ERY vs. DIG
ERY (Direxion Daily Energy Bear 2X Shares) and DIG (ProShares Ultra Oil & Gas) are both Leveraged Equities funds - ERY tracks the Energy Select Sector Index (-300%) while DIG tracks the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. Over the past 10 years, ERY returned -33.15%/yr vs 4.00%/yr for DIG. At a correlation of -0.99, they often move in opposite directions. ERY charges 1.07%/yr vs 0.95%/yr for DIG.
Performance
ERY vs. DIG - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -42.37% return, which is significantly lower than DIG's 59.93% return. Over the past 10 years, ERY has underperformed DIG with an annualized return of -33.15%, while DIG has yielded a comparatively higher 4.00% annualized return.
ERY
- 1D
- 4.02%
- 1M
- -2.73%
- YTD
- -42.37%
- 6M
- -40.31%
- 1Y
- -53.41%
- 3Y*
- -26.88%
- 5Y*
- -37.56%
- 10Y*
- -33.15%
DIG
- 1D
- -4.13%
- 1M
- 1.09%
- YTD
- 59.93%
- 6M
- 53.07%
- 1Y
- 90.41%
- 3Y*
- 21.65%
- 5Y*
- 27.28%
- 10Y*
- 4.00%
ERY vs. DIG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -42.37% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
DIG ProShares Ultra Oil & Gas | 59.93% | 2.73% | 0.93% | -13.04% | 125.34% | 115.63% | -70.36% | 12.51% | -40.11% | -7.39% |
Correlation
The correlation between ERY and DIG is -1.00, 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.99 |
The correlation between ERY and DIG has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
ERY vs. DIG — Risk / Return Rank
ERY
DIG
ERY vs. DIG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and ProShares Ultra Oil & Gas (DIG). 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.
| ERY | DIG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.54 | ||
| Sortino ratioReturn per unit of downside risk | -4.89 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 1.33 | -0.56 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 3.90 | -4.82 |
| Martin ratioReturn relative to average drawdown | -1.69 | 10.56 | -12.25 |
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
| ERY | DIG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.31 | 2.22 | -3.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.73 | 0.53 | -1.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | 0.07 | -0.54 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | -0.00 | -0.54 |
Drawdowns
ERY vs. DIG - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for ERY and DIG.
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Drawdown Indicators
| ERY | DIG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -97.04% | -2.95% |
Max Drawdown (1Y)Largest decline over 1 year | -58.18% | -23.29% | -34.89% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -42.41% | -25.53% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -46.02% | -48.02% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -92.53% | -7.13% |
Current DrawdownCurrent decline from peak | -99.99% | -53.15% | -46.84% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -64.36% | -32.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.64% | 8.59% | +25.05% |
Volatility
ERY vs. DIG - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) and ProShares Ultra Oil & Gas (DIG) have volatilities of 14.54% and 14.60%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | DIG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.54% | 14.60% | -0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 33.16% | -0.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.82% | 40.87% | -0.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.90% | 51.60% | +0.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.61% | 57.80% | +12.81% |
ERY vs. DIG - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than DIG's 0.95% expense ratio.
Dividends
ERY vs. DIG - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.61%, more than DIG's 1.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DIG ProShares Ultra Oil & Gas | 1.56% | 2.62% | 3.13% | 0.61% | 1.33% | 2.24% | 3.18% | 2.72% | 2.30% | 1.76% | 1.09% | 1.56% |
ERY Direxion Daily Energy Bear 2X Shares | 3.61% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERY and DIG have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DIG has higher volatility (14.60%) compared to ERY (14.54%). In terms of maximum drawdown, ERY dropped -99.99% vs DIG's -97.04%.
On 10-year performance, DIG leads with 4.00% vs -33.15% for ERY. On fees, DIG is cheaper at 0.95% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, DIG has performed better with a 4.00% return vs -33.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DIG is cheaper with a 0.95% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.61%, compared with 1.56% for DIG.
ERY tracks Energy Select Sector Index (-300%), while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.07% for ERY and 0.95% for DIG.
DIG currently has the higher Sharpe Ratio (2.22 vs -1.31), 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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