DRV vs. ERX
DRV (Direxion Daily Real Estate Bear 3x Shares) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - DRV is a REIT fund tracking the MSCI US REIT Index (-300%), while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, DRV returned -28.03%/yr vs -10.38%/yr for ERX. At a correlation of -0.39, they often move in opposite directions. DRV charges 1.08%/yr vs 1.09%/yr for ERX.
Performance
DRV vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, DRV achieves a -29.68% return, which is significantly lower than ERX's 56.45% return. Over the past 10 years, DRV has underperformed ERX with an annualized return of -28.03%, while ERX has yielded a comparatively higher -10.38% annualized return.
DRV
- 1D
- -1.61%
- 1M
- 1.58%
- 6M
- -28.36%
- YTD
- -29.68%
- 1Y
- -24.84%
- 3Y*
- -21.19%
- 5Y*
- -15.39%
- 10Y*
- -28.03%
ERX
- 1D
- 6.40%
- 1M
- -2.19%
- 6M
- 46.49%
- YTD
- 56.45%
- 1Y
- 56.30%
- 3Y*
- 19.32%
- 5Y*
- 31.60%
- 10Y*
- -10.38%
DRV vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | -29.68% | -7.27% | -10.50% | -33.74% | 68.51% | -68.77% | -60.48% | -51.70% | 5.07% | -17.10% |
ERX Direxion Daily Energy Bull 2X Shares | 56.45% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between DRV and ERX is -0.13, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.24 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.27 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 2009 | -0.39 |
Over the past year, the inverse relationship between DRV and ERX has weakened: their correlation has moved from -0.39 to -0.13, meaning they move in opposite directions less often than they have historically.
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Return for Risk
DRV vs. ERX — Risk / Return Rank
DRV
ERX
DRV vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bear 3x Shares (DRV) 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.
| DRV | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.92 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.22 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | 1.89 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.50 | 4.95 | -6.45 |
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Drawdowns
DRV vs. ERX - Drawdown Comparison
The maximum DRV drawdown since its inception was -99.99%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for DRV and ERX.
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Drawdown Indicators
| DRV | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.54% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -34.33% | -29.97% | -4.36% |
Max Drawdown (3Y)Largest decline over 3 years | -72.55% | -42.34% | -30.21% |
Max Drawdown (5Y)Largest decline over 5 years | -74.91% | -46.90% | -28.01% |
Max Drawdown (10Y)Largest decline over 10 years | -97.48% | -98.59% | +1.11% |
Current DrawdownCurrent decline from peak | -99.99% | -92.10% | -7.89% |
Average DrawdownAverage peak-to-trough decline | -97.76% | -67.17% | -30.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.61% | 11.48% | +5.13% |
Volatility
DRV vs. ERX - Volatility Comparison
Direxion Daily Real Estate Bear 3x Shares (DRV) and Direxion Daily Energy Bull 2X Shares (ERX) have volatilities of 15.36% and 15.01%, 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.
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Volatility by Period
| DRV | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.36% | 15.01% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 33.01% | 33.70% | -0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.85% | 42.30% | +0.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.20% | 51.86% | +5.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.82% | 68.94% | -6.12% |
DRV vs. ERX - Expense Ratio Comparison
DRV has a 1.08% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
DRV vs. ERX - Dividend Comparison
DRV's dividend yield for the trailing twelve months is around 3.84%, more than ERX's 1.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRV Direxion Daily Real Estate Bear 3x Shares | 3.84% | 2.88% | 4.57% | 5.35% | 0.38% | 0.00% | 0.58% | 1.71% | 0.42% | 0.00% |
ERX Direxion Daily Energy Bull 2X Shares | 1.63% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
DRV and ERX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRV has higher volatility (15.36%) compared to ERX (15.01%). In terms of maximum drawdown, DRV dropped -99.99% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.38% vs -28.03% for DRV. On fees, DRV is cheaper at 1.08% per year. On volatility, ERX has been the lower-risk option at 15.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.38% return vs -28.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRV is cheaper with a 1.08% expense ratio, compared with 1.09% for ERX.
DRV has the higher dividend yield at 3.84%, compared with 1.63% for ERX.
DRV is categorized as REIT, while ERX is Leveraged Equities. DRV tracks MSCI US REIT Index (-300%), while ERX tracks Energy Select Sector Index (300%). Their fees differ too: 1.08% for DRV and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.34 vs -0.58), 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.
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