ERY vs. QTAP
ERY (Direxion Daily Energy Bear 2X Shares) and QTAP (Innovator Growth Accelerated Plus ETF - April) are both Leveraged Equities funds. ERY is passively managed, while QTAP is actively managed. Over the past 5 years, ERY returned -35.93%/yr vs 12.76%/yr for QTAP. At a correlation of -0.17, they often move in opposite directions. ERY charges 1.07%/yr vs 0.79%/yr for QTAP.
Performance
ERY vs. QTAP - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -35.79% return, which is significantly lower than QTAP's 13.22% 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%
QTAP
- 1D
- 0.41%
- 1M
- -1.07%
- YTD
- 13.22%
- 6M
- 13.12%
- 1Y
- 21.83%
- 3Y*
- 20.17%
- 5Y*
- 12.76%
- 10Y*
- —
ERY vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -35.79% | -18.54% | -5.58% | -0.35% | -73.61% | -39.90% |
QTAP Innovator Growth Accelerated Plus ETF - April | 13.22% | 19.36% | 17.34% | 43.32% | -25.87% | 15.95% |
Correlation
The correlation between ERY and QTAP is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.05 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 1, 2021 | -0.17 |
The correlation between ERY and QTAP shifts across timeframes, from -0.18 (5 years) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. QTAP — Risk / Return Rank
ERY
QTAP
ERY vs. QTAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and Innovator Growth Accelerated Plus ETF - April (QTAP). 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 | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.68 | ||
| Sortino ratioReturn per unit of downside risk | -7.53 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.91 | -1.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 8.80 | -9.57 |
| Martin ratioReturn relative to average drawdown | -1.37 | 48.87 | -50.24 |
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Drawdowns
ERY vs. QTAP - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than QTAP's maximum drawdown of -29.44%. Use the drawdown chart below to compare losses from any high point for ERY and QTAP.
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Drawdown Indicators
| ERY | QTAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -29.44% | -70.55% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -2.49% | -54.39% |
Max Drawdown (3Y)Largest decline over 3 years | -66.61% | -13.03% | -53.58% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -29.44% | -64.60% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -1.36% | -98.63% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -4.99% | -91.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.93% | 0.45% | +31.48% |
Volatility
ERY vs. QTAP - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 13.80% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 3.01%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than QTAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | QTAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.80% | 3.01% | +10.79% |
Volatility (6M)Calculated over the trailing 6-month period | 33.50% | 4.94% | +28.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.48% | 6.05% | +35.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.86% | 18.92% | +32.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.53% | 18.70% | +51.83% |
ERY vs. QTAP - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than QTAP's 0.79% expense ratio.
Dividends
ERY vs. QTAP - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 2.87%, while QTAP 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% |
QTAP Innovator Growth Accelerated Plus ETF - April | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ERY and QTAP have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (13.80%) compared to QTAP (3.01%). In terms of maximum drawdown, ERY dropped -99.99% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 12.76% vs -35.93% for ERY. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QTAP has performed better with a 12.76% return vs -35.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QTAP is cheaper with a 0.79% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 2.87%, compared with 0.00% for QTAP.
They also come from different issuers: Direxion and Innovator. Their fees differ too: 1.07% for ERY and 0.79% for QTAP.
QTAP currently has the higher Sharpe Ratio (3.62 vs -1.06), 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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