ERY vs. SPY
ERY (Direxion Daily Energy Bear 2X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, ERY returned -32.85%/yr vs 15.08%/yr for SPY. At a correlation of -0.61, they often move in opposite directions. ERY charges 1.07%/yr vs 0.09%/yr for SPY.
Performance
ERY vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -42.31% return, which is significantly lower than SPY's 10.67% return. Over the past 10 years, ERY has underperformed SPY with an annualized return of -32.85%, while SPY has yielded a comparatively higher 15.08% annualized return.
ERY
- 1D
- -1.91%
- 1M
- -7.31%
- 6M
- -34.09%
- YTD
- -42.31%
- 1Y
- -47.55%
- 3Y*
- -25.66%
- 5Y*
- -40.21%
- 10Y*
- -32.85%
SPY
- 1D
- -0.54%
- 1M
- 0.31%
- 6M
- 9.02%
- YTD
- 10.67%
- 1Y
- 21.60%
- 3Y*
- 20.01%
- 5Y*
- 13.24%
- 10Y*
- 15.08%
ERY vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -42.31% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
SPY State Street SPDR S&P 500 ETF | 10.67% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between ERY and SPY is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
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 SPY shifts across timeframes, from -0.61 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. SPY — Risk / Return Rank
ERY
SPY
ERY vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.87 | ||
| Sortino ratioReturn per unit of downside risk | -4.23 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.31 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | 2.44 | -3.28 |
| Martin ratioReturn relative to average drawdown | -1.41 | 10.63 | -12.05 |
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Drawdowns
ERY vs. SPY - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for ERY and SPY.
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Drawdown Indicators
| ERY | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -55.19% | -44.80% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -8.88% | -48.00% |
Max Drawdown (3Y)Largest decline over 3 years | -65.95% | -18.76% | -47.19% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -24.50% | -69.54% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -33.72% | -65.94% |
Current DrawdownCurrent decline from peak | -99.99% | -0.91% | -99.08% |
Average DrawdownAverage peak-to-trough decline | -96.92% | -9.02% | -87.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.66% | 2.04% | +31.62% |
Volatility
ERY vs. SPY - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 12.72% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.72% | 3.58% | +9.14% |
Volatility (6M)Calculated over the trailing 6-month period | 33.06% | 10.02% | +23.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.83% | 12.58% | +29.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.63% | 17.17% | +34.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.39% | 17.93% | +52.46% |
ERY vs. SPY - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
ERY vs. SPY - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.20%, more than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.20% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
ERY and SPY have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (12.72%) compared to SPY (3.58%). In terms of maximum drawdown, ERY dropped -99.99% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.08% vs -32.85% for ERY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.08% return vs -32.85%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.20%, compared with 1.00% for SPY.
ERY is categorized as Leveraged Equities, while SPY is S&P 500. ERY tracks Energy Select Sector Index (-300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for ERY and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.72 vs -1.14), 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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