ERX vs. ARMG

Last updated Jun 5, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and ARMG (Leverage Shares 2X Long ARM Daily ETF) are both Leveraged Equities funds. ERX is passively managed, while ARMG is actively managed. Over the past year, ERX returned 98.14% vs 443.95% for ARMG. At a 0.08 correlation, their price movements are largely independent. ERX charges 1.09%/yr vs 0.75%/yr for ARMG.

Performance

ERX vs. ARMG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and Leverage Shares 2X Long ARM Daily ETF (ARMG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERX achieves a 66.84% return, which is significantly lower than ARMG's 841.05% return.

ERX

• 1D: -0.05%
• 1M: -3.57%
• YTD: 66.84%
• 6M: 58.30%
• 1Y: 98.14%
• 3Y*: 24.19%
• 5Y*: 28.74%
• 10Y*: -9.37%

ARMG

• 1D: -9.19%
• 1M: 211.14%
• YTD: 841.05%
• 6M: 460.44%
• 1Y: 443.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ERX vs. ARMG - Yearly Performance Comparison

	2026 (YTD)	2025
ERX Direxion Daily Energy Bull 2X Shares	66.84%	-8.95%
ARMG Leverage Shares 2X Long ARM Daily ETF	841.05%	-61.80%

Correlation

The correlation between ERX and ARMG is -0.05, 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	-0.05
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.08

The correlation between ERX and ARMG shifts across timeframes, from -0.05 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ERX vs. ARMG — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 68
ERX Sharpe Ratio Rank: 76
ERX Sortino Ratio Rank: 60
ERX Omega Ratio Rank: 58
ERX Calmar Ratio Rank: 82
ERX Martin Ratio Rank: 64

ARMG

ARMG Risk / Return Rank: 81
ARMG Sharpe Ratio Rank: 93
ARMG Sortino Ratio Rank: 78
ARMG Omega Ratio Rank: 74
ARMG Calmar Ratio Rank: 93
ARMG Martin Ratio Rank: 65

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.

ERX vs. ARMG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Leverage Shares 2X Long ARM Daily ETF (ARMG). 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.

	ERX	ARMG	Difference
Sharpe ratio: Return per unit of total volatility	2.42	3.43	-1.01
Sortino ratio: Return per unit of downside risk	2.79	3.45	-0.66
Omega ratio: Gain probability vs. loss probability	1.35	1.43	-0.09
Calmar ratio: Return relative to maximum drawdown	4.23	6.57	-2.34
Martin ratio: Return relative to average drawdown	11.45	11.59	-0.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERX vs. ARMG - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 2.42, which is comparable to the ARMG Sharpe Ratio of 3.43. The chart below compares the historical Sharpe Ratios of ERX and ARMG, 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

	ERX	ARMG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.42	3.43	-1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.14	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	1.10	-1.19

Drawdowns

ERX vs. ARMG - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than ARMG's maximum drawdown of -80.28%. Use the drawdown chart below to compare losses from any high point for ERX and ARMG.

Drawdown Indicators

	ERX	ARMG	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-80.28%	-19.26%
Max Drawdown (1Y) Largest decline over 1 year	-23.34%	-68.13%	+44.79%
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 Drawdown Current decline from peak	-91.58%	-9.19%	-82.39%
Average Drawdown Average peak-to-trough decline	-67.03%	-52.91%	-14.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.60%	38.55%	-29.95%

Volatility

ERX vs. ARMG - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 16.49%, while Leverage Shares 2X Long ARM Daily ETF (ARMG) has a volatility of 66.47%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than ARMG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	ARMG	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.49%	66.47%	-49.98%
Volatility (6M) Calculated over the trailing 6-month period	33.31%	104.49%	-71.18%
Volatility (1Y) Calculated over the trailing 1-year period	41.08%	130.67%	-89.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.98%	138.36%	-86.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.16%	138.36%	-69.20%

ERX vs. ARMG - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is higher than ARMG's 0.75% expense ratio.

Dividends

ERX vs. ARMG - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.61%, more than ARMG's 0.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ARMG Leverage Shares 2X Long ARM Daily ETF	0.52%	4.86%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 ERX and ARMG in my portfolio?

ERX and ARMG have a correlation of -0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ERX or ARMG?

ARMG has higher volatility (66.47%) compared to ERX (16.49%). In terms of maximum drawdown, ERX dropped -99.54% vs ARMG's -80.28%.

Which ETF is better, ERX or ARMG?

On 1-year performance, ARMG leads with 443.95% vs 98.14% for ERX. On fees, ARMG is cheaper at 0.75% per year. On volatility, ERX has been the lower-risk option at 16.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or ARMG?

Over the 1-year period, ARMG has performed better with a 443.95% return vs 98.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or ARMG?

ARMG is cheaper with a 0.75% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.61%, compared with 0.52% for ARMG.

What is the main difference between ERX and ARMG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.09% for ERX and 0.75% for ARMG.

Which has better risk-adjusted returns?

ARMG currently has the higher Sharpe Ratio (3.43 vs 2.42), 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.