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SRS vs. DRV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

Performance

SRS vs. DRV - 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 Bear 3x Shares (DRV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SRS achieves a -14.05% return, which is significantly higher than DRV's -21.17% return. Over the past 10 years, SRS has outperformed DRV with an annualized return of -16.52%, while DRV has yielded a comparatively lower -28.88% 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%

DRV

1D
-0.19%
1M
4.49%
YTD
-21.17%
6M
-18.62%
1Y
-16.69%
3Y*
-22.80%
5Y*
-15.28%
10Y*
-28.88%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SRS vs. DRV - Yearly Performance Comparison


2026 (YTD)202520242023202220212020201920182017
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%
DRV
Direxion Daily Real Estate Bear 3x Shares
-21.17%-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 17, 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.

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Return for Risk

SRS vs. DRV — Risk / Return Rank

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

SRS
SRS Risk / Return Rank: 55
Overall Rank
SRS Sharpe Ratio Rank: 66
Sharpe Ratio Rank
SRS Sortino Ratio Rank: 55
Sortino Ratio Rank
SRS Omega Ratio Rank: 55
Omega Ratio Rank
SRS Calmar Ratio Rank: 55
Calmar Ratio Rank
SRS Martin Ratio Rank: 44
Martin Ratio Rank

DRV
DRV Risk / Return Rank: 55
Overall Rank
DRV Sharpe Ratio Rank: 55
Sharpe Ratio Rank
DRV Sortino Ratio Rank: 55
Sortino Ratio Rank
DRV Omega Ratio Rank: 55
Omega Ratio Rank
DRV Calmar Ratio Rank: 44
Calmar Ratio Rank
DRV Martin Ratio Rank: 33
Martin Ratio Rank
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. 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.


SRSDRVDifference

Sharpe ratio

Return per unit of total volatility

-0.36

-0.42

+0.05

Sortino ratio

Return per unit of downside risk

-0.36

-0.37

+0.01

Omega ratio

Gain probability vs. loss probability

0.96

0.96

0.00

Calmar ratio

Return relative to maximum drawdown

-0.48

-0.56

+0.08

Martin ratio

Return relative to average drawdown

-1.08

-1.24

+0.16

SRS vs. DRV - Sharpe Ratio Comparison

The current SRS Sharpe Ratio is -0.36, which is comparable to the DRV Sharpe Ratio of -0.42. The chart below compares the historical Sharpe Ratios of SRS and DRV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


SRSDRVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.36

-0.42

+0.05

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.16

-0.27

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.41

-0.46

+0.05

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.50

-0.68

+0.18

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.


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Drawdown Indicators


SRSDRVDifference

Max Drawdown

Largest peak-to-trough decline

-99.96%

-99.99%

+0.03%

Max Drawdown (1Y)

Largest decline over 1 year

-20.53%

-30.02%

+9.49%

Max Drawdown (3Y)

Largest decline over 3 years

-51.56%

-70.74%

+19.18%

Max Drawdown (5Y)

Largest decline over 5 years

-51.56%

-73.26%

+21.70%

Max Drawdown (10Y)

Largest decline over 10 years

-85.82%

-97.31%

+11.49%

Current Drawdown

Current decline from peak

-99.96%

-99.99%

+0.03%

Average Drawdown

Average peak-to-trough decline

-91.23%

-97.77%

+6.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.08%

13.53%

-4.45%

Volatility

SRS vs. DRV - Volatility Comparison

The current volatility for ProShares UltraShort Real Estate (SRS) is 7.58%, while Direxion Daily Real Estate Bear 3x Shares (DRV) has a volatility of 11.51%. 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.


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Volatility by Period


SRSDRVDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.58%

11.51%

-3.93%

Volatility (6M)

Calculated over the trailing 6-month period

19.34%

28.83%

-9.49%

Volatility (1Y)

Calculated over the trailing 1-year period

27.06%

40.37%

-13.31%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

37.58%

56.91%

-19.33%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.67%

62.65%

-21.98%

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 3.67%, more than DRV's 3.56% yield.


PositionTTM20252024202320222021202020192018
DRV
Direxion Daily Real Estate Bear 3x Shares
3.56%2.88%4.57%5.35%0.38%0.00%0.58%1.71%0.42%
SRS
ProShares UltraShort Real Estate
3.67%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 (11.51%) compared to SRS (7.58%). In terms of maximum drawdown, SRS dropped -99.96% vs DRV's -99.99%.

On 10-year performance, SRS leads with -16.52% vs -28.88% for DRV. 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.

Over the 10-year period, SRS has performed better with a -16.52% return vs -28.88%. 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.

SRS has the higher dividend yield at 3.67%, compared with 3.56% for DRV.

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 (-0.36 vs -0.41), 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.

Portfolio Optimizer

Find the right allocation for SRS and DRV

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