ERX vs. ERY
ERX (Direxion Daily Energy Bull 2X Shares) and ERY (Direxion Daily Energy Bear 2X Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while ERY tracks the Energy Select Sector Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -10.18%/yr vs -33.21%/yr for ERY. At a correlation of -1.00, they often move in opposite directions. ERX charges 1.09%/yr vs 1.07%/yr for ERY.
Performance
ERX vs. ERY - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 44.06% return, which is significantly higher than ERY's -37.05% return. Over the past 10 years, ERX has outperformed ERY with an annualized return of -10.18%, while ERY has yielded a comparatively lower -33.21% annualized return.
ERX
- 1D
- 1.09%
- 1M
- -16.23%
- YTD
- 44.06%
- 6M
- 45.10%
- 1Y
- 53.56%
- 3Y*
- 19.85%
- 5Y*
- 25.26%
- 10Y*
- -10.18%
ERY
- 1D
- -2.05%
- 1M
- 15.94%
- YTD
- -37.05%
- 6M
- -37.59%
- 1Y
- -42.88%
- 3Y*
- -25.97%
- 5Y*
- -36.31%
- 10Y*
- -33.21%
ERX vs. ERY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 44.06% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
ERY Direxion Daily Energy Bear 2X Shares | -37.05% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
Correlation
The correlation between ERX and ERY is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -1.00 |
The correlation between ERX and ERY has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
ERX vs. ERY — Risk / Return Rank
ERX
ERY
ERX vs. ERY - 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 Energy Bear 2X Shares (ERY). 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 | ERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.33 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.83 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | -0.76 | +2.65 |
| Martin ratioReturn relative to average drawdown | 5.50 | -1.35 | +6.85 |
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Drawdowns
ERX vs. ERY - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum ERY drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for ERX and ERY.
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Drawdown Indicators
| ERX | ERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -99.99% | +0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -28.49% | -56.88% | +28.39% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -67.94% | +25.60% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -94.04% | +47.14% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -99.66% | +1.07% |
Current DrawdownCurrent decline from peak | -92.73% | -99.99% | +7.26% |
Average DrawdownAverage peak-to-trough decline | -67.09% | -96.91% | +29.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.77% | 31.69% | -21.92% |
Volatility
ERX vs. ERY - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily Energy Bear 2X Shares (ERY) have volatilities of 14.48% and 14.26%, 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.
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Volatility by Period
| ERX | ERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.48% | 14.26% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 34.00% | 33.31% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.99% | 41.74% | +0.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.92% | 51.84% | +0.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.08% | 70.55% | -1.47% |
ERX vs. ERY - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than ERY's 1.07% expense ratio.
Dividends
ERX vs. ERY - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.86%, less than ERY's 3.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.86% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
ERY Direxion Daily Energy Bear 2X Shares | 3.30% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% |
Frequently Asked Questions
ERX and ERY have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (14.48%) compared to ERY (14.26%). In terms of maximum drawdown, ERX dropped -99.54% vs ERY's -99.99%.
On 10-year performance, ERX leads with -10.18% vs -33.21% for ERY. On fees, ERY is cheaper at 1.07% per year. On volatility, ERY has been the lower-risk option at 14.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.18% return vs -33.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERY is cheaper with a 1.07% expense ratio, compared with 1.09% for ERX.
ERY has the higher dividend yield at 3.30%, compared with 1.86% for ERX.
ERX tracks Energy Select Sector Index (300%), while ERY tracks Energy Select Sector Index (-300%). Their fees differ too: 1.09% for ERX and 1.07% for ERY.
ERX currently has the higher Sharpe Ratio (1.29 vs -1.04), 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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