ERX vs. UCO
Compare and contrast key facts about Direxion Daily Energy Bull 2X Shares (ERX) and ProShares Ultra Bloomberg Crude Oil (UCO).
ERX and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. Both ERX and UCO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ERX vs. UCO - Performance Comparison
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ERX vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 71.72% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
UCO ProShares Ultra Bloomberg Crude Oil | 92.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Returns By Period
In the year-to-date period, ERX achieves a 71.72% return, which is significantly lower than UCO's 92.55% return. Over the past 10 years, ERX has outperformed UCO with an annualized return of -6.32%, while UCO has yielded a comparatively lower -9.67% annualized return.
ERX
- 1D
- -7.39%
- 1M
- 7.35%
- YTD
- 71.72%
- 6M
- 71.12%
- 1Y
- 48.19%
- 3Y*
- 21.00%
- 5Y*
- 34.47%
- 10Y*
- -6.32%
UCO
- 1D
- -5.34%
- 1M
- 34.20%
- YTD
- 92.55%
- 6M
- 67.42%
- 1Y
- 37.47%
- 3Y*
- 12.01%
- 5Y*
- 21.35%
- 10Y*
- -9.67%
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ERX vs. UCO - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than UCO's 0.95% expense ratio.
Return for Risk
ERX vs. UCO — Risk / Return Rank
ERX
UCO
ERX vs. UCO - 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 Bloomberg Crude Oil (UCO). 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.
| ERX | UCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.97 | 0.66 | +0.31 |
Sortino ratioReturn per unit of downside risk | 1.42 | 1.20 | +0.22 |
Omega ratioGain probability vs. loss probability | 1.21 | 1.15 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 1.41 | 1.08 | +0.33 |
Martin ratioReturn relative to average drawdown | 2.87 | 1.80 | +1.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ERX | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.97 | 0.66 | +0.31 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.36 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.09 | -0.14 | +0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.36 | +0.27 |
Correlation
The correlation between ERX and UCO is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
ERX vs. UCO - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.56%, while UCO has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.56% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ERX vs. UCO - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ERX and UCO.
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Drawdown Indicators
| ERX | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -99.95% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -35.17% | -34.77% | -0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -67.24% | +20.34% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -98.75% | +0.16% |
Current DrawdownCurrent decline from peak | -91.33% | -99.40% | +8.07% |
Average DrawdownAverage peak-to-trough decline | -66.78% | -85.35% | +18.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.26% | 20.76% | -3.50% |
Volatility
ERX vs. UCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 13.01%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 25.64%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERX | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.01% | 25.64% | -12.63% |
Volatility (6M)Calculated over the trailing 6-month period | 29.14% | 40.74% | -11.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.15% | 57.38% | -7.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.18% | 59.11% | -6.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.25% | 71.31% | -2.06% |