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 -16.94%/yr vs -4.67%/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
Loading charts...
Returns By Period
In the year-to-date period, SRS achieves a -19.64% return, which is significantly lower than DRN's 29.50% return. Over the past 10 years, SRS has underperformed DRN with an annualized return of -16.94%, while DRN has yielded a comparatively higher -4.67% annualized return.
SRS
- 1D
- -0.10%
- 1M
- -1.96%
- YTD
- -19.64%
- 6M
- -19.15%
- 1Y
- -11.91%
- 3Y*
- -15.72%
- 5Y*
- -6.69%
- 10Y*
- -16.94%
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%
SRS vs. DRN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -19.64% | -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 | 29.50% | -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 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 | -1.00 |
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 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -0.65 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 1.07 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.54 | 0.40 | -0.94 |
| Martin ratioReturn relative to average drawdown | -1.17 | 0.90 | -2.06 |
Loading charts...
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.
Loading charts...
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 | -22.21% | -24.28% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -52.58% | -48.26% | -4.32% |
Max Drawdown (5Y)Largest decline over 5 years | -52.58% | -80.58% | +28.00% |
Max Drawdown (10Y)Largest decline over 10 years | -86.12% | -86.32% | +0.20% |
Current DrawdownCurrent decline from peak | -99.96% | -63.08% | -36.88% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -35.16% | -56.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.23% | 10.96% | -0.73% |
Volatility
SRS vs. DRN - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 10.69%, while Direxion Daily Real Estate Bull 3x Shares (DRN) has a volatility of 15.93%. 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.
Loading charts...
Volatility by Period
| SRS | DRN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.69% | 15.93% | -5.24% |
Volatility (6M)Calculated over the trailing 6-month period | 21.28% | 31.75% | -10.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.37% | 42.02% | -13.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.73% | 56.85% | -19.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.77% | 60.76% | -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 3.92%, 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% |
SRS ProShares UltraShort Real Estate | 3.92% | 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 (15.93%) compared to SRS (10.69%). In terms of maximum drawdown, SRS dropped -99.96% vs DRN's -86.32%.
On 10-year performance, DRN leads with -4.67% vs -16.94% for SRS. On fees, SRS is cheaper at 0.95% per year. On volatility, SRS has been the lower-risk option at 10.69%. 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 -16.94%. 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 3.92%, compared with 1.91% 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 (0.23 vs -0.42), 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.
Find the right allocation for SRS and DRN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer