SRS vs. DRV
SRS (ProShares UltraShort Real Estate) and DRV (Direxion Daily Real Estate Bear 3x Shares) are both REIT funds - SRS tracks the Dow Jones U.S. Real Estate Index (-200%) while DRV tracks the MSCI US REIT Index (-300%). Both are passively managed. Over the past 10 years, SRS returned -16.93%/yr vs -29.40%/yr for DRV. With a 0.99 correlation, they move nearly in lockstep. SRS charges 0.95%/yr vs 1.08%/yr for DRV.
Performance
SRS vs. DRV - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SRS achieves a -19.56% return, which is significantly higher than DRV's -29.93% return. Over the past 10 years, SRS has outperformed DRV with an annualized return of -16.93%, while DRV has yielded a comparatively lower -29.40% annualized return.
SRS
- 1D
- -2.78%
- 1M
- -1.86%
- YTD
- -19.56%
- 6M
- -20.11%
- 1Y
- -12.62%
- 3Y*
- -15.69%
- 5Y*
- -6.99%
- 10Y*
- -16.93%
DRV
- 1D
- -4.91%
- 1M
- -4.37%
- YTD
- -29.93%
- 6M
- -30.51%
- 1Y
- -22.15%
- 3Y*
- -27.14%
- 5Y*
- -17.01%
- 10Y*
- -29.40%
SRS vs. DRV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRS ProShares UltraShort Real Estate | -19.56% | -1.45% | -3.55% | -18.78% | 54.68% | -52.22% | -33.05% | -38.97% | 6.01% | -18.03% |
DRV Direxion Daily Real Estate Bear 3x Shares | -29.93% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
Correlation
The correlation between SRS and DRV is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
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 DRV has been stable across timeframes, ranging from 0.99 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. DRV — Risk / Return Rank
SRS
DRV
SRS vs. DRV - 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 Bear 3x Shares (DRV). 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 | DRV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.08 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.94 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.68 | +0.11 |
| Martin ratioReturn relative to average drawdown | -1.25 | -1.47 | +0.22 |
Loading charts...
Drawdowns
SRS vs. DRV - Drawdown Comparison
The maximum SRS drawdown since its inception was -99.96%, roughly equal to the maximum DRV drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for SRS and DRV.
Loading charts...
Drawdown Indicators
| SRS | DRV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -99.99% | +0.03% |
Max Drawdown (1Y)Largest decline over 1 year | -22.21% | -32.86% | +10.65% |
Max Drawdown (3Y)Largest decline over 3 years | -52.58% | -71.93% | +19.35% |
Max Drawdown (5Y)Largest decline over 5 years | -52.58% | -74.35% | +21.77% |
Max Drawdown (10Y)Largest decline over 10 years | -86.12% | -97.42% | +11.30% |
Current DrawdownCurrent decline from peak | -99.96% | -99.99% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -97.75% | +6.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.14% | 15.12% | -4.98% |
Volatility
SRS vs. DRV - Volatility Comparison
The current volatility for ProShares UltraShort Real Estate (SRS) is 10.70%, while Direxion Daily Real Estate Bear 3x Shares (DRV) has a volatility of 16.42%. This indicates that SRS experiences smaller price fluctuations and is considered to be less risky than DRV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SRS | DRV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 16.42% | -5.72% |
Volatility (6M)Calculated over the trailing 6-month period | 21.31% | 31.89% | -10.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.53% | 42.62% | -14.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 37.74% | 57.12% | -19.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.77% | 62.82% | -22.05% |
SRS vs. DRV - Expense Ratio Comparison
SRS has a 0.95% expense ratio, which is lower than DRV's 1.08% expense ratio.
Dividends
SRS vs. DRV - Dividend Comparison
SRS's dividend yield for the trailing twelve months is around 3.92%, less than DRV's 4.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 4.00% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% |
SRS ProShares UltraShort Real Estate | 3.92% | 3.61% | 6.06% | 4.49% | 0.30% | 0.00% | 0.19% | 1.80% | 0.47% |
Frequently Asked Questions
With a correlation of 0.99, SRS and DRV move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
DRV has higher volatility (16.42%) compared to SRS (10.70%). In terms of maximum drawdown, SRS dropped -99.96% vs DRV's -99.99%.
On 10-year performance, SRS leads with -16.93% vs -29.40% for DRV. On fees, SRS is cheaper at 0.95% per year. On volatility, SRS has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SRS has performed better with a -16.93% return vs -29.40%. 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 1.08% for DRV.
DRV has the higher dividend yield at 4.00%, compared with 3.92% for SRS.
SRS tracks Dow Jones U.S. Real Estate Index (-200%), while DRV tracks MSCI US REIT Index (-300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SRS and 1.08% for DRV.
SRS currently has the higher Sharpe Ratio (-0.45 vs -0.52), 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 DRV
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