DIG vs. ERX

Last updated Jun 4, 2026

DIG (ProShares Ultra Oil & Gas) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - DIG tracks the Dow Jones U.S. Oil & Gas Index (200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, DIG returned 5.32%/yr vs -8.79%/yr for ERX. With a 0.99 correlation, they move nearly in lockstep. DIG charges 0.95%/yr vs 1.09%/yr for ERX.

Performance

DIG vs. ERX - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with DIG having a 66.35% return and ERX slightly higher at 66.93%. Over the past 10 years, DIG has outperformed ERX with an annualized return of 5.32%, while ERX has yielded a comparatively lower -8.79% annualized return.

DIG

• 1D: 2.57%
• 1M: -3.48%
• YTD: 66.35%
• 6M: 59.45%
• 1Y: 90.00%
• 3Y*: 23.37%
• 5Y*: 28.29%
• 10Y*: 5.32%

ERX

• 1D: 2.68%
• 1M: -3.38%
• YTD: 66.93%
• 6M: 59.74%
• 1Y: 90.37%
• 3Y*: 23.69%
• 5Y*: 28.75%
• 10Y*: -8.79%

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

DIG vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DIG ProShares Ultra Oil & Gas	66.35%	2.73%	0.93%	-13.04%	125.34%	115.63%	-70.36%	12.51%	-40.11%	-7.39%
ERX Direxion Daily Energy Bull 2X Shares	66.93%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between DIG and ERX is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	1.00
Correlation (3Y) Calculated over the trailing 3-year period	1.00
Correlation (5Y) Calculated over the trailing 5-year period	1.00
Correlation (10Y) Calculated over the trailing 10-year period	0.99
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008	0.99

The correlation between DIG and ERX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

DIG vs. ERX - Sectors Allocation Comparison

Sectors	DIG	ERX
Energy	61.8%	100.0%
Financial Services	6.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

DIG vs. ERX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DIG

DIG Risk / Return Rank: 61
DIG Sharpe Ratio Rank: 66
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 52
DIG Calmar Ratio Rank: 76
DIG Martin Ratio Rank: 59

ERX

ERX Risk / Return Rank: 61
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 53
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 59

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DIG vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Oil & Gas (DIG) 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.

	DIG	ERX	Difference
Sharpe ratio Return per unit of total volatility	2.22	2.21	0.00
Sortino ratio Return per unit of downside risk	2.61	2.62	-0.01
Omega ratio Gain probability vs. loss probability	1.33	1.32	0.00
Calmar ratio Return relative to maximum drawdown	3.89	3.89	-0.01
Martin ratio Return relative to average drawdown	10.65	10.60	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DIG vs. ERX - Sharpe Ratio Comparison

The current DIG Sharpe Ratio is 2.22, which is comparable to the ERX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of DIG 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.

Sharpe Ratios by Period

	DIG	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.22	2.21	0.00
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	0.56	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.09	-0.13	+0.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.00	-0.09	+0.09

Drawdowns

DIG vs. ERX - Drawdown Comparison

The maximum DIG drawdown since its inception was -97.04%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for DIG and ERX.

Drawdown Indicators

	DIG	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-97.04%	-99.54%	+2.50%
Max Drawdown (1Y) Largest decline over 1 year	-23.29%	-23.34%	+0.05%
Max Drawdown (3Y) Largest decline over 3 years	-42.41%	-42.34%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-46.02%	-46.90%	+0.88%
Max Drawdown (10Y) Largest decline over 10 years	-92.53%	-98.59%	+6.06%
Current Drawdown Current decline from peak	-51.27%	-91.57%	+40.30%
Average Drawdown Average peak-to-trough decline	-64.37%	-67.02%	+2.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.49%	8.57%	-0.08%

Volatility

DIG vs. ERX - Volatility Comparison

ProShares Ultra Oil & Gas (DIG) and Direxion Daily Energy Bull 2X Shares (ERX) have volatilities of 16.56% and 16.49%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DIG	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.56%	16.49%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	33.14%	33.45%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	40.88%	41.14%	-0.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.59%	51.98%	-0.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.81%	69.18%	-11.37%

DIG vs. ERX - Expense Ratio Comparison

DIG has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

DIG vs. ERX - Dividend Comparison

DIG's dividend yield for the trailing twelve months is around 1.50%, less than ERX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.50%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
ERX Direxion Daily Energy Bull 2X Shares	1.61%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIG and ERX in my portfolio?

With a correlation of 1.00, DIG and ERX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, DIG or ERX?

DIG has higher volatility (16.56%) compared to ERX (16.49%). In terms of maximum drawdown, DIG dropped -97.04% vs ERX's -99.54%.

Which ETF is better, DIG or ERX?

On 10-year performance, DIG leads with 5.32% vs -8.79% for ERX. On fees, DIG is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIG or ERX?

Over the 10-year period, DIG has performed better with a 5.32% return vs -8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIG or ERX?

DIG is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.61%, compared with 1.50% for DIG.

What is the main difference between DIG and ERX?

DIG tracks Dow Jones U.S. Oil & Gas Index (200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for DIG and 1.09% for ERX.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (2.22 vs 2.21), 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.