Which came closer to its stated multiple, DRN or DRV?

Over the window to Sep 30, 2026, DRN finished 1.3 points from what its multiple implies and DRV finished 3.6 points from its own, so DRN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are DRN and DRV levered on the same thing?

Yes. Both are levered on iShares U.S. Real Estate ETF, DRN at +3 times and DRV at -3 times the daily move.

Which one decays faster, DRN or DRV?

Decay follows how much the underlying moves about. Over this window DRN’s moved at 13% annualized and DRV’s at 13%, so DRN has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold DRN or DRV for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, DRN or DRV?

DRN charges 0.98% a year and DRV charges 1.06%, so DRN is cheaper. Fees come from each fund's prospectus.

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DRN vs DRV: which held to its multiple?

Over three months against its own daily promise, DRN finished 1.6 points short and DRV 3.5 points over. Direxion Daily Real Estate Bull 3X ETF and Direxion Daily Real Estate Bear 3X ETF.

−21.6%

DRN returned, 3 months

+23.9%

DRV returned, 3 months

−1.3 pts

DRN from its stated multiple

+3.6 pts

DRV from its stated multiple

DRN · 3 months to Sep 30, 20261.3 pts short of its stated multiple

DRN returned −21.6% while 3 times IYR's move would have been −20.3%

DRV · 3 months to Sep 30, 20263.6 pts ahead of its stated multiple

DRV returned +23.9% while −3 times IYR's move would have been +20.3%

ETFIQ Decay Resistance Score · DRV scores higherDid it keep up with its own daily multiple, compounded day by day?

DRN among the 470 leveraged ETFs, long, over three months

DRN 81.9

0.1, the lowest in this set99.9, the highest

DRV among the 125 inverse ETFs over three months

DRV 90.8

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. DRV is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	DRN	DRV	DRN	DRV	DRN	DRV
1 month	−19.3%	+22.7%	−20.1%	+20.1%	+0.8 pts	+2.6 pts
3 months	−21.6%	+23.9%	−20.3%	+20.3%	−1.3 pts	+3.6 pts
6 months	−3.1%	−4.0%	+4.2%	−4.2%	−7.4 pts	+0.2 pts
1 year	−13.2%	+1.3%	+0.9%	−0.9%	−14.1 pts	+2.2 pts
3 years	+30.1%	−56.8%	+92.7%	−92.7%	−62.5 pts	+35.9 pts
Since launch DRN Jan 2010 · DRV Jan 2010	+165.2%	−100.0%	not meaningful	not meaningful	not meaningful	not meaningful

DRN and DRV over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

DRN

Direxion Daily Real Estate Bull 3X ETF · Aims to return three times the daily move of iShares U.S. Real Estate ETF (IYR)

DRV

Direxion Daily Real Estate Bear 3X ETF · Aims to return three times the opposite of the daily move of iShares U.S. Real Estate ETF (IYR)

Issuer Direxion Direxion

Sets out to return +3x -3x

Underlying asset IYR IYR

Segment sector sector

Fund returned, 3 months or since launch −21.6% +23.9%

Underlying returned, over that window −6.8% −6.8%

What the stated multiple implies, over that window −20.3% +20.3%

Difference from stated, over that window −1.3 pts +3.6 pts

Fund returned, 1 year or since launch −13.2% +1.3%

Difference from stated, over that window −14.1 pts +2.2 pts

Underlying volatility 13% 13%

Expense ratio 0.98% 1.06%

Launched Jan 4, 2010 Jan 4, 2010

Net assets $35m $32m

DRN and DRV on the same fields, as of Sep 30, 2026. Source: ETFIQ.

DRN in plain words

Three months to Sep 30, 2026: DRN returned −21.6% where its own daily promise gave −20.0%, 1.6 points short. Read the multiple against the whole window instead and 3 times IYR's −6.8% implies −20.3%, which makes DRN look 1.3 points short. 0.4 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. DRN aims to return +3 times IYR's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. IYR moved at 13% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

DRV in plain words

Three months to Sep 30, 2026: DRV returned +23.9% where its own daily promise gave +20.4%, 3.5 points over. Read the multiple against the whole window instead and −3 times IYR's −6.8% implies +20.3%, which makes DRV look 3.6 points over. 0.1 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. DRV aims to return -3 times IYR's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, DRN or DRV?: Over the window to Sep 30, 2026, DRN finished 1.3 points from what its multiple implies and DRV finished 3.6 points from its own, so DRN came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are DRN and DRV levered on the same thing?: Yes. Both are levered on iShares U.S. Real Estate ETF, DRN at +3 times and DRV at -3 times the daily move.
Which one decays faster, DRN or DRV?: Decay follows how much the underlying moves about. Over this window DRN’s moved at 13% annualized and DRV’s at 13%, so DRN has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold DRN or DRV for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, DRN or DRV?: DRN charges 0.98% a year and DRV charges 1.06%, so DRN is cheaper. Fees come from each fund's prospectus.

Other comparisons

DRN vs REK DRN vs SRS DRN vs URE DRV vs REK DRV vs SRS DRV vs URE

IYR →DRN on its own →DRV on its own →How every figure is computed →Standards and sources →

Where these figures came from

DRN and DRV filings on SEC EDGAR ↗DRN and DRV prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, DRN against DRV, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/drn-vs-drv

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.