DRN vs SRS: which held to its multiple?
Over three months against its own daily promise, DRN finished 1.6 points short and SRS 2.5 points over. Direxion Daily Real Estate Bull 3X ETF and ProShares UltraShort Real Estate.
DRN returned −21.6% while 3 times IYR's move would have been −20.3%
SRS returned +16.1% while −2 times IYR's move would have been +13.6%
DRN among the 470 leveraged ETFs, long, over three months
SRS among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. SRS 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 | SRS | DRN | SRS | DRN | SRS |
| 1 month | −19.3% | +15.0% | −20.1% | +13.4% | +0.8 pts | +1.6 pts |
| 3 months | −21.6% | +16.1% | −20.3% | +13.6% | −1.3 pts | +2.6 pts |
| 6 months | −3.1% | −1.1% | +4.2% | −2.8% | −7.4 pts | +1.7 pts |
| 1 year | −13.2% | +3.5% | +0.9% | −0.6% | −14.1 pts | +4.2 pts |
| 3 years | +30.1% | −36.2% | +92.7% | −61.8% | −62.5 pts | +25.6 pts |
| Since launch DRN Jan 2010 · SRS Jan 2010 | +165.2% | −98.5% | not meaningful | not meaningful | not meaningful | not meaningful |
DRN and SRS 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 and SRS 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.
SRS in plain words
Three months to Sep 30, 2026: SRS returned +16.1% where its own daily promise gave +13.6%, 2.5 points over. Read the multiple against the whole window instead and −2 times IYR's −6.8% implies +13.6%, which makes SRS look 2.6 points over. 0.1 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. SRS aims to return -2 times IYR's move each day, then resets. Over longer, the daily results compound, so the total is not -2 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 SRS?
- Over the window to Sep 30, 2026, DRN finished 1.3 points from what its multiple implies and SRS finished 2.6 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 SRS levered on the same thing?
- Yes. Both are levered on iShares U.S. Real Estate ETF, DRN at +3 times and SRS at -2 times the daily move.
- Which one decays faster, DRN or SRS?
- Decay follows how much the underlying moves about. Over this window DRN’s moved at 13% annualized and SRS’s at 13%, so DRN has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold DRN or SRS 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.
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.
ETFIQ, DRN against SRS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/drn-vs-srs
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, DRN against SRS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/drn-vs-srs Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, DRN against SRS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/drn-vs-srs
- APA
- ETFIQ. (Sep 30, 2026). DRN against SRS. Retrieved from https://etfiq.com/compare/leverage/drn-vs-srs
- Markdown
- [DRN against SRS (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/drn-vs-srs)