ERX vs. QLD

Last updated Aug 6, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and QLD (ProShares Ultra QQQ) are both exchange-traded funds - ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%), while QLD is a Leveraged Equities fund tracking the NASDAQ-100 Index (200%). Both are passively managed. Over the past 10 years, ERX returned -9.50%/yr vs 33.23%/yr for QLD. Their 0.44 correlation means their historical movements had little consistent relationship. ERX charges 0.91%/yr vs 0.95%/yr for QLD.

Performance

ERX vs. QLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra QQQ (QLD). 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 QLD's 29.07% return. Over the past 10 years, ERX has underperformed QLD with an annualized return of -9.50%, while QLD has yielded a comparatively higher 33.23% 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%

QLD

• 1D: -1.80%
• 1M: -2.51%
• 6M: 33.69%
• YTD: 29.07%
• 1Y: 50.92%
• 3Y*: 41.48%
• 5Y*: 18.95%
• 10Y*: 33.23%
• ALL TIME*: 25.17%

*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
QLD ProShares Ultra QQQ	$462.32M	$402.26M	$438.76M

ERX vs. QLD - 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%
QLD ProShares Ultra QQQ	29.07%	30.36%	42.82%	117.72%	-60.52%	54.67%	88.90%	81.69%	-8.31%	70.34%

Correlation

The correlation between ERX and QLD is -0.18, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.18
Correlation (3Y) Balances recent behavior with more history.	0.03
Correlation (5Y) Shows whether the relationship held over a longer period.	0.15
Correlation (10Y) Provides a long-term view across more market conditions.	0.26
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.44

The correlation between ERX and QLD shifts across timeframes, from -0.18 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

ERX vs. QLD - Sectors Allocation Comparison

Sectors	ERX	QLD
Energy	100.0%	0.5%
Basic Materials	-	1.0%
Communication Services	-	13.1%
Consumer Cyclical	-	10.7%
Consumer Defensive	-	6.3%
Financial Services	-	0.2%
Healthcare	-	3.6%
Industrials	-	2.7%
Real Estate	-	0.1%
Technology	-	60.9%
Utilities	-	1.1%

Return for Risk

ERX vs. QLD — 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

QLD

QLD Risk / Return Rank: 46
QLD Sharpe Ratio Rank: 46
QLD Sortino Ratio Rank: 44
QLD Omega Ratio Rank: 43
QLD Calmar Ratio Rank: 50
QLD Martin Ratio Rank: 47

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. QLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra QQQ (QLD). 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	QLD	Difference
Sharpe ratio: Return per unit of total volatility	1.74	1.31	+0.42
Sortino ratio: Return per unit of downside risk	2.19	1.84	+0.36
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.04
Calmar ratio: Return relative to maximum drawdown	2.46	2.04	+0.42
Martin ratio: Return relative to average drawdown	6.18	5.97	+0.21

ERX vs. QLD - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.74, which is higher than the QLD Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of ERX and QLD, 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. QLD - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than QLD's maximum drawdown of -83.13%. Use the drawdown chart below to compare losses from any high point for ERX and QLD.

Drawdown Indicators

	ERX	QLD	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-83.13%	-16.41%
Max Drawdown (1Y) Largest decline over 1 year	-29.97%	-25.13%	-4.84%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-42.29%	-0.05%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-63.68%	+16.78%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-63.68%	-34.91%
Current Drawdown Current decline from peak	-91.99%	-9.62%	-82.37%
Average Drawdown Average peak-to-trough decline	-67.26%	-18.10%	-49.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.90%	8.55%	+3.35%

Volatility

ERX vs. QLD - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 12.41%, while ProShares Ultra QQQ (QLD) has a volatility of 14.78%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than QLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	QLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.41%	14.78%	-2.37%
Volatility (6M) Calculated over the trailing 6-month period	33.24%	32.55%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	42.40%	38.97%	+3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.46%	45.90%	+5.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.84%	45.04%	+23.80%

ERX vs. QLD - Expense Ratio Comparison

ERX has a 0.91% expense ratio, which is lower than QLD's 0.95% expense ratio.

Dividends

ERX vs. QLD - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.61%, more than QLD's 0.13% 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%
QLD ProShares Ultra QQQ	0.13%	0.17%	0.25%	0.33%	0.31%	0.00%	0.00%	0.13%	0.06%	0.02%	0.21%	0.11%

Frequently Asked Questions

Can I hold both ERX and QLD in my portfolio?

ERX and QLD have a correlation of -0.18, 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 QLD?

QLD has higher volatility (14.78%) compared to ERX (12.41%). In terms of maximum drawdown, ERX dropped -99.54% vs QLD's -83.13%.

Which ETF is better, ERX or QLD?

On 10-year performance, QLD leads with 33.23% vs -9.50% for ERX. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or QLD?

Over the 10-year period, QLD has performed better with a 33.23% 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 QLD?

ERX is cheaper with a 0.91% expense ratio, compared with 0.95% for QLD.

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

ERX has the higher dividend yield at 1.61%, compared with 0.13% for QLD.

What is the main difference between ERX and QLD?

ERX is categorized as Energy Equities, while QLD is Leveraged Equities. ERX tracks Energy Select Sector Index (200%), while QLD tracks NASDAQ-100 Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.91% for ERX and 0.95% for QLD.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.74 vs 1.31), 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.