tracks the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, REK returned -6.46%/yr vs -4.67%/yr for DRN. At a correlation of -0.95, they often move in opposite directions. REK charges 0.95%/yr vs 0.99%/yr for DRN.
Performance
REK vs. DRN - Performance Comparison
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Returns By Period
In the year-to-date period, REK achieves a -9.73% return, which is significantly lower than DRN's 29.50% return. Over the past 10 years, REK has underperformed DRN with an annualized return of -6.46%, while DRN has yielded a comparatively higher -4.67% annualized return.
REK
- 1D
- -0.55%
- 1M
- -1.21%
- YTD
- -9.73%
- 6M
- -9.36%
- 1Y
- -4.46%
- 3Y*
- -5.42%
- 5Y*
- -0.55%
- 10Y*
- -6.46%
DRN
- 1D
- -0.82%
- 1M
- 0.63%
- YTD
- 29.50%
- 6M
- 28.44%
- 1Y
- 9.72%
- 3Y*
- 12.41%
- 5Y*
- -10.59%
- 10Y*
- -4.67%
REK vs. DRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REK ProShares Short Real Estate | -9.73% | 2.35% | 1.42% | -6.61% | 29.17% | -30.58% | -11.33% | -20.96% | 4.61% | -9.34% |
DRN Direxion Daily Real Estate Bull 3x Shares | 29.50% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 7.50% |
Correlation
The correlation between REK and DRN is -0.98, 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 | -0.98 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.98 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.97 |
Correlation (All Time) Calculated using the full available price history since Mar 18, 2010 | -0.95 |
The correlation between REK and DRN has been stable across timeframes, ranging from -0.99 to -0.95 - a consistent structural relationship.
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Return for Risk
REK vs. DRN — Risk / Return Rank
REK
DRN
REK vs. DRN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Real Estate (REK) 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.
| REK | DRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.55 | ||
| Sortino ratioReturn per unit of downside risk | -0.98 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.41 | 0.40 | -0.81 |
| Martin ratioReturn relative to average drawdown | -0.90 | 0.90 | -1.79 |
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Drawdowns
REK vs. DRN - Drawdown Comparison
The maximum REK drawdown since its inception was -84.57%, roughly equal to the maximum DRN drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for REK and DRN.
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Drawdown Indicators
| REK | DRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.57% | -86.32% | +1.75% |
Max Drawdown (1Y)Largest decline over 1 year | -11.05% | -24.28% | +13.23% |
Max Drawdown (3Y)Largest decline over 3 years | -26.93% | -48.26% | +21.33% |
Max Drawdown (5Y)Largest decline over 5 years | -26.93% | -80.58% | +53.65% |
Max Drawdown (10Y)Largest decline over 10 years | -58.67% | -86.32% | +27.65% |
Current DrawdownCurrent decline from peak | -82.56% | -63.08% | -19.48% |
Average DrawdownAverage peak-to-trough decline | -64.12% | -35.16% | -28.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.98% | 10.96% | -5.98% |
Volatility
REK vs. DRN - Volatility Comparison
The current volatility for ProShares Short Real Estate (REK) is 5.24%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 15.93%. This indicates that REK 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
| REK | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.24% | 15.93% | -10.69% |
Volatility (6M)Calculated over the trailing 6-month period | 10.60% | 31.75% | -21.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.06% | 42.02% | -27.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.92% | 56.85% | -37.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.35% | 60.76% | -40.41% |
REK vs. DRN - Expense Ratio Comparison
REK has a 0.95% expense ratio, which is lower than DRN's 0.99% expense ratio.
Dividends
REK vs. DRN - Dividend Comparison
REK's dividend yield for the trailing twelve months is around 3.38%, more than DRN's 1.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 1.91% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
REK ProShares Short Real Estate | 3.38% | 3.43% | 6.22% | 4.50% | 0.48% | 0.00% | 0.07% | 1.28% | 0.43% | 0.00% |
Frequently Asked Questions
REK and DRN have a correlation of -0.98, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRN has higher volatility (15.93%) compared to REK (5.24%). In terms of maximum drawdown, REK dropped -84.57% vs DRN's -86.32%.
On 10-year performance, DRN leads with -4.67% vs -6.46% for REK. On fees, REK is cheaper at 0.95% per year. On volatility, REK has been the lower-risk option at 5.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DRN has performed better with a -4.67% return vs -6.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REK is cheaper with a 0.95% expense ratio, compared with 0.99% for DRN.
REK has the higher dividend yield at 3.38%, compared with 1.91% for DRN.
REK tracks DJ Global United States (All) / Real Estate -SS (-100%), while DRN tracks MSCI US REIT Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for REK and 0.99% for DRN.
DRN currently has the higher Sharpe Ratio (0.23 vs -0.32), 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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