SRS vs. DRN
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 -16.03%/yr vs -6.08%/yr for DRN. Their -0.99 correlation means they have often moved in opposite directions in the past. SRS charges 0.95%/yr vs 0.99%/yr for DRN.
Performance
SRS vs. DRN - Performance Comparison
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Returns By Period
In the year-to-date period, SRS achieves a -21.34% return, which is significantly lower than DRN's 33.42% return. Over the past 10 years, SRS has underperformed DRN with an annualized return of -16.03%, while DRN has yielded a comparatively higher -6.08% annualized return.
SRS
- 1D
- -0.52%
- 1M
- -2.10%
- 6M
- -19.18%
- YTD
- -21.34%
- 1Y
- -18.17%
- 3Y*
- -14.70%
- 5Y*
- -5.85%
- 10Y*
- -16.03%
- ALL TIME*
- -28.33%
DRN
- 1D
- 0.81%
- 1M
- 2.09%
- 6M
- 29.47%
- YTD
- 33.42%
- 1Y
- 23.61%
- 3Y*
- 10.54%
- 5Y*
- -11.40%
- 10Y*
- -6.08%
- ALL TIME*
- 14.14%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $8.13M | $8.66M | $10.23M | |
| $366.45K | $363.36K | $364.08K |
SRS vs. DRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -21.34% | -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 | 33.42% | -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 -1.00, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 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.
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Return for Risk
SRS vs. DRN — Risk / Return Rank
SRS
DRN
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.
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.
| SRS | DRN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.84 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.13 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 0.98 | -1.69 |
| Martin ratioReturn relative to average drawdown | -1.46 | 2.58 | -4.04 |
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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.
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Drawdown Indicators
| SRS | DRN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -86.32% | -13.64% |
Max Drawdown (1Y)Largest decline over 1 year | -25.73% | -24.28% | -1.45% |
Max Drawdown (3Y)Largest decline over 3 years | -54.73% | -48.26% | -6.47% |
Max Drawdown (5Y)Largest decline over 5 years | -54.73% | -80.58% | +25.85% |
Max Drawdown (10Y)Largest decline over 10 years | -86.75% | -86.32% | -0.43% |
Current DrawdownCurrent decline from peak | -99.96% | -61.96% | -38.00% |
Average DrawdownAverage peak-to-trough decline | -91.28% | -35.33% | -55.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.47% | 9.17% | +3.30% |
Volatility
SRS vs. DRN - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 8.59%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 12.78%. 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.
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Volatility by Period
| SRS | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.59% | 12.78% | -4.19% |
Volatility (6M)Calculated over the trailing 6-month period | 22.18% | 33.01% | -10.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.32% | 41.86% | -13.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.81% | 56.94% | -19.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.81% | 60.80% | -19.99% |
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 1.85% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 1.85% | 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
SRS and DRN have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRN has higher volatility (12.78%) compared to SRS (8.59%). In terms of maximum drawdown, SRS dropped -99.96% vs DRN's -86.32%.
On 10-year performance, DRN leads with -6.08% vs -16.03% for SRS. On fees, SRS is cheaper at 0.95% per year. On volatility, SRS has been the lower-risk option at 8.59%. 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 -6.08% return vs -16.03%. 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 0.99% for DRN.
SRS has the higher dividend yield at 3.67%, compared with 1.85% for 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.
DRN currently has the higher Sharpe Ratio (0.57 vs -0.65), 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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