DRV -3x Direxion Daily Real Estate Bear 3X ETF

DRV

ETF -3x BEAR extreme
Direxion Daily Real Estate Bear 3X ETF
Issuer: Direxion · Tracks: Real Estate (IYR) · Listed: 2009-07-16
Implied AUM
$26.1M
Last Close
$17.61
20260720
30d Avg Vol
133,501
Options
available
Realized return vs theoretical -3x Real Estate
Pair counterpart found: DRN (+3x bull, Direxion Daily Real Estate Bull 3X ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Real Estate
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
DRN +3x BULL Direxion Direxion Daily Real Estate Bull 3X ETF $49.2M 1,080,522
URE +2x BULL ProShares ProShares Ultra Real Estate $58.6M 2,729
SRS -2x BEAR ProShares ProShares UltraShort Real Estate $15.2M 8,264

How DRV works

DRV targets -3x the daily return of Real Estate — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -3x product on an underlying with 25% annualized vol, expected annual drag is around 18.8%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on DRV carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.