DVXE vs. ERX
DVXE (WEBs Energy XLE Defined Volatility ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - DVXE tracks the Syntax Defined Volatility XLE Index while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past year, DVXE returned 61.29% vs 85.96% for ERX. Their 0.98 correlation means they have historically moved very closely together. DVXE charges 0.89%/yr vs 0.91%/yr for ERX.
Performance
DVXE vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, DVXE achieves a 50.61% return, which is significantly lower than ERX's 71.01% return.
DVXE
- 1D
- 1.38%
- 1M
- 15.67%
- 6M
- 26.93%
- YTD
- 50.61%
- 1Y
- 61.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 55.89%
ERX
- 1D
- 1.98%
- 1M
- 23.93%
- 6M
- 32.46%
- YTD
- 71.01%
- 1Y
- 85.96%
- 3Y*
- 17.67%
- 5Y*
- 35.70%
- 10Y*
- -8.11%
- ALL TIME*
- -6.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $14.59K | $12.40K | $16.43K | |
| $22.14M | $22.35M | $28.47M |
DVXE vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
DVXE WEBs Energy XLE Defined Volatility ETF | 50.61% | 4.49% |
ERX Direxion Daily Energy Bull 2X Shares | 71.01% | 8.83% |
Correlation
The correlation between DVXE and ERX is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025 | 0.98 |
The correlation between DVXE and ERX has been stable across timeframes, ranging from 0.98 to 0.99 - a consistent structural relationship.
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Return for Risk
DVXE vs. ERX — Risk / Return Rank
DVXE
ERX
DVXE vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WEBs Energy XLE Defined Volatility ETF (DVXE) 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.
| DVXE | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.01 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.29 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.59 | 2.65 | -0.06 |
| Martin ratioReturn relative to average drawdown | 6.05 | 6.74 | -0.69 |
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Drawdowns
DVXE vs. ERX - Drawdown Comparison
The maximum DVXE drawdown since its inception was -21.83%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for DVXE and ERX.
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Drawdown Indicators
| DVXE | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.83% | -99.54% | +77.71% |
Max Drawdown (1Y)Largest decline over 1 year | -21.83% | -29.97% | +8.14% |
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 DrawdownCurrent decline from peak | -8.57% | -91.37% | +82.80% |
Average DrawdownAverage peak-to-trough decline | -7.25% | -67.24% | +59.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.37% | 11.83% | -2.46% |
Volatility
DVXE vs. ERX - Volatility Comparison
The current volatility for WEBs Energy XLE Defined Volatility ETF (DVXE) is 8.29%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 11.87%. This indicates that DVXE 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.
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Volatility by Period
| DVXE | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.29% | 11.87% | -3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 22.36% | 33.76% | -11.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.92% | 42.31% | -11.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 30.78% | 51.50% | -20.72% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 30.78% | 68.84% | -38.06% |
DVXE vs. ERX - Expense Ratio Comparison
DVXE has a 0.89% expense ratio, which is lower than ERX's 0.91% expense ratio.
Dividends
DVXE vs. ERX - Dividend Comparison
DVXE has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.49%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DVXE WEBs Energy XLE Defined Volatility ETF | 0.00% | 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 | 1.49% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
With a correlation of 0.99, DVXE 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.
ERX has higher volatility (11.87%) compared to DVXE (8.29%). In terms of maximum drawdown, DVXE dropped -21.83% vs ERX's -99.54%.
On 1-year performance, ERX leads with 85.96% vs 61.29% for DVXE. On fees, DVXE is cheaper at 0.89% per year. On volatility, DVXE has been the lower-risk option at 8.29%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ERX has performed better with a 85.96% return vs 61.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVXE is cheaper with a 0.89% expense ratio, compared with 0.91% for ERX.
ERX has the higher dividend yield at 1.49%, compared with 0.00% for DVXE.
DVXE tracks Syntax Defined Volatility XLE Index, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: WEBs and Direxion. Their fees differ too: 0.89% for DVXE and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.88 vs 1.83), 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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