BKMI vs. ERX

Last updated Aug 4, 2026

BKMI (BNY Mellon Municipal Intermediate ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - BKMI is a Municipal Bonds fund actively managed by BNY Mellon, while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). BKMI is actively managed, while ERX is passively managed. Their -0.38 correlation means they have often moved in opposite directions in the past. BKMI charges 0.35%/yr vs 0.91%/yr for ERX.

Performance

BKMI vs. ERX - Performance Comparison

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

Returns By Period

BKMI

• 1D: 0.22%
• 1M: -1.74%
• 6M: -1.23%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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)
BKMI BNY Mellon Municipal Intermediate ETF	$2.27M	$1.91M	$2.41M
ERX Direxion Daily Energy Bull 2X Shares	$21.45M	$22.83M	$28.29M

BKMI vs. ERX - Yearly Performance Comparison

	2026 (YTD)
BKMI BNY Mellon Municipal Intermediate ETF	-0.85%
ERX Direxion Daily Energy Bull 2X Shares	53.66%

Correlation

The correlation between BKMI and ERX is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 12, 2026	-0.38

Return for Risk

BKMI vs. ERX — Risk / Return Rank

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

BKMI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

BKMI vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Intermediate ETF (BKMI) 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.

	BKMI	ERX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.93	—
Sortino ratio: Return per unit of downside risk	—	2.36	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.72	—
Martin ratio: Return relative to average drawdown	—	6.90	—

Drawdowns

BKMI vs. ERX - Drawdown Comparison

The maximum BKMI drawdown since its inception was -2.99%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for BKMI and ERX.

Drawdown Indicators

	BKMI	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-2.99%	-99.54%	+96.55%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.97%	—
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	-2.31%	-91.59%	+89.28%
Average Drawdown Average peak-to-trough decline	-1.23%	-67.25%	+66.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.81%	—

Volatility

Volatility by Period

	BKMI	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.97%	42.28%	-39.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.97%	51.50%	-48.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.97%	68.84%	-65.87%

BKMI vs. ERX - Expense Ratio Comparison

BKMI has a 0.35% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

BKMI vs. ERX - Dividend Comparison

BKMI's dividend yield for the trailing twelve months is around 1.58%, more than ERX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKMI BNY Mellon Municipal Intermediate ETF	1.58%	0.00%	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 BKMI and ERX in my portfolio?

BKMI and ERX have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMI or ERX?

On fees, BKMI is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMI or ERX?

BKMI is cheaper with a 0.35% expense ratio, compared with 0.91% for ERX.

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

BKMI has the higher dividend yield at 1.58%, compared with 1.53% for ERX.

What is the main difference between BKMI and ERX?

BKMI is categorized as Municipal Bonds, while ERX is Energy Equities. They also come from different issuers: BNY Mellon and Direxion. Their fees differ too: 0.35% for BKMI and 0.91% for ERX.