ERY vs. SPXS
ERY (Direxion Daily Energy Bear 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 10 years, ERY returned -33.62%/yr vs -42.33%/yr for SPXS. A 0.61 correlation means they provide meaningful diversification when combined. ERY charges 1.07%/yr vs 1.08%/yr for SPXS.
Performance
ERY vs. SPXS - 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 SPXS's -19.79% return. Over the past 10 years, ERY has outperformed SPXS with an annualized return of -33.62%, while SPXS has yielded a comparatively lower -42.33% annualized 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%
SPXS
- 1D
- 0.04%
- 1M
- 6.38%
- YTD
- -19.79%
- 6M
- -16.59%
- 1Y
- -41.52%
- 3Y*
- -40.72%
- 5Y*
- -33.23%
- 10Y*
- -42.33%
ERY vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -35.79% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -19.79% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
Correlation
The correlation between ERY and SPXS is -0.09, 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 (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.30 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | 0.61 |
The correlation between ERY and SPXS shifts across timeframes, from -0.09 (1 year) to 0.61 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. SPXS — Risk / Return Rank
ERY
SPXS
ERY vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.10 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.81 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | -0.91 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.60 | +0.24 |
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Drawdowns
ERY vs. SPXS - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for ERY and SPXS.
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Drawdown Indicators
| ERY | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -100.00% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -45.74% | -11.14% |
Max Drawdown (3Y)Largest decline over 3 years | -66.61% | -84.13% | +17.52% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -90.11% | -3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.61% | -0.05% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -96.29% | -0.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.93% | 27.24% | +4.69% |
Volatility
ERY vs. SPXS - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) and Direxion Daily S&P 500 Bear 3X Shares (SPXS) have volatilities of 13.80% and 14.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.80% | 14.10% | -0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 33.50% | 29.36% | +4.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.48% | 37.23% | +4.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.86% | 50.68% | +1.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.53% | 53.57% | +16.96% |
ERY vs. SPXS - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
ERY vs. SPXS - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 2.87%, less than SPXS's 4.23% yield.
| 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.23% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
ERY and SPXS have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPXS has higher volatility (14.10%) compared to ERY (13.80%). In terms of maximum drawdown, ERY dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, ERY leads with -33.62% vs -42.33% for SPXS. On fees, ERY is cheaper at 1.07% per year. On volatility, ERY has been the lower-risk option at 13.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERY has performed better with a -33.62% return vs -42.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERY is cheaper with a 1.07% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.23%, compared with 2.87% for ERY.
ERY is categorized as Leveraged Equities, while SPXS is Inverse Equities. ERY tracks Energy Select Sector Index (-300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.07% for ERY and 1.08% for SPXS.
ERY currently has the higher Sharpe Ratio (-1.06 vs -1.12), 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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