BESF vs. ERX

Last updated Aug 4, 2026

BESF (Bastion Energy ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds. BESF is actively managed, while ERX is passively managed. Over the past year, BESF returned 57.27% vs 81.13% for ERX. Their 0.61 correlation means they have sometimes moved together and sometimes differently. BESF charges 0.80%/yr vs 0.91%/yr for ERX.

Performance

BESF vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bastion Energy ETF (BESF) 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, BESF achieves a 16.63% return, which is significantly lower than ERX's 66.56% return.

BESF

• 1D: -0.84%
• 1M: 1.95%
• 6M: 8.30%
• YTD: 16.63%
• 1Y: 57.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 51.25%

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)
BESF Bastion Energy ETF	$44.12K	$86.97K	$91.20K
ERX Direxion Daily Energy Bull 2X Shares	$21.45M	$22.83M	$28.29M

BESF vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025
BESF Bastion Energy ETF	16.63%	38.76%
ERX Direxion Daily Energy Bull 2X Shares	66.56%	14.04%

Correlation

The correlation between BESF and ERX is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.62
Correlation (All Time) Calculated using the full available price history since Jun 4, 2025	0.61

The correlation between BESF and ERX has been stable across timeframes, ranging from 0.61 to 0.61 - a consistent structural relationship.

Return for Risk

BESF vs. ERX — Risk / Return Rank

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

BESF

BESF Risk / Return Rank: 87
BESF Sharpe Ratio Rank: 89
BESF Sortino Ratio Rank: 86
BESF Omega Ratio Rank: 83
BESF Calmar Ratio Rank: 94
BESF Martin Ratio Rank: 83

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.

BESF vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bastion Energy ETF (BESF) 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.

	BESF	ERX	Difference
Sharpe ratio: Return per unit of total volatility	2.31	1.93	+0.38
Sortino ratio: Return per unit of downside risk	3.10	2.36	+0.74
Omega ratio: Gain probability vs. loss probability	1.38	1.29	+0.09
Calmar ratio: Return relative to maximum drawdown	5.25	2.72	+2.53
Martin ratio: Return relative to average drawdown	12.22	6.90	+5.33

BESF vs. ERX - Sharpe Ratio Comparison

The current BESF Sharpe Ratio is 2.31, which is comparable to the ERX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of BESF 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

BESF vs. ERX - Drawdown Comparison

The maximum BESF drawdown since its inception was -10.97%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for BESF and ERX.

Drawdown Indicators

	BESF	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-10.97%	-99.54%	+88.57%
Max Drawdown (1Y) Largest decline over 1 year	-10.97%	-29.97%	+19.00%
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	-8.33%	-91.59%	+83.26%
Average Drawdown Average peak-to-trough decline	-3.24%	-67.25%	+64.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.70%	11.81%	-7.11%

Volatility

BESF vs. ERX - Volatility Comparison

The current volatility for Bastion Energy ETF (BESF) is 7.35%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.43%. This indicates that BESF experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BESF	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.35%	12.43%	-5.08%
Volatility (6M) Calculated over the trailing 6-month period	15.35%	33.84%	-18.49%
Volatility (1Y) Calculated over the trailing 1-year period	24.97%	42.28%	-17.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.29%	51.50%	-27.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.29%	68.84%	-44.55%

BESF vs. ERX - Expense Ratio Comparison

BESF has a 0.80% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

BESF vs. ERX - Dividend Comparison

BESF's dividend yield for the trailing twelve months is around 5.90%, more than ERX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BESF Bastion Energy ETF	5.90%	6.39%	0.00%	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 BESF and ERX in my portfolio?

BESF and ERX have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BESF or ERX?

ERX has higher volatility (12.43%) compared to BESF (7.35%). In terms of maximum drawdown, BESF dropped -10.97% vs ERX's -99.54%.

Which ETF is better, BESF or ERX?

On 1-year performance, ERX leads with 81.13% vs 57.27% for BESF. On fees, BESF is cheaper at 0.80% per year. On volatility, BESF has been the lower-risk option at 7.35%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BESF or ERX?

Over the 1-year period, ERX has performed better with a 81.13% return vs 57.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BESF or ERX?

BESF is cheaper with a 0.80% expense ratio, compared with 0.91% for ERX.

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

BESF has the higher dividend yield at 5.90%, compared with 1.53% for ERX.

What is the main difference between BESF and ERX?

They also come from different issuers: Bastion and Direxion. Their fees differ too: 0.80% for BESF and 0.91% for ERX.

Which has better risk-adjusted returns?

BESF currently has the higher Sharpe Ratio (2.31 vs 1.93), 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.