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 -33.88%/yr vs -41.99%/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 -44.59% return, which is significantly lower than SPXS's -26.34% return. Over the past 10 years, ERY has outperformed SPXS with an annualized return of -33.88%, while SPXS has yielded a comparatively lower -41.99% annualized return.
ERY
- 1D
- -0.18%
- 1M
- 1.11%
- YTD
- -44.59%
- 6M
- -42.08%
- 1Y
- -55.06%
- 3Y*
- -28.20%
- 5Y*
- -38.05%
- 10Y*
- -33.88%
SPXS
- 1D
- -1.15%
- 1M
- -12.09%
- YTD
- -26.34%
- 6M
- -25.57%
- 1Y
- -49.42%
- 3Y*
- -43.02%
- 5Y*
- -34.91%
- 10Y*
- -41.99%
ERY vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.59% | -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 | -26.34% | -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 -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | 0.61 |
The correlation between ERY and SPXS shifts across timeframes, from -0.10 (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.
| ERY | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 0.76 | 0.75 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.92 | -0.98 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.64 | -0.01 |
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 | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.36 | -1.40 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.70 | -0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | -0.79 | +0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.84 | +0.29 |
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 | -59.79% | -50.77% | -9.02% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -84.13% | +16.19% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -90.11% | -3.93% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -99.63% | -0.03% |
Current DrawdownCurrent decline from peak | -99.99% | -100.00% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -96.30% | -0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.47% | 30.20% | +3.27% |
Volatility
ERY vs. SPXS - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 16.11% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.36%. 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 | 16.11% | 8.36% | +7.75% |
Volatility (6M)Calculated over the trailing 6-month period | 32.64% | 26.83% | +5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.81% | 35.52% | +5.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.89% | 50.38% | +1.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.62% | 53.53% | +17.09% |
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 3.75%, less than SPXS's 4.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.75% | 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 | 4.97% | 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 -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (16.11%) compared to SPXS (8.36%). In terms of maximum drawdown, ERY dropped -99.99% vs SPXS's -100.00%.
On 10-year performance, ERY leads with -33.88% vs -41.99% for SPXS. On fees, ERY is cheaper at 1.07% per year. On volatility, SPXS has been the lower-risk option at 8.36%. 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 -33.88% return vs -41.99%. 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 4.97%, compared with 3.75% 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 (-1.36 vs -1.40), 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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