ERX vs. BRZU

Last updated Jun 13, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and BRZU (Direxion Daily Brazil Bull 2X Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while BRZU tracks the MSCI Brazil 25/50 Index. Both are passively managed. Over the past 10 years, ERX returned -9.35%/yr vs -15.10%/yr for BRZU. At a 0.41 correlation, their price movements are largely independent. ERX charges 1.09%/yr vs 1.29%/yr for BRZU.

Performance

ERX vs. BRZU - Performance Comparison

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

Returns By Period

In the year-to-date period, ERX achieves a 59.95% return, which is significantly higher than BRZU's 14.47% return. Over the past 10 years, ERX has outperformed BRZU with an annualized return of -9.35%, while BRZU has yielded a comparatively lower -15.10% annualized return.

ERX

• 1D: 1.73%
• 1M: -1.29%
• YTD: 59.95%
• 6M: 56.17%
• 1Y: 70.63%
• 3Y*: 20.97%
• 5Y*: 27.98%
• 10Y*: -9.35%

BRZU

• 1D: 1.74%
• 1M: -9.87%
• YTD: 14.47%
• 6M: 11.16%
• 1Y: 53.22%
• 3Y*: 6.31%
• 5Y*: -2.87%
• 10Y*: -15.10%

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

ERX vs. BRZU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	59.95%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
BRZU Direxion Daily Brazil Bull 2X Shares	14.47%	97.99%	-57.07%	55.48%	8.30%	-39.23%	-91.34%	57.02%	-37.21%	30.80%

Correlation

The correlation between ERX and BRZU 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	0.20
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.38
Correlation (All Time) Calculated using the full available price history since Apr 10, 2013	0.41

Over the past year, the correlation between ERX and BRZU has dropped to 0.04 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

ERX vs. BRZU - Sectors Allocation Comparison

Sectors	ERX	BRZU
Energy	100.0%	18.7%
Basic Materials	-	13.7%
Communication Services	-	2.2%
Consumer Cyclical	-	1.5%
Consumer Defensive	-	4.2%
Financial Services	-	32.7%
Healthcare	-	2.4%
Industrials	-	10.9%
Real Estate	-	-
Technology	-	0.9%
Utilities	-	12.8%

Return for Risk

ERX vs. BRZU — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 56
ERX Sharpe Ratio Rank: 59
ERX Sortino Ratio Rank: 51
ERX Omega Ratio Rank: 47
ERX Calmar Ratio Rank: 69
ERX Martin Ratio Rank: 52

BRZU

BRZU Risk / Return Rank: 34
BRZU Sharpe Ratio Rank: 33
BRZU Sortino Ratio Rank: 33
BRZU Omega Ratio Rank: 34
BRZU Calmar Ratio Rank: 34
BRZU Martin Ratio Rank: 34

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. BRZU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily Brazil Bull 2X Shares (BRZU). 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.

	ERX	BRZU	Difference
Sharpe ratio: Return per unit of total volatility	1.72	1.07	+0.65
Sortino ratio: Return per unit of downside risk	2.19	1.59	+0.60
Omega ratio: Gain probability vs. loss probability	1.27	1.20	+0.06
Calmar ratio: Return relative to maximum drawdown	3.04	1.49	+1.56
Martin ratio: Return relative to average drawdown	7.87	4.43	+3.44

ERX vs. BRZU - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.72, which is higher than the BRZU Sharpe Ratio of 1.07. The chart below compares the historical Sharpe Ratios of ERX and BRZU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ERX vs. BRZU - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum BRZU drawdown of -99.71%. Use the drawdown chart below to compare losses from any high point for ERX and BRZU.

Drawdown Indicators

	ERX	BRZU	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-99.71%	+0.17%
Max Drawdown (1Y) Largest decline over 1 year	-23.34%	-35.97%	+12.63%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-58.25%	+15.91%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-65.00%	+18.10%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-98.11%	-0.48%
Current Drawdown Current decline from peak	-91.93%	-99.18%	+7.25%
Average Drawdown Average peak-to-trough decline	-67.06%	-89.55%	+22.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.00%	12.06%	-3.06%

Volatility

ERX vs. BRZU - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily Brazil Bull 2X Shares (BRZU) have volatilities of 14.44% and 14.76%, 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.

Volatility by Period

	ERX	BRZU	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.44%	14.76%	-0.32%
Volatility (6M) Calculated over the trailing 6-month period	33.89%	39.95%	-6.06%
Volatility (1Y) Calculated over the trailing 1-year period	41.24%	50.10%	-8.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.06%	55.45%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.11%	82.91%	-13.80%

ERX vs. BRZU - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is lower than BRZU's 1.29% expense ratio.

Dividends

ERX vs. BRZU - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.68%, less than BRZU's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
BRZU Direxion Daily Brazil Bull 2X Shares	2.33%	2.39%	8.73%	3.24%	4.70%	6.29%	0.78%	0.95%	1.04%	0.74%
ERX Direxion Daily Energy Bull 2X Shares	1.68%	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 BRZU in my portfolio?

ERX and BRZU 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, ERX or BRZU?

BRZU has higher volatility (14.76%) compared to ERX (14.44%). In terms of maximum drawdown, ERX dropped -99.54% vs BRZU's -99.71%.

Which ETF is better, ERX or BRZU?

On 10-year performance, ERX leads with -9.35% vs -15.10% for BRZU. On fees, ERX is cheaper at 1.09% per year. On volatility, ERX has been the lower-risk option at 14.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or BRZU?

Over the 10-year period, ERX has performed better with a -9.35% return vs -15.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or BRZU?

ERX is cheaper with a 1.09% expense ratio, compared with 1.29% for BRZU.

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

BRZU has the higher dividend yield at 2.33%, compared with 1.68% for ERX.

What is the main difference between ERX and BRZU?

ERX tracks Energy Select Sector Index (300%), while BRZU tracks MSCI Brazil 25/50 Index. Their fees differ too: 1.09% for ERX and 1.29% for BRZU.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.72 vs 1.07), 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.