At a glance
DRV charges 1.06% a year. It has $25.6M in assets; it paid 3.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −5.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −30.7% a year. At its worst it fell 26.0% in the 2020 crash (S&P 500: 33.7%) and 42.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The short version
Direxion Daily Real Estate Bear 3X Shares (DRV) mainly uses swaps to seek three times the opposite of the Real Estate Select Sector Index's return, one day at a time. Because its bet resets daily, longer-term results can stray far from that target: the fund lost about 97% in the 10 years to October 27, 2026. It charges 1.06% a year and is designed for short-term trading, not long-term holding.
Price history
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DRV -5.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DRV official prospectus, to Dec 31, 2025 | — | -7.47% | — | -21.97% | -29.34% | — |
| DRV price data to Oct 27, 2026 | -19.2% | -5.8% | -30.7% | -10.3% | -29.0% | -41.9% |
- Over the year to Oct 27, 2026, DRV returned -5.8%.
- Its 5-year annualized return was -10.3% and its 10-year -29.0%.
- In the 2020 COVID crash, while stocks fell, it gained 206.8%.
- Its worst full calendar year was 2010 (-71.9%); its best was 2022 (+68.5%).
- The deepest fall in its price history was 100% (Jul 17, 2009 to Jul 28, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -19.1% | — |
| 2025 | -7.3% | -7.47% |
| 2024 | -10.6% | -10.51% |
| 2023 | -33.8% | -33.80% |
| 2022 | +68.5% | +68.68% |
| 2021 | -68.8% | -68.72% |
| 2020 | -60.5% | -60.37% |
| 2019 | -51.7% | -51.82% |
| 2018 | +6.0% | +4.97% |
| 2017 | -17.1% | -17.22% |
| 2016 | -35.4% | -35.34% |
| 2015 | -24.9% | — |
| 2014 | -59.6% | — |
| 2013 | -22.3% | — |
| 2012 | -46.7% | — |
| 2011 | -56.9% | — |
| 2010 | -71.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 206.8% over that stretch · deepest drop along the way 26%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 140.1% over that stretch · deepest drop along the way 42.3%, back to its old high 1.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5700 | |
| 2025 | $0.7700 | -42.5% |
| 2024 | $1.3400 | -27.2% |
| 2023 | $1.8400 | +776.2% |
| 2022 | $0.2100 | -65.0% |
| 2020 | $0.6000 | -86.7% |
| 2019 | $4.5000 | -35.7% |
| 2018 | $7.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (118.39% of net assets), with its inverse exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $5.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.42%, -3.59%, -6.61%.
How it works
DRV's target is the Real Estate Select Sector Index from S&P Dow Jones Indices, built only from S&P 500 companies. As of December 31, 2025, it had 31 members: REITs (real estate investment trusts, which own and rent out offices, apartments, warehouses, hotels, stores and health care buildings) plus real estate developers and managers. Weights follow company size, with single-stock caps to meet tax rules, and the index rebalances quarterly.
DRV does not own those stocks. It mainly uses swaps, contracts in which the fund and a counterparty exchange payments tied to the index's return, to get -3x the index's daily move. If a counterparty fails to pay, the fund loses money. As of July 31, 2026, the $25.6 million fund held cash and short-term holdings worth about 118% of net assets, plus three swaps on the index with a combined value of about -19%.
At each day's close, the adviser, Rafferty Asset Management, resets exposure. After the index falls, the fund's assets grow and its short bet is enlarged; after a rise, the bet is trimmed. Because daily results compound, returns over weeks or years will very likely differ from -3x the index. The prospectus warns the fund loses money if the index is flat over time and can lose money even when the index falls.
What it really costs
- DRV charges 1.06% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.01% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $108 in the first year and $1,305 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DRV | $108 | $339 | $589 | $1,305 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
DRV resets its -3x bet every day and is built for short-term trading, and over the 10 years to October 27, 2026, it lost about 97%.
DRV can surge when real estate stocks slump. It gained 206.8% in the 2020 COVID crash and 140.1% in the 2022 bear market, though it fell 42.3% from June 14 to August 15, 2022, before recovering by September 26. It launched after the 2008 crisis. Calendar-year results were often grim: it lost 60.37% in 2020, 68.72% in 2021 and, on a price basis, 71.9% in 2010, its worst year. From its July 17, 2009, peak it fell nearly 100% by July 28, 2026, without recovering, so long-term holders could find little left to draw on.
Its trailing yield, paid quarterly, was 3.21% as of October 27, 2026, too little to offset those losses. It costs 1.06% a year, or $1,305 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders betting on a short, sharp fall in S&P 500 real estate stocks such as REITs, who can check the position every day.
- Investors wanting a brief hedge (an offsetting bet) for real estate holdings who understand the -3x target applies to one day, not weeks or months.
- Experienced traders comfortable with swap counterparty risk, a 1.06% expense ratio and swings like a 50.57% drop in the quarter ended June 30, 2020.
Look elsewhere if
- Retirement savers seeking a long-term holding: DRV lost about 97% over the 10 years to October 27, 2026.
- Income seekers: the 3.21% trailing yield as of October 27, 2026, paid quarterly, came alongside a 5.8% one-year loss.
- Investors seeking tax efficiency: DRV handles share creations and redemptions mainly in cash, so the prospectus says it is not expected to be tax efficient.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DRV good for retirement?
Not for most retirement savers. DRV seeks -3x the daily return of the Real Estate Select Sector Index and resets every day, so it is designed for short-term trading. Held for years, it has shrunk: it lost an average of 29.34% a year over the 10 years to December 31, 2025, and about 97% in the 10 years to October 27, 2026. The prospectus warns that investors could lose all of their money.
Why does DRV lose value over time?
Daily compounding and rising real estate prices both work against it. DRV loses when real estate stocks rise, and because it resets its -3x target every day, each day's result compounds on the last, which tends to erode value when prices zigzag. The prospectus says the fund will lose money if the index is flat over time and can lose money even while the index falls. In 2020, DRV gained 206.8% during the COVID crash yet ended the year down 60.37%.
Does DRV pay dividends?
Yes, DRV pays distributions quarterly. Its trailing yield was 3.21% ($0.67 a share) as of October 27, 2026. Because the fund holds cash, short-term holdings and swaps rather than real estate stocks, these payouts are not REIT dividends. The income has been small next to price moves: the fund lost 7.47% in 2025 and 19.15% year to date through October 27, 2026.
What's the difference between DRV and a regular real estate ETF?
They point in opposite directions. A typical real estate ETF owns REIT and property stocks and rises when they rise. DRV holds no real estate stocks. It uses swaps to seek -3x the daily return of the Real Estate Select Sector Index, so it gains when those stocks fall and loses when they rise. It also resets daily and charges 1.06% a year. Its swings are extreme: it lost 68.72% in 2021, then gained 68.68% in 2022.
What is DRV's expense ratio?
DRV's expense ratio is 1.06% a year, according to its prospectus filed February 26, 2026, including a 0.75% management fee. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, costs would total $108 after one year, $339 after three, $589 after five and $1,305 after 10. Because the fund creates and redeems shares mainly for cash, it also bears trading and financing costs and is not expected to be tax efficient.