ERX vs. PXJ

Last updated Aug 6, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and PXJ (Invesco Dynamic Oil & Gas Services ETF) are both Energy Equities funds - ERX tracks the Energy Select Sector Index (200%) while PXJ tracks the Dynamic Oil & Gas Services Intellidex Index. Both are passively managed. Over the past 10 years, ERX returned -9.50%/yr vs -0.54%/yr for PXJ. Their correlation of 0.87 means they have usually moved in the same direction. ERX charges 0.91%/yr vs 0.63%/yr for PXJ.

Performance

ERX vs. PXJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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 PXJ's 43.34% return. Over the past 10 years, ERX has underperformed PXJ with an annualized return of -9.50%, while PXJ has yielded a comparatively higher -0.54% annualized 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%

PXJ

• 1D: -2.57%
• 1M: 7.47%
• 6M: 15.14%
• YTD: 43.34%
• 1Y: 66.74%
• 3Y*: 15.33%
• 5Y*: 23.26%
• 10Y*: -0.54%
• ALL TIME*: -1.81%

*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
PXJ Invesco Dynamic Oil & Gas Services ETF	$672.12K	$908.13K	$1.86M

ERX vs. PXJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	58.73%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
PXJ Invesco Dynamic Oil & Gas Services ETF	43.34%	8.74%	0.21%	14.44%	62.25%	11.28%	-44.31%	-0.32%	-39.82%	-23.08%

Correlation

The correlation between ERX and PXJ is 0.67, 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.	0.67
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.87

The correlation between ERX and PXJ shifts across timeframes, from 0.67 (1 year) to 0.87 (all time), reflecting how their relationship changes across market environments.

ERX vs. PXJ - Sectors Allocation Comparison

Sectors	ERX	PXJ
Energy	100.0%	74.8%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Industrials	-	14.7%
Real Estate	-	-
Technology	-	-
Utilities	-	2.1%

Return for Risk

ERX vs. PXJ — 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

PXJ

PXJ Risk / Return Rank: 86
PXJ Sharpe Ratio Rank: 92
PXJ Sortino Ratio Rank: 89
PXJ Omega Ratio Rank: 86
PXJ Calmar Ratio Rank: 85
PXJ Martin Ratio Rank: 80

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. PXJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Invesco Dynamic Oil & Gas Services ETF (PXJ). 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	PXJ	Difference
Sharpe ratio: Return per unit of total volatility	1.74	2.58	-0.84
Sortino ratio: Return per unit of downside risk	2.19	3.30	-1.10
Omega ratio: Gain probability vs. loss probability	1.27	1.41	-0.14
Calmar ratio: Return relative to maximum drawdown	2.46	3.65	-1.19
Martin ratio: Return relative to average drawdown	6.18	11.88	-5.70

ERX vs. PXJ - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.74, which is lower than the PXJ Sharpe Ratio of 2.58. The chart below compares the historical Sharpe Ratios of ERX and PXJ, 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. PXJ - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum PXJ drawdown of -94.82%. Use the drawdown chart below to compare losses from any high point for ERX and PXJ.

Drawdown Indicators

	ERX	PXJ	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-94.82%	-4.72%
Max Drawdown (1Y) Largest decline over 1 year	-29.97%	-18.39%	-11.58%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-40.03%	-2.31%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-40.03%	-6.87%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-87.72%	-10.87%
Current Drawdown Current decline from peak	-91.99%	-67.25%	-24.74%
Average Drawdown Average peak-to-trough decline	-67.26%	-55.76%	-11.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.90%	5.65%	+6.25%

Volatility

ERX vs. PXJ - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 12.41% compared to Invesco Dynamic Oil & Gas Services ETF (PXJ) at 7.76%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than PXJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	PXJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	7.76%	+4.65%
Volatility (6M) Calculated over the trailing 6-month period	33.24%	19.35%	+13.89%
Volatility (1Y) Calculated over the trailing 1-year period	42.40%	26.16%	+16.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.46%	34.06%	+17.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	39.16%	+29.68%

ERX vs. PXJ - Expense Ratio Comparison

ERX has a 0.91% expense ratio, which is higher than PXJ's 0.63% expense ratio.

Dividends

ERX vs. PXJ - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.61%, less than PXJ's 2.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
PXJ Invesco Dynamic Oil & Gas Services ETF	2.43%	2.91%	3.34%	1.99%	0.65%	2.40%	4.72%	1.87%	0.99%	2.75%	1.18%	2.36%

Frequently Asked Questions

Can I hold both ERX and PXJ in my portfolio?

ERX and PXJ have a correlation of 0.67, 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 PXJ?

ERX has higher volatility (12.41%) compared to PXJ (7.76%). In terms of maximum drawdown, ERX dropped -99.54% vs PXJ's -94.82%.

Which ETF is better, ERX or PXJ?

On 10-year performance, PXJ leads with -0.54% vs -9.50% for ERX. On fees, PXJ is cheaper at 0.63% per year. On volatility, PXJ has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or PXJ?

Over the 10-year period, PXJ has performed better with a -0.54% return vs -9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or PXJ?

PXJ is cheaper with a 0.63% expense ratio, compared with 0.91% for ERX.

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

PXJ has the higher dividend yield at 2.43%, compared with 1.61% for ERX.

What is the main difference between ERX and PXJ?

ERX tracks Energy Select Sector Index (200%), while PXJ tracks Dynamic Oil & Gas Services Intellidex Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 0.91% for ERX and 0.63% for PXJ.

Which has better risk-adjusted returns?

PXJ currently has the higher Sharpe Ratio (2.58 vs 1.74), 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.