ERX vs. DIG

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra Oil & Gas (DIG).

ERX and DIG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. DIG is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Oil & Gas Index (200%). It was launched on Jan 30, 2007. Both ERX and DIG are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

ERX vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	71.72%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
DIG ProShares Ultra Oil & Gas	71.38%	2.73%	0.93%	-13.04%	125.34%	115.63%	-70.36%	12.51%	-40.11%	-7.39%

Returns By Period

The year-to-date returns for both stocks are quite close, with ERX having a 71.72% return and DIG slightly lower at 71.38%. Over the past 10 years, ERX has underperformed DIG with an annualized return of -6.32%, while DIG has yielded a comparatively higher 7.37% annualized return.

ERX

• 1D: -7.39%
• 1M: 7.35%
• YTD: 71.72%
• 6M: 71.12%
• 1Y: 48.19%
• 3Y*: 21.00%
• 5Y*: 34.47%
• 10Y*: -6.32%

DIG

• 1D: -7.64%
• 1M: 7.25%
• YTD: 71.38%
• 6M: 70.78%
• 1Y: 47.64%
• 3Y*: 20.73%
• 5Y*: 34.16%
• 10Y*: 7.37%

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

ERX vs. DIG - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is higher than DIG's 0.95% expense ratio.

ERX

Direxion Daily Energy Bull 2X Shares

DIG

ProShares Ultra Oil & Gas

Return for Risk

ERX vs. DIG — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 48
ERX Sharpe Ratio Rank: 52
ERX Sortino Ratio Rank: 51
ERX Omega Ratio Rank: 53
ERX Calmar Ratio Rank: 52
ERX Martin Ratio Rank: 32

DIG

DIG Risk / Return Rank: 47
DIG Sharpe Ratio Rank: 51
DIG Sortino Ratio Rank: 50
DIG Omega Ratio Rank: 52
DIG Calmar Ratio Rank: 51
DIG Martin Ratio Rank: 31

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. 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.

	ERX	DIG	Difference
Sharpe ratio Return per unit of total volatility	0.97	0.96	+0.01
Sortino ratio Return per unit of downside risk	1.42	1.41	+0.01
Omega ratio Gain probability vs. loss probability	1.21	1.21	0.00
Calmar ratio Return relative to maximum drawdown	1.41	1.40	+0.01
Martin ratio Return relative to average drawdown	2.87	2.86	+0.01
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. DIG - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 0.97, which is comparable to the DIG Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of ERX and DIG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERX	DIG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.97	0.96	+0.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.66	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.09	0.13	-0.22
Sharpe Ratio (All Time) Calculated using the full available price history	-0.09	0.00	-0.09

Correlation

The correlation between ERX and DIG is 0.99, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

ERX vs. DIG - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.56%, more than DIG's 1.45% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.56%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
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%

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	-35.17%	-35.40%	+0.23%
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	-91.33%	-49.79%	-41.54%
Average Drawdown Average peak-to-trough decline	-66.78%	-64.47%	-2.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.26%	17.32%	-0.06%

Volatility

ERX vs. DIG - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra Oil & Gas (DIG) have volatilities of 13.01% and 12.95%, 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	13.01%	12.95%	+0.06%
Volatility (6M) Calculated over the trailing 6-month period	29.14%	28.78%	+0.36%
Volatility (1Y) Calculated over the trailing 1-year period	50.15%	49.96%	+0.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.18%	51.73%	+0.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.25%	57.63%	+11.62%