ERY vs. IEZ
ERY (Direxion Daily Energy Bear 2X Shares) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while IEZ is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, ERY returned -33.07%/yr vs -1.39%/yr for IEZ. At a correlation of -0.89, they often move in opposite directions. ERY charges 1.07%/yr vs 0.42%/yr for IEZ.
Performance
ERY vs. IEZ - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -35.74% return, which is significantly lower than IEZ's 34.28% return. Over the past 10 years, ERY has underperformed IEZ with an annualized return of -33.07%, while IEZ has yielded a comparatively higher -1.39% annualized return.
ERY
- 1D
- -2.68%
- 1M
- 18.36%
- YTD
- -35.74%
- 6M
- -37.04%
- 1Y
- -38.62%
- 3Y*
- -25.46%
- 5Y*
- -36.29%
- 10Y*
- -33.07%
IEZ
- 1D
- 1.05%
- 1M
- -12.36%
- YTD
- 34.28%
- 6M
- 34.61%
- 1Y
- 58.91%
- 3Y*
- 15.98%
- 5Y*
- 13.33%
- 10Y*
- -1.39%
ERY vs. IEZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -35.74% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
IEZ iShares U.S. Oil Equipment & Services ETF | 34.28% | 7.51% | -8.15% | 4.43% | 65.73% | 15.98% | -42.98% | 1.82% | -42.47% | -18.18% |
Correlation
The correlation between ERY and IEZ is -0.73, 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 | -0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.87 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.89 |
The correlation between ERY and IEZ shifts across timeframes, from -0.89 (all time) to -0.73 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. IEZ — Risk / Return Rank
ERY
IEZ
ERY vs. IEZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and iShares U.S. Oil Equipment & Services ETF (IEZ). 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.
| ERY | IEZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.94 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.33 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 3.95 | -4.63 |
| Martin ratioReturn relative to average drawdown | -1.23 | 14.17 | -15.40 |
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Drawdowns
ERY vs. IEZ - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than IEZ's maximum drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for ERY and IEZ.
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Drawdown Indicators
| ERY | IEZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -92.52% | -7.47% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -14.97% | -41.91% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -40.25% | -27.69% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -40.25% | -53.79% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -88.29% | -11.37% |
Current DrawdownCurrent decline from peak | -99.99% | -55.68% | -44.31% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -48.26% | -48.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.56% | 4.23% | +27.33% |
Volatility
ERY vs. IEZ - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 14.06% compared to iShares U.S. Oil Equipment & Services ETF (IEZ) at 9.92%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than IEZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | IEZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.06% | 9.92% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 20.88% | +12.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.78% | 29.55% | +12.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.83% | 36.32% | +15.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.63% | 41.55% | +29.08% |
ERY vs. IEZ - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than IEZ's 0.42% expense ratio.
Dividends
ERY vs. IEZ - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.24%, more than IEZ's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.24% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% | 0.00% | 0.00% |
IEZ iShares U.S. Oil Equipment & Services ETF | 1.24% | 1.87% | 1.76% | 0.97% | 0.65% | 1.20% | 2.07% | 2.28% | 1.81% | 3.42% | 0.91% | 2.40% |
Frequently Asked Questions
ERY and IEZ have a correlation of -0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (14.06%) compared to IEZ (9.92%). In terms of maximum drawdown, ERY dropped -99.99% vs IEZ's -92.52%.
On 10-year performance, IEZ leads with -1.39% vs -33.07% for ERY. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 9.92%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEZ has performed better with a -1.39% return vs -33.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEZ is cheaper with a 0.42% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.24%, compared with 1.24% for IEZ.
ERY is categorized as Leveraged Equities, while IEZ is Energy Equities. ERY tracks Energy Select Sector Index (-300%), while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for ERY and 0.42% for IEZ.
IEZ currently has the higher Sharpe Ratio (2.01 vs -0.93), 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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