ERX vs. VTEB
ERX (Direxion Daily Energy Bull 2X Shares) and VTEB (Vanguard Tax-Exempt Bond ETF) are both exchange-traded funds - ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%), while VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, ERX returned -9.50%/yr vs 1.93%/yr for VTEB. Their -0.13 correlation means they have often moved in opposite directions in the past. ERX charges 0.91%/yr vs 0.03%/yr for VTEB.
Performance
ERX vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 58.73% return, which is significantly higher than VTEB's 0.78% return. Over the past 10 years, ERX has underperformed VTEB with an annualized return of -9.50%, while VTEB has yielded a comparatively higher 1.93% annualized return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
VTEB
- 1D
- 0.06%
- 1M
- -1.40%
- 6M
- 0.00%
- YTD
- 0.78%
- 1Y
- 5.14%
- 3Y*
- 3.30%
- 5Y*
- 0.63%
- 10Y*
- 1.93%
- ALL TIME*
- 2.32%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.06M | $23.66M | $27.73M | |
| $412.59M | $365.82M | $362.23M |
ERX vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
VTEB Vanguard Tax-Exempt Bond ETF | 0.78% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between ERX and VTEB is -0.33, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.33 |
Correlation (3Y) Balances recent behavior with more history. | -0.10 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.08 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.11 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | -0.13 |
The correlation between ERX and VTEB shifts across timeframes, from -0.33 (1 year) to -0.08 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
ERX vs. VTEB — Risk / Return Rank
ERX
VTEB
ERX vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.39 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 1.90 | +0.55 |
| Martin ratioReturn relative to average drawdown | 6.18 | 6.17 | +0.01 |
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Drawdowns
ERX vs. VTEB - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for ERX and VTEB.
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Drawdown Indicators
| ERX | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -17.00% | -82.54% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -2.71% | -27.26% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -4.76% | -37.58% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -12.43% | -34.47% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -17.00% | -81.59% |
Current DrawdownCurrent decline from peak | -91.99% | -1.40% | -90.59% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -2.30% | -64.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 0.83% | +11.07% |
Volatility
ERX vs. VTEB - Volatility Comparison
Direxion Daily Energy Bull 2X Shares (ERX) has a higher volatility of 12.41% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.94%. This indicates that ERX's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERX | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.41% | 0.94% | +11.47% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 2.24% | +31.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 2.74% | +39.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 3.92% | +47.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 5.25% | +63.59% |
ERX vs. VTEB - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
ERX vs. VTEB - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.61%, less than VTEB's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.42% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
ERX and VTEB have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (12.41%) compared to VTEB (0.94%). In terms of maximum drawdown, ERX dropped -99.54% vs VTEB's -17.00%.
On 10-year performance, VTEB leads with 1.93% vs -9.50% for ERX. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTEB has performed better with a 1.93% return vs -9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 0.91% for ERX.
VTEB has the higher dividend yield at 3.42%, compared with 1.61% for ERX.
ERX is categorized as Energy Equities, while VTEB is Municipal Bonds. ERX tracks Energy Select Sector Index (200%), while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: Direxion and Vanguard. Their fees differ too: 0.91% for ERX and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (1.89 vs 1.74), 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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