ERX vs. NAIL

Last updated Jul 22, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and NAIL (Direxion Daily Homebuilders & Supplies Bull 3X Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while NAIL tracks the Dow Jones U.S. Select Home Construction Index (300%). Both are passively managed. Over the past 10 years, ERX returned -9.49%/yr vs 2.20%/yr for NAIL. At a 0.29 correlation, their price movements are largely independent. ERX charges 1.09%/yr vs 0.99%/yr for NAIL.

Performance

ERX vs. NAIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERX achieves a 65.86% return, which is significantly higher than NAIL's -22.74% return. Over the past 10 years, ERX has underperformed NAIL with an annualized return of -9.49%, while NAIL has yielded a comparatively higher 2.20% annualized return.

ERX

• 1D: 1.80%
• 1M: 19.51%
• 6M: 47.32%
• YTD: 65.86%
• 1Y: 82.01%
• 3Y*: 18.96%
• 5Y*: 35.56%
• 10Y*: -9.49%
• ALL TIME*: -7.16%

NAIL

• 1D: -1.60%
• 1M: -16.35%
• 6M: -39.64%
• YTD: -22.74%
• 1Y: -29.80%
• 3Y*: -20.75%
• 5Y*: -12.02%
• 10Y*: 2.20%
• ALL TIME*: 0.03%

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

ERX vs. NAIL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	65.86%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	-22.74%	-40.43%	-22.83%	259.61%	-75.23%	168.20%	-32.08%	184.63%	-73.96%	268.71%

Correlation

The correlation between ERX and NAIL is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.28
Correlation (All Time) Calculated using the full available price history since Aug 19, 2015	0.29

The correlation between ERX and NAIL shifts across timeframes, from -0.08 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

ERX vs. NAIL - Sectors Allocation Comparison

Sectors	ERX	NAIL
Energy	100.0%	-
Basic Materials	-	8.4%
Communication Services	-	-
Consumer Cyclical	-	71.9%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	19.0%
Real Estate	-	0.7%
Technology	-	-
Utilities	-	-

Return for Risk

ERX vs. NAIL — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 69
ERX Sharpe Ratio Rank: 81
ERX Sortino Ratio Rank: 70
ERX Omega Ratio Rank: 67
ERX Calmar Ratio Rank: 73
ERX Martin Ratio Rank: 55

NAIL

NAIL Risk / Return Rank: 8
NAIL Sharpe Ratio Rank: 7
NAIL Sortino Ratio Rank: 10
NAIL Omega Ratio Rank: 9
NAIL Calmar Ratio Rank: 6
NAIL Martin Ratio Rank: 7

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. NAIL - 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 Homebuilders & Supplies Bull 3X Shares (NAIL). 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	NAIL	Difference
Sharpe ratio: Return per unit of total volatility	1.96	-0.33	+2.29
Sortino ratio: Return per unit of downside risk	2.39	0.07	+2.32
Omega ratio: Gain probability vs. loss probability	1.30	1.01	+0.29
Calmar ratio: Return relative to maximum drawdown	2.75	-0.44	+3.19
Martin ratio: Return relative to average drawdown	7.03	-0.70	+7.73

ERX vs. NAIL - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.96, which is higher than the NAIL Sharpe Ratio of -0.33. The chart below compares the historical Sharpe Ratios of ERX and NAIL, 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. NAIL - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than NAIL's maximum drawdown of -93.75%. Use the drawdown chart below to compare losses from any high point for ERX and NAIL.

Drawdown Indicators

	ERX	NAIL	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-93.75%	-5.79%
Max Drawdown (1Y) Largest decline over 1 year	-29.97%	-67.85%	+37.88%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-82.09%	+39.75%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-84.40%	+37.50%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-93.75%	-4.84%
Current Drawdown Current decline from peak	-91.63%	-77.92%	-13.71%
Average Drawdown Average peak-to-trough decline	-67.20%	-44.14%	-23.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.70%	42.73%	-31.03%

Volatility

ERX vs. NAIL - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 11.29%, while Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL) has a volatility of 28.81%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than NAIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	NAIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.29%	28.81%	-17.52%
Volatility (6M) Calculated over the trailing 6-month period	33.42%	64.42%	-31.00%
Volatility (1Y) Calculated over the trailing 1-year period	42.09%	89.85%	-47.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.52%	88.02%	-36.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.94%	89.71%	-20.77%

ERX vs. NAIL - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is higher than NAIL's 0.99% expense ratio.

Dividends

ERX vs. NAIL - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.54%, more than NAIL's 0.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.54%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
NAIL Direxion Daily Homebuilders & Supplies Bull 3X Shares	0.81%	1.55%	0.63%	0.22%	0.00%	0.00%	0.01%	0.17%	0.35%	1.25%

Frequently Asked Questions

Can I hold both ERX and NAIL in my portfolio?

ERX and NAIL have a correlation of -0.08, 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 NAIL?

NAIL has higher volatility (28.81%) compared to ERX (11.29%). In terms of maximum drawdown, ERX dropped -99.54% vs NAIL's -93.75%.

Which ETF is better, ERX or NAIL?

On 10-year performance, NAIL leads with 2.20% vs -9.49% for ERX. On fees, NAIL is cheaper at 0.99% per year. On volatility, ERX has been the lower-risk option at 11.29%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or NAIL?

Over the 10-year period, NAIL has performed better with a 2.20% return vs -9.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or NAIL?

NAIL is cheaper with a 0.99% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.54%, compared with 0.81% for NAIL.

What is the main difference between ERX and NAIL?

ERX tracks Energy Select Sector Index (300%), while NAIL tracks Dow Jones U.S. Select Home Construction Index (300%). Their fees differ too: 1.09% for ERX and 0.99% for NAIL.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.96 vs -0.33), 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.