ERY vs. IYE
ERY (Direxion Daily Energy Bear 2X Shares) and IYE (iShares U.S. Energy ETF) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while IYE is a Energy Equities fund tracking the Dow Jones U.S. Oil & Gas Index. Both are passively managed. Over the past 10 years, ERY returned -33.12%/yr vs 8.42%/yr for IYE. At a correlation of -0.99, they often move in opposite directions. ERY charges 1.07%/yr vs 0.42%/yr for IYE.
Performance
ERY vs. IYE - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -43.69% return, which is significantly lower than IYE's 30.18% return. Over the past 10 years, ERY has underperformed IYE with an annualized return of -33.12%, while IYE has yielded a comparatively higher 8.42% annualized return.
ERY
- 1D
- -2.39%
- 1M
- -11.68%
- 6M
- -35.52%
- YTD
- -43.69%
- 1Y
- -48.14%
- 3Y*
- -25.72%
- 5Y*
- -40.50%
- 10Y*
- -33.12%
IYE
- 1D
- 1.19%
- 1M
- 6.13%
- 6M
- 22.40%
- YTD
- 30.18%
- 1Y
- 36.49%
- 3Y*
- 15.02%
- 5Y*
- 22.04%
- 10Y*
- 8.42%
ERY vs. IYE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -43.69% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
IYE iShares U.S. Energy ETF | 30.18% | 7.33% | 6.06% | -2.21% | 60.21% | 53.42% | -33.49% | 10.03% | -19.37% | -1.80% |
Correlation
The correlation between ERY and IYE 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 19, 2008 | -0.99 |
The correlation between ERY and IYE 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. IYE — Risk / Return Rank
ERY
IYE
ERY vs. IYE - 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. Energy ETF (IYE). 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 | IYE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -4.26 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.29 | -0.49 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 2.52 | -3.37 |
| Martin ratioReturn relative to average drawdown | -1.42 | 6.71 | -8.13 |
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Drawdowns
ERY vs. IYE - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than IYE's maximum drawdown of -73.74%. Use the drawdown chart below to compare losses from any high point for ERY and IYE.
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Drawdown Indicators
| ERY | IYE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -73.74% | -26.25% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -14.54% | -42.34% |
Max Drawdown (3Y)Largest decline over 3 years | -65.95% | -20.37% | -45.58% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -25.61% | -68.43% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -68.59% | -31.07% |
Current DrawdownCurrent decline from peak | -99.99% | -7.01% | -92.98% |
Average DrawdownAverage peak-to-trough decline | -96.92% | -19.32% | -77.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.81% | 5.45% | +28.36% |
Volatility
ERY vs. IYE - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 12.82% compared to iShares U.S. Energy ETF (IYE) at 5.90%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than IYE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | IYE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.82% | 5.90% | +6.92% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 16.14% | +16.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.84% | 20.41% | +21.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.62% | 25.55% | +26.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.39% | 29.50% | +40.89% |
ERY vs. IYE - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than IYE's 0.42% expense ratio.
Dividends
ERY vs. IYE - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.28%, more than IYE's 2.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.28% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% | 0.00% | 0.00% |
IYE iShares U.S. Energy ETF | 2.18% | 2.85% | 2.75% | 2.99% | 3.37% | 2.98% | 4.75% | 6.60% | 3.16% | 2.66% | 2.11% | 3.39% |
Frequently Asked Questions
ERY and IYE 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.
ERY has higher volatility (12.82%) compared to IYE (5.90%). In terms of maximum drawdown, ERY dropped -99.99% vs IYE's -73.74%.
On 10-year performance, IYE leads with 8.42% vs -33.12% for ERY. On fees, IYE is cheaper at 0.42% per year. On volatility, IYE has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IYE has performed better with a 8.42% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYE is cheaper with a 0.42% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.28%, compared with 2.18% for IYE.
ERY is categorized as Leveraged Equities, while IYE is Energy Equities. ERY tracks Energy Select Sector Index (-300%), while IYE tracks Dow Jones U.S. Oil & Gas Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for ERY and 0.42% for IYE.
IYE currently has the higher Sharpe Ratio (1.80 vs -1.15), 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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