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 -33.12%/yr vs -41.08%/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 -43.69% return, which is significantly lower than SPXS's -22.52% return. Over the past 10 years, ERY has outperformed SPXS with an annualized return of -33.12%, while SPXS has yielded a comparatively lower -41.08% 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%
SPXS
- 1D
- 3.13%
- 1M
- -0.87%
- 6M
- -19.69%
- YTD
- -22.52%
- 1Y
- -37.99%
- 3Y*
- -38.44%
- 5Y*
- -33.21%
- 10Y*
- -41.08%
ERY vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -22.52% | -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 -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| 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 | 0.28 |
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 SPXS shifts across timeframes, from -0.14 (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 | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.38 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.83 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.85 | -0.87 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.49 | +0.07 |
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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% | -43.64% | -13.24% |
Max Drawdown (3Y)Largest decline over 3 years | -65.95% | -84.13% | +18.18% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -90.11% | -3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.56% | -0.10% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.92% | -96.31% | -0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.81% | 25.51% | +8.30% |
Volatility
ERY vs. SPXS - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 12.82% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.01%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. 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 | 12.82% | 11.01% | +1.81% |
Volatility (6M)Calculated over the trailing 6-month period | 32.88% | 30.20% | +2.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.84% | 37.79% | +4.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.62% | 50.74% | +0.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.39% | 53.51% | +16.88% |
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 3.28%, less than SPXS's 4.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.38% | 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 -0.14, 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 SPXS (11.01%). In terms of maximum drawdown, ERY dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, ERY leads with -33.12% vs -41.08% for SPXS. On fees, ERY is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 11.01%. 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 -33.12% return vs -41.08%. 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 4.38%, compared with 3.28% 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.
SPXS currently has the higher Sharpe Ratio (-1.01 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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