ERY vs. NIOG

Last updated Jun 26, 2026

ERY (Direxion Daily Energy Bear 2X Shares) and NIOG (Leverage Shares 2X Long NIO Daily ETF) are both Leveraged Equities funds - ERY tracks the Energy Select Sector Index (-300%) while NIOG tracks the NIO Inc. (NIO). Both are passively managed. At a 0.07 correlation, their price movements are largely independent. ERY charges 1.07%/yr vs 0.75%/yr for NIOG.

Performance

ERY vs. NIOG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bear 2X Shares (ERY) and Leverage Shares 2X Long NIO Daily ETF (NIOG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ERY achieves a -35.79% return, which is significantly lower than NIOG's -30.21% return.

ERY

• 1D: -2.10%
• 1M: 12.20%
• YTD: -35.79%
• 6M: -36.68%
• 1Y: -43.63%
• 3Y*: -24.59%
• 5Y*: -35.93%
• 10Y*: -33.62%

NIOG

• 1D: -7.05%
• 1M: -21.38%
• YTD: -30.21%
• 6M: -25.91%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ERY vs. NIOG - Yearly Performance Comparison

	2026 (YTD)	2025
ERY Direxion Daily Energy Bear 2X Shares	-35.79%	-1.06%
NIOG Leverage Shares 2X Long NIO Daily ETF	-30.21%	3.25%

Correlation

The correlation between ERY and NIOG is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 18, 2025	0.07

Return for Risk

ERY vs. NIOG — Risk / Return Rank

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

ERY

ERY Risk / Return Rank: 2
ERY Sharpe Ratio Rank: 1
ERY Sortino Ratio Rank: 1
ERY Omega Ratio Rank: 2
ERY Calmar Ratio Rank: 3
ERY Martin Ratio Rank: 2

NIOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

ERY vs. NIOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and Leverage Shares 2X Long NIO Daily ETF (NIOG). 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	NIOG	Difference
Sharpe ratio: Return per unit of total volatility	-1.06	—	—
Sortino ratio: Return per unit of downside risk	-1.65	—	—
Omega ratio: Gain probability vs. loss probability	0.83	—	—
Calmar ratio: Return relative to maximum drawdown	-0.77	—	—
Martin ratio: Return relative to average drawdown	-1.37	—	—

Drawdowns

ERY vs. NIOG - Drawdown Comparison

The maximum ERY drawdown since its inception was -99.99%, which is greater than NIOG's maximum drawdown of -56.27%. Use the drawdown chart below to compare losses from any high point for ERY and NIOG.

Drawdown Indicators

	ERY	NIOG	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-56.27%	-43.72%
Max Drawdown (1Y) Largest decline over 1 year	-56.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-66.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.04%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	—	—
Current Drawdown Current decline from peak	-99.99%	-56.27%	-43.72%
Average Drawdown Average peak-to-trough decline	-96.91%	-22.75%	-74.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.93%	—	—

Volatility

Volatility by Period

	ERY	NIOG	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.80%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.50%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	41.48%	115.62%	-74.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.86%	115.62%	-63.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.53%	115.62%	-45.09%

ERY vs. NIOG - Expense Ratio Comparison

ERY has a 1.07% expense ratio, which is higher than NIOG's 0.75% expense ratio.

Dividends

ERY vs. NIOG - Dividend Comparison

ERY's dividend yield for the trailing twelve months is around 2.87%, while NIOG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ERY Direxion Daily Energy Bear 2X Shares	2.87%	3.48%	4.13%	4.14%	0.32%	0.00%	0.43%	1.50%	0.56%
NIOG Leverage Shares 2X Long NIO Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ERY and NIOG in my portfolio?

ERY and NIOG have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ERY or NIOG?

On fees, NIOG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ERY or NIOG?

NIOG is cheaper with a 0.75% expense ratio, compared with 1.07% for ERY.

Which ETF pays a higher dividend yield, ERY or NIOG?

ERY has the higher dividend yield at 2.87%, compared with 0.00% for NIOG.

What is the main difference between ERY and NIOG?

ERY tracks Energy Select Sector Index (-300%), while NIOG tracks NIO Inc. (NIO). They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.07% for ERY and 0.75% for NIOG.