ERX vs. MDST

Last updated Aug 6, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and MDST (Westwood Salient Enhanced Midstream Income ETF) are both Energy Equities funds. ERX is passively managed, while MDST is actively managed. Over the past year, ERX returned 73.31% vs 18.54% for MDST. Their 0.57 correlation means they have sometimes moved together and sometimes differently. ERX charges 0.91%/yr vs 0.80%/yr for MDST.

Performance

ERX vs. MDST - Performance Comparison

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

Returns By Period

In the year-to-date period, ERX achieves a 58.73% return, which is significantly higher than MDST's 15.71% 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%

MDST

• 1D: -1.24%
• 1M: 0.53%
• 6M: 8.66%
• YTD: 15.71%
• 1Y: 18.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.37%

*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)
ERX Direxion Daily Energy Bull 2X Shares	$23.06M	$23.66M	$27.73M
MDST Westwood Salient Enhanced Midstream Income ETF	$1.81M	$1.73M	$1.78M

ERX vs. MDST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ERX Direxion Daily Energy Bull 2X Shares	58.73%	2.79%	-24.66%
MDST Westwood Salient Enhanced Midstream Income ETF	15.71%	7.09%	17.03%

Correlation

The correlation between ERX and MDST is 0.61, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.61
Correlation (All Time) Calculated using the full available price history since Apr 9, 2024	0.57

The correlation between ERX and MDST has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

ERX vs. MDST - Sectors Allocation Comparison

Sectors	ERX	MDST
Energy	100.0%	98.5%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	0.8%
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ERX vs. MDST — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 56
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 55
ERX Omega Ratio Rank: 52
ERX Calmar Ratio Rank: 61
ERX Martin Ratio Rank: 48

MDST

MDST Risk / Return Rank: 61
MDST Sharpe Ratio Rank: 56
MDST Sortino Ratio Rank: 57
MDST Omega Ratio Rank: 53
MDST Calmar Ratio Rank: 77
MDST Martin Ratio Rank: 64

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. MDST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Westwood Salient Enhanced Midstream Income ETF (MDST). 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	MDST	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.54	+0.20
Sortino ratio: Return per unit of downside risk	2.19	2.23	-0.03
Omega ratio: Gain probability vs. loss probability	1.27	1.27	0.00
Calmar ratio: Return relative to maximum drawdown	2.46	3.11	-0.65
Martin ratio: Return relative to average drawdown	6.18	8.66	-2.48

ERX vs. MDST - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.74, which is comparable to the MDST Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of ERX and MDST, 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. MDST - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than MDST's maximum drawdown of -14.19%. Use the drawdown chart below to compare losses from any high point for ERX and MDST.

Drawdown Indicators

	ERX	MDST	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-14.19%	-85.35%
Max Drawdown (1Y) Largest decline over 1 year	-29.97%	-5.98%	-23.99%
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 Drawdown Current decline from peak	-91.99%	-4.08%	-87.91%
Average Drawdown Average peak-to-trough decline	-67.26%	-2.17%	-65.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.90%	2.14%	+9.76%

Volatility

ERX vs. MDST - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 12.41% compared to Westwood Salient Enhanced Midstream Income ETF (MDST) at 3.79%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than MDST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	MDST	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	3.79%	+8.62%
Volatility (6M) Calculated over the trailing 6-month period	33.24%	9.23%	+24.01%
Volatility (1Y) Calculated over the trailing 1-year period	42.40%	12.10%	+30.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.46%	16.04%	+35.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	16.04%	+52.80%

ERX vs. MDST - Expense Ratio Comparison

ERX has a 0.91% expense ratio, which is higher than MDST's 0.80% expense ratio.

Dividends

ERX vs. MDST - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.61%, less than MDST's 9.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
MDST Westwood Salient Enhanced Midstream Income ETF	9.41%	10.22%	6.60%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERX and MDST in my portfolio?

ERX and MDST have a correlation of 0.61, 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 MDST?

ERX has higher volatility (12.41%) compared to MDST (3.79%). In terms of maximum drawdown, ERX dropped -99.54% vs MDST's -14.19%.

Which ETF is better, ERX or MDST?

On 1-year performance, ERX leads with 73.31% vs 18.54% for MDST. On fees, MDST is cheaper at 0.80% per year. On volatility, MDST has been the lower-risk option at 3.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or MDST?

Over the 1-year period, ERX has performed better with a 73.31% return vs 18.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or MDST?

MDST is cheaper with a 0.80% expense ratio, compared with 0.91% for ERX.

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

MDST has the higher dividend yield at 9.41%, compared with 1.61% for ERX.

What is the main difference between ERX and MDST?

They also come from different issuers: Direxion and Westwood. Their fees differ too: 0.91% for ERX and 0.80% for MDST.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.74 vs 1.54), 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.