ERX vs. UCO
ERX (Direxion Daily Energy Bull 2X Shares) and UCO (ProShares Ultra Bloomberg Crude Oil) are both exchange-traded funds - ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%), while UCO is a Oil & Gas fund tracking the Bloomberg Commodity Balanced WTI Crude Oil Index (200%). Both are passively managed. Over the past 10 years, ERX returned -10.18%/yr vs 19.46%/yr for UCO. A 0.64 correlation means they provide meaningful diversification when combined. ERX charges 1.09%/yr vs 0.95%/yr for UCO.
Performance
ERX vs. UCO - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 44.06% return, which is significantly lower than UCO's 81.88% return. Over the past 10 years, ERX has underperformed UCO with an annualized return of -10.18%, while UCO has yielded a comparatively higher 19.46% annualized return.
ERX
- 1D
- 1.09%
- 1M
- -16.23%
- YTD
- 44.06%
- 6M
- 45.10%
- 1Y
- 53.56%
- 3Y*
- 19.85%
- 5Y*
- 25.26%
- 10Y*
- -10.18%
UCO
- 1D
- -1.26%
- 1M
- -25.61%
- YTD
- 81.88%
- 6M
- 76.32%
- 1Y
- 42.04%
- 3Y*
- 15.38%
- 5Y*
- 12.42%
- 10Y*
- 19.46%
ERX vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 44.06% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
UCO ProShares Ultra Bloomberg Crude Oil | 81.88% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | 77.27% | 53.83% | -43.26% | 0.34% |
Correlation
The correlation between ERX and UCO is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.62 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2008 | 0.64 |
The correlation between ERX and UCO has been stable across timeframes, ranging from 0.61 to 0.65 - a consistent structural relationship.
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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.
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 | UCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.54 | ||
| Sortino ratioReturn per unit of downside risk | +0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.16 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 1.89 | 1.30 | +0.58 |
| Martin ratioReturn relative to average drawdown | 5.50 | 2.61 | +2.89 |
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Drawdowns
ERX vs. UCO - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum UCO drawdown of -99.86%. 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% | -99.86% | +0.32% |
Max Drawdown (1Y)Largest decline over 1 year | -28.49% | -32.37% | +3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -50.38% | +8.04% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -67.24% | +20.34% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -96.50% | -2.09% |
Current DrawdownCurrent decline from peak | -92.73% | -85.89% | -6.84% |
Average DrawdownAverage peak-to-trough decline | -67.09% | -82.11% | +15.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.77% | 16.23% | -6.46% |
Volatility
ERX vs. UCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 14.48%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 16.11%. 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 | 14.48% | 16.11% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 34.00% | 48.06% | -14.06% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.99% | 57.57% | -15.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.92% | 60.09% | -8.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.08% | 317.77% | -248.69% |
ERX vs. UCO - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than UCO's 0.95% expense ratio.
Dividends
ERX vs. UCO - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.86%, while UCO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.86% | 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% |
Frequently Asked Questions
ERX and UCO have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UCO has higher volatility (16.11%) compared to ERX (14.48%). In terms of maximum drawdown, ERX dropped -99.54% vs UCO's -99.86%.
On 10-year performance, UCO leads with 19.46% vs -10.18% for ERX. On fees, UCO is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 14.48%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UCO has performed better with a 19.46% return vs -10.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UCO is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.
ERX has the higher dividend yield at 1.86%, compared with 0.00% for UCO.
ERX is categorized as Leveraged Equities, while UCO is Oil & Gas. ERX tracks Energy Select Sector Index (300%), while UCO tracks Bloomberg Commodity Balanced WTI Crude Oil Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.09% for ERX and 0.95% for UCO.
ERX currently has the higher Sharpe Ratio (1.29 vs 0.75), 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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