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 -37.56%/yr vs 13.41%/yr for QTAP. At a correlation of -0.18, 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 -42.37% return, which is significantly lower than QTAP's 12.81% 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%
QTAP
- 1D
- -1.54%
- 1M
- 0.15%
- YTD
- 12.81%
- 6M
- 13.51%
- 1Y
- 23.86%
- 3Y*
- 20.37%
- 5Y*
- 13.41%
- 10Y*
- —
ERY vs. QTAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -42.37% | -18.54% | -5.58% | -0.35% | -73.61% | -36.42% |
QTAP Innovator Growth Accelerated Plus ETF - April | 12.81% | 19.36% | 17.34% | 43.32% | -25.87% | 15.63% |
Correlation
The correlation between ERY and QTAP is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2021 | -0.18 |
The correlation between ERY and QTAP shifts across timeframes, from -0.18 (5 years) to 0.16 (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.
| ERY | QTAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -5.46 | ||
| Sortino ratioReturn per unit of downside risk | -9.26 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 2.08 | -1.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | 13.95 | -14.87 |
| Martin ratioReturn relative to average drawdown | -1.69 | 70.86 | -72.55 |
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 | QTAP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.31 | 4.15 | -5.46 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.73 | 0.71 | -1.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.47 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.73 | -1.28 |
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 | -58.18% | -1.72% | -56.46% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -13.03% | -54.91% |
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% | -1.72% | -98.27% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -5.03% | -91.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.64% | 0.34% | +33.30% |
Volatility
ERY vs. QTAP - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 14.54% compared to Innovator Growth Accelerated Plus ETF - April (QTAP) at 2.03%. 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 | 14.54% | 2.03% | +12.51% |
Volatility (6M)Calculated over the trailing 6-month period | 32.77% | 4.31% | +28.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.82% | 5.80% | +35.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.90% | 18.89% | +33.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.61% | 18.77% | +51.84% |
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 3.61%, 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 | 3.61% | 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 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (14.54%) compared to QTAP (2.03%). In terms of maximum drawdown, ERY dropped -99.99% vs QTAP's -29.44%.
On 5-year performance, QTAP leads with 13.41% vs -37.56% for ERY. On fees, QTAP is cheaper at 0.79% per year. On volatility, QTAP has been the lower-risk option at 2.03%. 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 13.41% return vs -37.56%. 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 3.61%, 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 (4.15 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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