ERX vs. TYD

Last updated Jun 13, 2026

ERX (Direxion Daily Energy Bull 2X Shares) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%), while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 10 years, ERX returned -9.35%/yr vs -5.12%/yr for TYD. At a correlation of -0.26, they often move in opposite directions. Both charge a 1.09% expense ratio.

Performance

ERX vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERX achieves a 59.95% return, which is significantly higher than TYD's -5.80% return. Over the past 10 years, ERX has underperformed TYD with an annualized return of -9.35%, while TYD has yielded a comparatively higher -5.12% annualized return.

ERX

• 1D: 1.73%
• 1M: -1.29%
• YTD: 59.95%
• 6M: 56.17%
• 1Y: 70.63%
• 3Y*: 20.97%
• 5Y*: 27.98%
• 10Y*: -9.35%

TYD

• 1D: -0.33%
• 1M: -0.25%
• YTD: -5.80%
• 6M: -5.59%
• 1Y: -1.08%
• 3Y*: -3.95%
• 5Y*: -13.19%
• 10Y*: -5.12%

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

ERX vs. TYD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	59.95%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
TYD Direxion Daily 7-10 Year Treasury Bull 3X	-5.80%	11.68%	-13.89%	-2.87%	-43.32%	-11.36%	27.62%	17.88%	0.76%	5.64%

Correlation

The correlation between ERX and TYD is -0.23, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.15
Correlation (10Y) Calculated over the trailing 10-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Apr 16, 2009	-0.26

The correlation between ERX and TYD shifts across timeframes, from -0.26 (all time) to -0.10 (3 years), reflecting how their relationship changes across market environments.

ERX vs. TYD - Sectors Allocation Comparison

Sectors	ERX	TYD
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	21.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

ERX vs. TYD — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 56
ERX Sharpe Ratio Rank: 59
ERX Sortino Ratio Rank: 51
ERX Omega Ratio Rank: 47
ERX Calmar Ratio Rank: 69
ERX Martin Ratio Rank: 52

TYD

TYD Risk / Return Rank: 8
TYD Sharpe Ratio Rank: 9
TYD Sortino Ratio Rank: 8
TYD Omega Ratio Rank: 8
TYD Calmar Ratio Rank: 9
TYD Martin Ratio Rank: 9

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. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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	TYD	Difference
Sharpe ratio: Return per unit of total volatility	1.72	-0.08	+1.80
Sortino ratio: Return per unit of downside risk	2.19	-0.01	+2.21
Omega ratio: Gain probability vs. loss probability	1.27	1.00	+0.27
Calmar ratio: Return relative to maximum drawdown	3.04	-0.08	+3.12
Martin ratio: Return relative to average drawdown	7.87	-0.20	+8.07

ERX vs. TYD - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.72, which is higher than the TYD Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of ERX and TYD, 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. TYD - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for ERX and TYD.

Drawdown Indicators

	ERX	TYD	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-64.28%	-35.26%
Max Drawdown (1Y) Largest decline over 1 year	-23.34%	-13.54%	-9.80%
Max Drawdown (3Y) Largest decline over 3 years	-42.34%	-24.62%	-17.72%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-59.84%	+12.94%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-64.28%	-34.31%
Current Drawdown Current decline from peak	-91.93%	-59.06%	-32.87%
Average Drawdown Average peak-to-trough decline	-67.06%	-22.00%	-45.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.00%	5.30%	+3.70%

Volatility

ERX vs. TYD - Volatility Comparison

Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 14.44% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 4.49%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	TYD	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.44%	4.49%	+9.95%
Volatility (6M) Calculated over the trailing 6-month period	33.89%	9.76%	+24.13%
Volatility (1Y) Calculated over the trailing 1-year period	41.24%	13.86%	+27.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.06%	22.97%	+29.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.11%	20.36%	+48.75%

ERX vs. TYD - Expense Ratio Comparison

Both ERX and TYD have an expense ratio of 1.09%.

Dividends

ERX vs. TYD - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.68%, less than TYD's 3.22% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.68%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
TYD Direxion Daily 7-10 Year Treasury Bull 3X	3.22%	2.97%	3.10%	2.71%	0.55%	0.00%	9.80%	0.92%	1.10%	0.01%	6.84%	1.65%

Frequently Asked Questions

Can I hold both ERX and TYD in my portfolio?

ERX and TYD have a correlation of -0.23, 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 TYD?

ERX has higher volatility (14.44%) compared to TYD (4.49%). In terms of maximum drawdown, ERX dropped -99.54% vs TYD's -64.28%.

Which ETF is better, ERX or TYD?

On 10-year performance, TYD leads with -5.12% vs -9.35% for ERX. Both ETFs have the same 1.09% expense ratio. On volatility, TYD has been the lower-risk option at 4.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERX or TYD?

Over the 10-year period, TYD has performed better with a -5.12% return vs -9.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERX or TYD?

ERX and TYD have the same expense ratio: 1.09% per year.

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

TYD has the higher dividend yield at 3.22%, compared with 1.68% for ERX.

What is the main difference between ERX and TYD?

ERX is categorized as Leveraged Equities, while TYD is Leveraged Bonds. ERX tracks Energy Select Sector Index (300%), while TYD tracks NYSE 7-10 Year Treasury Bond Index.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.72 vs -0.08), 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.