DUSL vs. ERX

Last updated Jun 4, 2026

DUSL (Direxion Daily Industrials Bull 3X Shares) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds from Direxion - DUSL tracks the Industrials Select Sector Index (300%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 5 years, DUSL returned 17.84%/yr vs 28.75%/yr for ERX. A 0.52 correlation means they provide meaningful diversification when combined. DUSL charges 1.01%/yr vs 1.09%/yr for ERX.

Performance

DUSL vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Industrials Bull 3X Shares (DUSL) 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, DUSL achieves a 31.08% return, which is significantly lower than ERX's 66.93% return.

DUSL

• 1D: 0.10%
• 1M: 4.49%
• YTD: 31.08%
• 6M: 34.15%
• 1Y: 56.97%
• 3Y*: 48.85%
• 5Y*: 17.84%
• 10Y*: —

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)

DUSL vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	31.08%	37.50%	34.75%	37.23%	-31.17%	60.72%	-19.77%	90.70%	-46.28%	48.29%
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%	24.63%

Correlation

The correlation between DUSL and ERX is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.52

Over the past year, the correlation between DUSL and ERX has dropped to 0.04 - well below their long-term average of 0.52, suggesting their price drivers have been diverging.

DUSL vs. ERX - Sectors Allocation Comparison

Sectors	DUSL	ERX
Industrials	20.1%	-
Utilities	1.2%	-
Technology	0.8%	-
Consumer Cyclical	0.1%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

DUSL vs. ERX — Risk / Return Rank

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

DUSL

DUSL Risk / Return Rank: 34
DUSL Sharpe Ratio Rank: 33
DUSL Sortino Ratio Rank: 34
DUSL Omega Ratio Rank: 31
DUSL Calmar Ratio Rank: 34
DUSL Martin Ratio Rank: 36

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.

DUSL vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Industrials Bull 3X Shares (DUSL) 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.

	DUSL	ERX	Difference
Sharpe ratio Return per unit of total volatility	1.22	2.21	-0.99
Sortino ratio Return per unit of downside risk	1.82	2.62	-0.80
Omega ratio Gain probability vs. loss probability	1.21	1.32	-0.11
Calmar ratio Return relative to maximum drawdown	1.70	3.89	-2.19
Martin ratio Return relative to average drawdown	5.71	10.60	-4.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DUSL vs. ERX - Sharpe Ratio Comparison

The current DUSL Sharpe Ratio is 1.22, which is lower than the ERX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of DUSL 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

	DUSL	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	2.21	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.56	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	-0.09	+0.38

Drawdowns

DUSL vs. ERX - Drawdown Comparison

The maximum DUSL drawdown since its inception was -85.74%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for DUSL and ERX.

Drawdown Indicators

	DUSL	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-85.74%	-99.54%	+13.80%
Max Drawdown (1Y) Largest decline over 1 year	-33.68%	-23.34%	-10.34%
Max Drawdown (3Y) Largest decline over 3 years	-50.86%	-42.34%	-8.52%
Max Drawdown (5Y) Largest decline over 5 years	-58.43%	-46.90%	-11.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-98.59%	—
Current Drawdown Current decline from peak	-12.12%	-91.57%	+79.45%
Average Drawdown Average peak-to-trough decline	-22.00%	-67.02%	+45.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.01%	8.57%	+1.44%

Volatility

DUSL vs. ERX - Volatility Comparison

The current volatility for Direxion Daily Industrials Bull 3X Shares (DUSL) is 14.46%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that DUSL 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

	DUSL	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.46%	16.49%	-2.03%
Volatility (6M) Calculated over the trailing 6-month period	38.89%	33.45%	+5.44%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	41.14%	+5.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.51%	51.98%	+0.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.55%	69.18%	-7.63%

DUSL vs. ERX - Expense Ratio Comparison

DUSL has a 1.01% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

DUSL vs. ERX - Dividend Comparison

DUSL's dividend yield for the trailing twelve months is around 8.74%, more than ERX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DUSL Direxion Daily Industrials Bull 3X Shares	8.74%	11.39%	6.61%	1.28%	0.66%	0.07%	0.48%	1.01%	1.46%	0.57%
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%

Frequently Asked Questions

Can I hold both DUSL and ERX in my portfolio?

DUSL and ERX have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DUSL or ERX?

ERX has higher volatility (16.49%) compared to DUSL (14.46%). In terms of maximum drawdown, DUSL dropped -85.74% vs ERX's -99.54%.

Which ETF is better, DUSL or ERX?

On 5-year performance, ERX leads with 28.75% vs 17.84% for DUSL. On fees, DUSL is cheaper at 1.01% per year. On volatility, DUSL has been the lower-risk option at 14.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DUSL or ERX?

Over the 5-year period, ERX has performed better with a 28.75% return vs 17.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DUSL or ERX?

DUSL is cheaper with a 1.01% expense ratio, compared with 1.09% for ERX.

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

DUSL has the higher dividend yield at 8.74%, compared with 1.61% for ERX.

What is the main difference between DUSL and ERX?

DUSL tracks Industrials Select Sector Index (300%), while ERX tracks Energy Select Sector Index (300%). Their fees differ too: 1.01% for DUSL and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (2.21 vs 1.22), 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.