SRS vs. DRN

Last updated Jun 4, 2026

SRS (ProShares UltraShort Real Estate) and DRN (Direxion Daily Real Estate Bull 3x Shares) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while DRN tracks the MSCI US REIT Index (300%). Both are passively managed. Over the past 10 years, SRS returned -16.52%/yr vs -5.09%/yr for DRN. At a correlation of -0.99, they often move in opposite directions. SRS charges 0.95%/yr vs 0.99%/yr for DRN.

Performance

SRS vs. DRN - Performance Comparison

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

Returns By Period

In the year-to-date period, SRS achieves a -14.05% return, which is significantly lower than DRN's 19.48% return. Over the past 10 years, SRS has underperformed DRN with an annualized return of -16.52%, while DRN has yielded a comparatively higher -5.09% annualized return.

SRS

• 1D: -0.27%
• 1M: 2.82%
• YTD: -14.05%
• 6M: -12.14%
• 1Y: -9.76%
• 3Y*: -12.75%
• 5Y*: -5.84%
• 10Y*: -16.52%

DRN

• 1D: 0.10%
• 1M: -4.89%
• YTD: 19.48%
• 6M: 15.83%
• 1Y: 7.81%
• 3Y*: 7.35%
• 5Y*: -11.56%
• 10Y*: -5.09%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. DRN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRS ProShares UltraShort Real Estate	-14.05%	-1.45%	-3.55%	-18.78%	54.68%	-52.22%	-33.05%	-38.97%	6.01%	-18.03%
DRN Direxion Daily Real Estate Bull 3x Shares	19.48%	-11.24%	-5.29%	12.03%	-67.26%	152.94%	-55.37%	81.86%	-25.11%	7.50%

Correlation

The correlation between SRS and DRN 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	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
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 SRS and DRN has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

SRS vs. DRN - Sectors Allocation Comparison

Sectors	SRS	DRN
Financial Services	71.8%	-
Basic Materials	-	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	19.6%
Technology	-	-
Utilities	-	-

Return for Risk

SRS vs. DRN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SRS

SRS Risk / Return Rank: 5
SRS Sharpe Ratio Rank: 6
SRS Sortino Ratio Rank: 5
SRS Omega Ratio Rank: 5
SRS Calmar Ratio Rank: 5
SRS Martin Ratio Rank: 4

DRN

DRN Risk / Return Rank: 12
DRN Sharpe Ratio Rank: 11
DRN Sortino Ratio Rank: 12
DRN Omega Ratio Rank: 13
DRN Calmar Ratio Rank: 12
DRN Martin Ratio Rank: 12

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.

SRS vs. DRN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Real Estate (SRS) 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.

	SRS	DRN	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	0.20	-0.56
Sortino ratio: Return per unit of downside risk	-0.36	0.53	-0.90
Omega ratio: Gain probability vs. loss probability	0.96	1.07	-0.11
Calmar ratio: Return relative to maximum drawdown	-0.48	0.32	-0.80
Martin ratio: Return relative to average drawdown	-1.08	0.72	-1.79
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRS vs. DRN - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.36, which is lower than the DRN Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of SRS 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.

Sharpe Ratios by Period

	SRS	DRN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.36	0.20	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	-0.20	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.41	-0.08	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	0.21	-0.71

Drawdowns

SRS vs. DRN - Drawdown Comparison

The maximum SRS drawdown since its inception was -99.96%, which is greater than DRN's maximum drawdown of -86.32%. Use the drawdown chart below to compare losses from any high point for SRS and DRN.

Drawdown Indicators

	SRS	DRN	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-86.32%	-13.64%
Max Drawdown (1Y) Largest decline over 1 year	-20.53%	-24.28%	+3.75%
Max Drawdown (3Y) Largest decline over 3 years	-51.56%	-48.26%	-3.30%
Max Drawdown (5Y) Largest decline over 5 years	-51.56%	-80.58%	+29.02%
Max Drawdown (10Y) Largest decline over 10 years	-85.82%	-86.32%	+0.50%
Current Drawdown Current decline from peak	-99.96%	-65.93%	-34.03%
Average Drawdown Average peak-to-trough decline	-91.23%	-35.07%	-56.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.08%	10.91%	-1.83%

Volatility

SRS vs. DRN - Volatility Comparison

The current volatility for ProShares UltraShort Real Estate (SRS) is 7.58%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 11.13%. This indicates that SRS 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.

Volatility by Period

	SRS	DRN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.58%	11.13%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	19.34%	28.89%	-9.55%
Volatility (1Y) Calculated over the trailing 1-year period	27.06%	40.04%	-12.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	37.58%	56.65%	-19.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.67%	60.61%	-19.94%

SRS vs. DRN - Expense Ratio Comparison

SRS has a 0.95% expense ratio, which is lower than DRN's 0.99% expense ratio.

Dividends

SRS vs. DRN - Dividend Comparison

SRS's dividend yield for the trailing twelve months is around 3.67%, more than DRN's 2.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DRN Direxion Daily Real Estate Bull 3x Shares	2.23%	2.81%	2.24%	2.84%	2.70%	4.21%	1.90%	2.59%	3.11%	0.91%
SRS ProShares UltraShort Real Estate	3.67%	3.61%	6.06%	4.49%	0.30%	0.00%	0.19%	1.80%	0.47%	0.00%

Frequently Asked Questions

Can I hold both SRS and DRN in my portfolio?

SRS and DRN 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.

Which is riskier, SRS or DRN?

DRN has higher volatility (11.13%) compared to SRS (7.58%). In terms of maximum drawdown, SRS dropped -99.96% vs DRN's -86.32%.

Which ETF is better, SRS or DRN?

On 10-year performance, DRN leads with -5.09% vs -16.52% for SRS. On fees, SRS is cheaper at 0.95% per year. On volatility, SRS has been the lower-risk option at 7.58%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRS or DRN?

Over the 10-year period, DRN has performed better with a -5.09% return vs -16.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRS or DRN?

SRS is cheaper with a 0.95% expense ratio, compared with 0.99% for DRN.

Which ETF pays a higher dividend yield, SRS or DRN?

SRS has the higher dividend yield at 3.67%, compared with 2.23% for DRN.

What is the main difference between SRS and DRN?

SRS tracks Dow Jones U.S. Real Estate Index (-200%), while DRN tracks MSCI US REIT Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SRS and 0.99% for DRN.

Which has better risk-adjusted returns?

DRN currently has the higher Sharpe Ratio (0.20 vs -0.36), 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.