ERX vs. UPRO

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily Energy Bull 2X Shares (ERX) and ProShares UltraPro S&P 500 (UPRO).

ERX and UPRO 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. UPRO is a passively managed fund by ProShares that tracks the performance of the S&P 500 Index (300%). It was launched on Jun 23, 2009. Both ERX and UPRO 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. UPRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bull 2X Shares (ERX) and ProShares UltraPro S&P 500 (UPRO). The values are adjusted to include any dividend payments, if applicable.

ERX vs. UPRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	85.42%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%
UPRO ProShares UltraPro S&P 500	-16.03%	31.88%	63.57%	68.53%	-56.84%	98.64%	10.09%	102.30%	-25.11%	71.37%

Returns By Period

In the year-to-date period, ERX achieves a 85.42% return, which is significantly higher than UPRO's -16.03% return. Over the past 10 years, ERX has underperformed UPRO with an annualized return of -5.60%, while UPRO has yielded a comparatively higher 25.25% annualized return.

ERX

• 1D: -2.61%
• 1M: 20.58%
• YTD: 85.42%
• 6M: 84.60%
• 1Y: 61.51%
• 3Y*: 24.14%
• 5Y*: 36.55%
• 10Y*: -5.60%

UPRO

• 1D: 8.61%
• 1M: -15.71%
• YTD: -16.03%
• 6M: -12.57%
• 1Y: 32.51%
• 3Y*: 37.29%
• 5Y*: 16.63%
• 10Y*: 25.25%

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

ERX vs. UPRO - Expense Ratio Comparison

ERX has a 1.09% expense ratio, which is higher than UPRO's 0.92% expense ratio.

ERX

Direxion Daily Energy Bull 2X Shares

UPRO

ProShares UltraPro S&P 500

Return for Risk

ERX vs. UPRO — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 65
ERX Sharpe Ratio Rank: 73
ERX Sortino Ratio Rank: 69
ERX Omega Ratio Rank: 69
ERX Calmar Ratio Rank: 74
ERX Martin Ratio Rank: 42

UPRO

UPRO Risk / Return Rank: 45
UPRO Sharpe Ratio Rank: 35
UPRO Sortino Ratio Rank: 46
UPRO Omega Ratio Rank: 49
UPRO Calmar Ratio Rank: 45
UPRO Martin Ratio Rank: 47

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. UPRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and ProShares UltraPro S&P 500 (UPRO). 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	UPRO	Difference
Sharpe ratio Return per unit of total volatility	1.25	0.60	+0.65
Sortino ratio Return per unit of downside risk	1.68	1.18	+0.50
Omega ratio Gain probability vs. loss probability	1.25	1.18	+0.07
Calmar ratio Return relative to maximum drawdown	1.86	1.04	+0.81
Martin ratio Return relative to average drawdown	3.79	4.18	-0.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERX vs. UPRO - Sharpe Ratio Comparison

The current ERX Sharpe Ratio is 1.25, which is higher than the UPRO Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of ERX and UPRO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ERX	UPRO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.25	0.60	+0.65
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.33	+0.37
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.08	0.47	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.59	-0.67

Correlation

The correlation between ERX and UPRO is 0.61, 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. UPRO - Dividend Comparison

ERX's dividend yield for the trailing twelve months is around 1.45%, more than UPRO's 1.04% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.45%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
UPRO ProShares UltraPro S&P 500	1.04%	0.84%	0.93%	0.74%	0.52%	0.06%	0.11%	0.41%	0.63%	0.00%	0.12%	0.34%

Drawdowns

ERX vs. UPRO - Drawdown Comparison

The maximum ERX drawdown since its inception was -99.54%, which is greater than UPRO's maximum drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for ERX and UPRO.

Drawdown Indicators

	ERX	UPRO	Difference
Max Drawdown Largest peak-to-trough decline	-99.54%	-76.82%	-22.72%
Max Drawdown (1Y) Largest decline over 1 year	-35.17%	-33.38%	-1.79%
Max Drawdown (5Y) Largest decline over 5 years	-46.90%	-63.94%	+17.04%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	-76.82%	-21.77%
Current Drawdown Current decline from peak	-90.64%	-20.48%	-70.16%
Average Drawdown Average peak-to-trough decline	-66.77%	-14.53%	-52.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.25%	8.33%	+8.92%

Volatility

ERX vs. UPRO - Volatility Comparison

The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 10.19%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 15.89%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ERX	UPRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.19%	15.89%	-5.70%
Volatility (6M) Calculated over the trailing 6-month period	28.10%	28.41%	-0.31%
Volatility (1Y) Calculated over the trailing 1-year period	49.61%	54.34%	-4.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.12%	50.34%	+1.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.23%	53.70%	+15.53%