ERY vs. SPXL
ERY (Direxion Daily Energy Bear 2X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - ERY tracks the Energy Select Sector Index (-300%) while SPXL tracks the S&P 500. Both are passively managed. Over the past 10 years, ERY returned -33.12%/yr vs 28.37%/yr for SPXL. At a correlation of -0.61, they often move in opposite directions. ERY charges 1.07%/yr vs 0.84%/yr for SPXL.
Performance
ERY vs. SPXL - 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 SPXL's 20.97% return. Over the past 10 years, ERY has underperformed SPXL with an annualized return of -33.12%, while SPXL has yielded a comparatively higher 28.37% 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%
SPXL
- 1D
- -3.10%
- 1M
- 0.49%
- 6M
- 16.58%
- YTD
- 20.97%
- 1Y
- 47.72%
- 3Y*
- 41.59%
- 5Y*
- 20.48%
- 10Y*
- 28.37%
ERY vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 20.97% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 102.80% | -25.11% | 71.03% |
Correlation
The correlation between ERY and SPXL is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.29 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.61 |
The correlation between ERY and SPXL shifts across timeframes, from -0.61 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. SPXL — Risk / Return Rank
ERY
SPXL
ERY vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.65 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.23 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | 1.79 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.42 | 7.05 | -8.48 |
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Drawdowns
ERY vs. SPXL - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ERY and SPXL.
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Drawdown Indicators
| ERY | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -76.86% | -23.13% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -26.77% | -30.11% |
Max Drawdown (3Y)Largest decline over 3 years | -65.95% | -48.95% | -17.00% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -63.80% | -30.24% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -76.86% | -22.80% |
Current DrawdownCurrent decline from peak | -99.99% | -7.56% | -92.43% |
Average DrawdownAverage peak-to-trough decline | -96.92% | -16.06% | -80.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.81% | 6.79% | +27.02% |
Volatility
ERY vs. SPXL - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 12.82% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.10%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.82% | 11.10% | +1.72% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 30.23% | +2.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.84% | 37.82% | +4.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.62% | 50.59% | +1.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.39% | 53.39% | +17.00% |
ERY vs. SPXL - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
ERY vs. SPXL - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.28%, more than SPXL's 0.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.54% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
ERY and SPXL have a correlation of 0.14, 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 SPXL (11.10%). In terms of maximum drawdown, ERY dropped -99.99% vs SPXL's -76.86%.
On 10-year performance, SPXL leads with 28.37% vs -33.12% for ERY. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPXL has performed better with a 28.37% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.28%, compared with 0.54% for SPXL.
ERY tracks Energy Select Sector Index (-300%), while SPXL tracks S&P 500. Their fees differ too: 1.07% for ERY and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.27 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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