AVL vs. ERX

Last updated Aug 4, 2026

AVL (Direxion Daily AVGO Bull 2X Shares) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - AVL is a Leveraged Equities fund actively managed by Direxion, while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). AVL is actively managed, while ERX is passively managed. Over the past year, AVL returned 34.91% vs 81.13% for ERX. Their -0.03 correlation means they have often moved in opposite directions in the past. AVL charges 1.04%/yr vs 0.91%/yr for ERX.

Performance

AVL vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AVL achieves a 6.48% return, which is significantly lower than ERX's 66.56% return.

AVL

• 1D: 1.22%
• 1M: 15.93%
• 6M: 18.70%
• YTD: 6.48%
• 1Y: 34.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 57.61%

ERX

• 1D: -2.60%
• 1M: 20.71%
• 6M: 34.28%
• YTD: 66.56%
• 1Y: 81.13%
• 3Y*: 16.84%
• 5Y*: 36.03%
• 10Y*: -9.07%
• ALL TIME*: -7.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AVL Direxion Daily AVGO Bull 2X Shares	$12.33M	$15.48M	$32.95M
ERX Direxion Daily Energy Bull 2X Shares	$21.45M	$22.83M	$28.29M

AVL vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AVL Direxion Daily AVGO Bull 2X Shares	6.48%	54.38%	38.75%
ERX Direxion Daily Energy Bull 2X Shares	66.56%	2.79%	-12.86%

Correlation

The correlation between AVL and ERX is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (All Time) Calculated using the full available price history since Oct 10, 2024	-0.03

The correlation between AVL and ERX shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.

AVL vs. ERX - Sectors Allocation Comparison

Sectors	AVL	ERX
Technology	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

AVL vs. ERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AVL

AVL Risk / Return Rank: 24
AVL Sharpe Ratio Rank: 19
AVL Sortino Ratio Rank: 31
AVL Omega Ratio Rank: 31
AVL Calmar Ratio Rank: 22
AVL Martin Ratio Rank: 19

ERX

ERX Risk / Return Rank: 70
ERX Sharpe Ratio Rank: 81
ERX Sortino Ratio Rank: 71
ERX Omega Ratio Rank: 68
ERX Calmar Ratio Rank: 75
ERX Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AVL vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AVGO Bull 2X Shares (AVL) and Direxion Daily Energy Bull 2X Shares (ERX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AVL	ERX	Difference
Sharpe ratio: Return per unit of total volatility	0.37	1.93	-1.56
Sortino ratio: Return per unit of downside risk	1.18	2.36	-1.18
Omega ratio: Gain probability vs. loss probability	1.15	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	0.65	2.72	-2.07
Martin ratio: Return relative to average drawdown	1.22	6.90	-5.68

AVL vs. ERX - Sharpe Ratio Comparison

The current AVL Sharpe Ratio is 0.37, which is lower than the ERX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of AVL and ERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AVL vs. ERX - Drawdown Comparison

The maximum AVL drawdown since its inception was -70.63%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for AVL and ERX.

Drawdown Indicators

	AVL	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-70.63%	-99.54%	+28.91%
Max Drawdown (1Y) Largest decline over 1 year	-53.69%	-29.97%	-23.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.59%	—
Current Drawdown Current decline from peak	-38.73%	-91.59%	+52.86%
Average Drawdown Average peak-to-trough decline	-24.87%	-67.25%	+42.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.79%	11.81%	+16.98%

Volatility

AVL vs. ERX - Volatility Comparison

Direxion Daily AVGO Bull 2X Shares (AVL) has a higher volatility of 24.72% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.43%. This indicates that AVL's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AVL	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.72%	12.43%	+12.29%
Volatility (6M) Calculated over the trailing 6-month period	69.51%	33.84%	+35.67%
Volatility (1Y) Calculated over the trailing 1-year period	94.81%	42.28%	+52.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.36%	51.50%	+54.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	106.36%	68.84%	+37.52%

AVL vs. ERX - Expense Ratio Comparison

AVL has a 1.04% expense ratio, which is higher than ERX's 0.91% expense ratio.

Dividends

AVL vs. ERX - Dividend Comparison

AVL's dividend yield for the trailing twelve months is around 27.87%, more than ERX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
AVL Direxion Daily AVGO Bull 2X Shares	27.87%	29.04%	0.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ERX Direxion Daily Energy Bull 2X Shares	1.53%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%

Frequently Asked Questions

Can I hold both AVL and ERX in my portfolio?

AVL and ERX have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AVL or ERX?

AVL has higher volatility (24.72%) compared to ERX (12.43%). In terms of maximum drawdown, AVL dropped -70.63% vs ERX's -99.54%.

Which ETF is better, AVL or ERX?

On 1-year performance, ERX leads with 81.13% vs 34.91% for AVL. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AVL or ERX?

Over the 1-year period, ERX has performed better with a 81.13% return vs 34.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AVL or ERX?

ERX is cheaper with a 0.91% expense ratio, compared with 1.04% for AVL.

Which ETF pays a higher dividend yield, AVL or ERX?

AVL has the higher dividend yield at 27.87%, compared with 1.53% for ERX.

What is the main difference between AVL and ERX?

AVL is categorized as Leveraged Equities, while ERX is Energy Equities. Their fees differ too: 1.04% for AVL and 0.91% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.93 vs 0.37), 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.