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 -16.52%/yr vs -28.88%/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
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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%
SRS vs. DRV - 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% |
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
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.
| SRS | DRV | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.36 | -0.42 | +0.05 |
Sortino ratioReturn per unit of downside risk | -0.36 | -0.37 | +0.01 |
Omega ratioGain probability vs. loss probability | 0.96 | 0.96 | 0.00 |
Calmar ratioReturn relative to maximum drawdown | -0.48 | -0.56 | +0.08 |
Martin ratioReturn relative to average drawdown | -1.08 | -1.24 | +0.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SRS | DRV | Difference | |
|---|---|---|---|
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
| SRS | DRV | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -99.96% | -99.99% | +0.03% |
Average DrawdownAverage peak-to-trough decline | -91.23% | -97.77% | +6.54% |
Ulcer IndexDepth 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
| SRS | DRV | Difference | |
|---|---|---|---|
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.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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.
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