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EDZ vs. ESGE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EDZ vs. ESGE

Last updated Jun 5, 2026

EDZ (Direxion Daily Emerging Markets Bear 3X Shares) and ESGE (iShares ESG Aware MSCI EM ETF) are both exchange-traded funds - EDZ is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-300%), while ESGE is a Emerging Markets Equities fund tracking the MSCI EM Extended ESG Focus Index. Both are passively managed. Over the past 5 years, EDZ returned -24.82%/yr vs 6.59%/yr for ESGE. At a correlation of -0.96, they often move in opposite directions. EDZ charges 1.08%/yr vs 0.25%/yr for ESGE.

Performance

EDZ vs. ESGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Emerging Markets Bear 3X Shares (EDZ) and iShares ESG Aware MSCI EM ETF (ESGE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EDZ achieves a -56.25% return, which is significantly lower than ESGE's 25.45% return.

EDZ

1D
3.62%
1M
-18.11%
YTD
-56.25%
6M
-58.86%
1Y
-74.18%
3Y*
-48.04%
5Y*
-24.82%
10Y*
-36.41%

ESGE

1D
-1.11%
1M
6.07%
YTD
25.45%
6M
27.75%
1Y
51.11%
3Y*
23.69%
5Y*
6.59%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EDZ vs. ESGE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EDZ
Direxion Daily Emerging Markets Bear 3X Shares		-56.25%-59.30%-12.71%-20.28%49.27%-8.69%-68.79%-43.01%32.87%-64.12%
ESGE
iShares ESG Aware MSCI EM ETF		25.45%35.86%6.63%9.51%-22.41%-2.87%18.60%20.37%-15.24%38.86%

Correlation

The correlation between EDZ and ESGE is -0.99, 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

-0.99

Correlation (3Y)
Calculated over the trailing 3-year period

-0.99

Correlation (5Y)
Calculated over the trailing 5-year period

-0.99

Correlation (All Time)
Calculated using the full available price history since Jul 21, 2016

-0.96

The correlation between EDZ and ESGE has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.

EDZ vs. ESGE - Sectors Allocation Comparison

Sectors
EDZ
ESGE

Financial Services

26.2%
20.9%

Industrials

19.7%
4.7%

Technology

14.6%
43.4%

Consumer Cyclical

8.0%
8.3%

Utilities

7.2%
1.5%

Consumer Defensive

6.0%
2.1%

Healthcare

5.9%
2.4%

Energy

3.9%
2.2%

Basic Materials

3.7%
4.1%

Communication Services

3.4%
7.2%

Real Estate

1.4%
1.1%

Financial Services

EDZ
26.2%
ESGE
20.9%

Industrials

EDZ
19.7%
ESGE
4.7%

Technology

EDZ
14.6%
ESGE
43.4%

Consumer Cyclical

EDZ
8.0%
ESGE
8.3%

Utilities

EDZ
7.2%
ESGE
1.5%

Consumer Defensive

EDZ
6.0%
ESGE
2.1%

Healthcare

EDZ
5.9%
ESGE
2.4%

Energy

EDZ
3.9%
ESGE
2.2%

Basic Materials

EDZ
3.7%
ESGE
4.1%

Communication Services

EDZ
3.4%
ESGE
7.2%

Real Estate

EDZ
1.4%
ESGE
1.1%

Compare stocks, funds, or ETFs

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Direxion Daily Emerging Markets Bear 3X Shares

iShares ESG Aware MSCI EM ETF

Often compared with EDZ:
EDZ vs. EDCEDZ vs. BERZEDZ vs. YANGEDZ vs. AMATEDZ vs. TQQQEDZ vs. SHEDZ vs. SPY
Often compared with ESGE:
ESGE vs. ESGUESGE vs. IEMGESGE vs. SPEMESGE vs. EEMXESGE vs. NUEMESGE vs. SUSLESGE vs. FNDE

Return for Risk

EDZ vs. ESGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EDZ
EDZ Risk / Return Rank: 00
Overall Rank
EDZ Sharpe Ratio Rank: 11
Sharpe Ratio Rank
EDZ Sortino Ratio Rank: 00
Sortino Ratio Rank
EDZ Omega Ratio Rank: 00
Omega Ratio Rank
EDZ Calmar Ratio Rank: 00
Calmar Ratio Rank
EDZ Martin Ratio Rank: 00
Martin Ratio Rank
ESGE
ESGE Risk / Return Rank: 7777
Overall Rank
ESGE Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
ESGE Sortino Ratio Rank: 7575
Sortino Ratio Rank
ESGE Omega Ratio Rank: 8080
Omega Ratio Rank
ESGE Calmar Ratio Rank: 7575
Calmar Ratio Rank
ESGE Martin Ratio Rank: 7676
Martin Ratio Rank
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.

EDZ vs. ESGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Emerging Markets Bear 3X Shares (EDZ) and iShares ESG Aware MSCI EM ETF (ESGE). 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.

EDZESGEDifference
Sharpe ratioReturn per unit of total volatility
-1.25
2.56

-3.81

Sortino ratioReturn per unit of downside risk
-2.59
3.35

-5.94

Omega ratioGain probability vs. loss probability

0.70

1.47

-0.77

Calmar ratioReturn relative to maximum drawdown

-0.98

3.70

-4.68

Martin ratioReturn relative to average drawdown

-1.68

14.39

-16.07

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EDZ vs. ESGE - Sharpe Ratio Comparison

The current EDZ Sharpe Ratio is -1.25, which is lower than the ESGE Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of EDZ and ESGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

EDZESGEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.25

2.56

-3.81

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.44

0.35

-0.78

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.60

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.60

0.49

-1.09

Drawdowns

EDZ vs. ESGE - Drawdown Comparison

The maximum EDZ drawdown since its inception was -99.99%, which is greater than ESGE's maximum drawdown of -41.07%. Use the drawdown chart below to compare losses from any high point for EDZ and ESGE.

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Drawdown Indicators

EDZESGEDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-41.07%

-58.92%

Max Drawdown (1Y)

Largest decline over 1 year

-75.74%

-13.90%

-61.84%

Max Drawdown (3Y)

Largest decline over 3 years

-89.69%

-16.71%

-72.98%

Max Drawdown (5Y)

Largest decline over 5 years

-92.33%

-39.23%

-53.10%

Max Drawdown (10Y)

Largest decline over 10 years

-99.11%

—

—

Current Drawdown

Current decline from peak

-99.99%

-2.33%

-97.66%

Average Drawdown

Average peak-to-trough decline

-97.73%

-14.46%

-83.27%

Ulcer Index

Depth and duration of drawdowns from previous peaks

44.50%

3.56%

+40.94%

Volatility

EDZ vs. ESGE - Volatility Comparison

Direxion Daily Emerging Markets Bear 3X Shares (EDZ) has a higher volatility of 25.57% compared to iShares ESG Aware MSCI EM ETF (ESGE) at 8.54%. This indicates that EDZ's price experiences larger fluctuations and is considered to be riskier than ESGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

EDZESGEDifference

Volatility (1M)

Calculated over the trailing 1-month period

25.57%

8.54%

+17.03%

Volatility (6M)

Calculated over the trailing 6-month period

51.95%

17.50%

+34.45%

Volatility (1Y)

Calculated over the trailing 1-year period

59.51%

20.14%

+39.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

57.00%

19.11%

+37.89%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

60.97%

19.94%

+41.03%

EDZ vs. ESGE - Expense Ratio Comparison

EDZ has a 1.08% expense ratio, which is higher than ESGE's 0.25% expense ratio.

Dividends

EDZ vs. ESGE - Dividend Comparison

EDZ's dividend yield for the trailing twelve months is around 10.10%, more than ESGE's 1.99% yield.

PositionTTM2025202420232022202120202019201820172016
EDZ
Direxion Daily Emerging Markets Bear 3X Shares		10.10%6.58%4.87%4.34%0.00%0.00%0.82%1.67%0.68%0.00%0.00%
ESGE
iShares ESG Aware MSCI EM ETF		1.99%2.50%2.41%2.64%2.68%2.66%1.31%2.59%2.19%1.86%0.27%

Frequently Asked Questions

EDZ and ESGE have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

EDZ has higher volatility (25.57%) compared to ESGE (8.54%). In terms of maximum drawdown, EDZ dropped -99.99% vs ESGE's -41.07%.

On 5-year performance, ESGE leads with 6.59% vs -24.82% for EDZ. On fees, ESGE is cheaper at 0.25% per year. On volatility, ESGE has been the lower-risk option at 8.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, ESGE has performed better with a 6.59% return vs -24.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ESGE is cheaper with a 0.25% expense ratio, compared with 1.08% for EDZ.

EDZ has the higher dividend yield at 10.10%, compared with 1.99% for ESGE.

EDZ is categorized as Leveraged Equities, while ESGE is Emerging Markets Equities. EDZ tracks MSCI Emerging Markets Index (-300%), while ESGE tracks MSCI EM Extended ESG Focus Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.08% for EDZ and 0.25% for ESGE.

ESGE currently has the higher Sharpe Ratio (2.56 vs -1.25), 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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