ERX vs. SPXS
ERX (Direxion Daily Energy Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -10.48%/yr vs -41.40%/yr for SPXS. At a correlation of -0.61, they often move in opposite directions. ERX charges 1.09%/yr vs 1.08%/yr for SPXS.
Performance
ERX vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 54.81% return, which is significantly higher than SPXS's -26.11% return. Over the past 10 years, ERX has outperformed SPXS with an annualized return of -10.48%, while SPXS has yielded a comparatively lower -41.40% annualized return.
ERX
- 1D
- -1.55%
- 1M
- 4.27%
- 6M
- 34.74%
- YTD
- 54.81%
- 1Y
- 62.96%
- 3Y*
- 18.90%
- 5Y*
- 33.63%
- 10Y*
- -10.48%
SPXS
- 1D
- -1.11%
- 1M
- -0.15%
- 6M
- -23.66%
- YTD
- -26.11%
- 1Y
- -42.52%
- 3Y*
- -40.03%
- 5Y*
- -33.84%
- 10Y*
- -41.40%
ERX vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 54.81% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.11% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between ERX and SPXS is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.61 |
The correlation between ERX and SPXS shifts across timeframes, from -0.61 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERX vs. SPXS — Risk / Return Rank
ERX
SPXS
ERX vs. SPXS - 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 S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.64 | ||
| Sortino ratioReturn per unit of downside risk | +3.78 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.81 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.98 | +3.09 |
| Martin ratioReturn relative to average drawdown | 5.49 | -1.69 | +7.17 |
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Drawdowns
ERX vs. SPXS - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ERX and SPXS.
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Drawdown Indicators
| ERX | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -100.00% | +0.46% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -43.64% | +13.67% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -84.13% | +41.79% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -90.11% | +43.21% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -99.56% | +0.97% |
Current DrawdownCurrent decline from peak | -92.19% | -100.00% | +7.81% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -96.30% | +29.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 25.26% | -13.74% |
Volatility
ERX vs. SPXS - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 14.42% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.85%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERX | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 11.85% | +2.57% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 30.02% | +3.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.19% | 37.64% | +4.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.77% | 50.75% | +1.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.93% | 53.51% | +15.42% |
ERX vs. SPXS - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
ERX vs. SPXS - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.65%, less than SPXS's 4.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.65% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.60% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
ERX and SPXS have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (14.42%) compared to SPXS (11.85%). In terms of maximum drawdown, ERX dropped -99.54% vs SPXS's -100.00%.
On 10-year performance, ERX leads with -10.48% vs -41.40% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 11.85%. 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 -10.48% return vs -41.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.09% for ERX.
SPXS has the higher dividend yield at 4.60%, compared with 1.65% for ERX.
ERX is categorized as Leveraged Equities, while SPXS is Inverse Equities. ERX tracks Energy Select Sector Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.09% for ERX and 1.08% for SPXS.
ERX currently has the higher Sharpe Ratio (1.50 vs -1.13), 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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