ERX vs. DIG

Last updated Aug 2, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and DIG (ProShares Ultra Oil & Gas) are both exchange-traded funds - ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%), while DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, ERX returned -8.11%/yr vs 6.01%/yr for DIG. Their 0.99 correlation means they have historically moved very closely together. ERX charges 0.91%/yr vs 0.95%/yr for DIG.

Performance

ERX vs. DIG - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with ERX having a 71.01% return and DIG slightly lower at 70.78%. Over the past 10 years, ERX has underperformed DIG with an annualized return of -8.11%, while DIG has yielded a comparatively higher 6.01% annualized return.

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%

DIG

• 1D: 1.88%
• 1M: 24.18%
• 6M: 32.46%
• YTD: 70.78%
• 1Y: 86.02%
• 3Y*: 17.43%
• 5Y*: 34.85%
• 10Y*: 6.01%
• ALL TIME*: 0.10%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DIG ProShares Ultra Oil & Gas	$2.08M	$2.37M	$2.40M
ERX Direxion Daily Energy Bull 2X Shares	$22.14M	$22.35M	$28.47M

ERX vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	71.01%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
DIG ProShares Ultra Oil & Gas	70.78%	2.73%	0.93%	-13.04%	125.34%	115.63%	-70.36%	12.51%	-40.11%	-7.39%

Correlation

The correlation between ERX and DIG is 1.00 - 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.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (10Y) Provides a long-term view across more market conditions.	0.99
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.99

The correlation between ERX and DIG has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

ERX vs. DIG - Sectors Allocation Comparison

Sectors	ERX	DIG
Energy	100.0%	62.4%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	6.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ERX vs. DIG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ERX

ERX Risk / Return Rank: 71
ERX Sharpe Ratio Rank: 82
ERX Sortino Ratio Rank: 72
ERX Omega Ratio Rank: 69
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 57

DIG

DIG Risk / Return Rank: 71
DIG Sharpe Ratio Rank: 82
DIG Sortino Ratio Rank: 72
DIG Omega Ratio Rank: 69
DIG Calmar Ratio Rank: 76
DIG Martin Ratio Rank: 57

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ERX vs. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra Oil & Gas (DIG). 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	DIG	Difference
Sharpe ratio: Return per unit of total volatility	1.88	1.89	-0.01
Sortino ratio: Return per unit of downside risk	2.31	2.31	0.00
Omega ratio: Gain probability vs. loss probability	1.29	1.29	0.00
Calmar ratio: Return relative to maximum drawdown	2.65	2.67	-0.02
Martin ratio: Return relative to average drawdown	6.74	6.82	-0.07

ERX vs. DIG - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.88, which is comparable to the DIG Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of ERX and DIG, 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. DIG - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for ERX and DIG.

Drawdown Indicators

	ERX	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-97.04%	-2.50%
Max Drawdown (1Y) Largest decline over 1 year	-29.97%	-29.80%	-0.17%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-42.41%	+0.07%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-46.02%	-0.88%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-92.53%	-6.06%
Current Drawdown Current decline from peak	-91.37%	-49.97%	-41.40%
Average Drawdown Average peak-to-trough decline	-67.24%	-64.28%	-2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.83%	11.70%	+0.13%

Volatility

ERX vs. DIG - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra Oil & Gas (DIG) have volatilities of 11.87% and 12.02%, 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	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.87%	12.02%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	33.76%	33.59%	+0.17%
Volatility (1Y) Calculated over the trailing 1-year period	42.31%	42.17%	+0.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.50%	51.15%	+0.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	57.78%	+11.06%

ERX vs. DIG - Expense Ratio Comparison

ERX has a 0.91% expense ratio, which is lower than DIG's 0.95% expense ratio.

Dividends

ERX vs. DIG - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.49%, more than DIG's 1.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.45%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
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%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERX and DIG in my portfolio?

With a correlation of 1.00, ERX and DIG 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.

Which is riskier, ERX or DIG?

DIG has higher volatility (12.02%) compared to ERX (11.87%). In terms of maximum drawdown, ERX dropped -99.54% vs DIG's -97.04%.

Which ETF is better, ERX or DIG?

On 10-year performance, DIG leads with 6.01% vs -8.11% for ERX. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 11.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or DIG?

Over the 10-year period, DIG has performed better with a 6.01% return vs -8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or DIG?

ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for DIG.

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

ERX has the higher dividend yield at 1.49%, compared with 1.45% for DIG.

What is the main difference between ERX and DIG?

ERX is categorized as Energy Equities, while DIG is Leveraged Equities. ERX tracks Energy Select Sector Index (200%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.91% for ERX and 0.95% for DIG.

Which has better risk-adjusted returns?

DIG currently has the higher Sharpe Ratio (1.89 vs 1.88), 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.