ERX vs. DVXE
ERX (Direxion Daily Energy Bull 2X Shares) and DVXE (WEBs Energy XLE Defined Volatility ETF) are both Energy Equities funds - ERX tracks the Energy Select Sector Index (200%) while DVXE tracks the Syntax Defined Volatility XLE Index. Both are passively managed. Over the past year, ERX returned 73.31% vs 52.89% for DVXE. Their 0.98 correlation means they have historically moved very closely together. ERX charges 0.91%/yr vs 0.89%/yr for DVXE.
Performance
ERX vs. DVXE - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 58.73% return, which is significantly higher than DVXE's 42.44% return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
DVXE
- 1D
- -2.98%
- 1M
- 9.63%
- 6M
- 15.02%
- YTD
- 42.44%
- 1Y
- 52.89%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 46.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.57K | $13.32K | $15.69K | |
| $23.06M | $23.66M | $27.73M |
ERX vs. DVXE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 8.83% |
DVXE WEBs Energy XLE Defined Volatility ETF | 42.44% | 4.49% |
Correlation
The correlation between ERX and DVXE is 0.98 - 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. | 0.99 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2025 | 0.98 |
The correlation between ERX and DVXE has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.
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Return for Risk
ERX vs. DVXE — Risk / Return Rank
ERX
DVXE
ERX vs. DVXE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and WEBs Energy XLE Defined Volatility ETF (DVXE). 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 | DVXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.27 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 2.44 | +0.02 |
| Martin ratioReturn relative to average drawdown | 6.18 | 5.64 | +0.55 |
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Drawdowns
ERX vs. DVXE - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, which is greater than DVXE's maximum drawdown of -21.83%. Use the drawdown chart below to compare losses from any high point for ERX and DVXE.
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Drawdown Indicators
| ERX | DVXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -21.83% | -77.71% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -21.83% | -8.14% |
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 DrawdownCurrent decline from peak | -91.99% | -13.53% | -78.46% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -7.30% | -59.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 9.42% | +2.48% |
Volatility
ERX vs. DVXE - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 12.41% compared to WEBs Energy XLE Defined Volatility ETF (DVXE) at 8.83%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than DVXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERX | DVXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.41% | 8.83% | +3.58% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 22.24% | +11.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 31.00% | +11.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 30.88% | +20.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 30.88% | +37.96% |
ERX vs. DVXE - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is higher than DVXE's 0.89% expense ratio.
Dividends
ERX vs. DVXE - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.61%, while DVXE has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DVXE WEBs Energy XLE Defined Volatility ETF | 0.00% | 0.00% | 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
With a correlation of 0.98, ERX and DVXE 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.
ERX has higher volatility (12.41%) compared to DVXE (8.83%). In terms of maximum drawdown, ERX dropped -99.54% vs DVXE's -21.83%.
On 1-year performance, ERX leads with 73.31% vs 52.89% for DVXE. On fees, DVXE is cheaper at 0.89% per year. On volatility, DVXE has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ERX has performed better with a 73.31% return vs 52.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DVXE is cheaper with a 0.89% expense ratio, compared with 0.91% for ERX.
ERX has the higher dividend yield at 1.61%, compared with 0.00% for DVXE.
ERX tracks Energy Select Sector Index (200%), while DVXE tracks Syntax Defined Volatility XLE Index. They also come from different issuers: Direxion and WEBs. Their fees differ too: 0.91% for ERX and 0.89% for DVXE.
ERX currently has the higher Sharpe Ratio (1.74 vs 1.71), 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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