ERY vs. UCO
Compare and contrast key facts about Direxion Daily Energy Bear 2X Shares (ERY) and ProShares Ultra Bloomberg Crude Oil (UCO).
ERY and UCO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ERY is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (-300%). It was launched on Apr 1, 2020. UCO is a passively managed fund by ProShares that tracks the performance of the Dow Jones-UBS Crude Oil Sub-Index (200%). It was launched on Nov 24, 2008. Both ERY and UCO are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
ERY vs. UCO - Performance Comparison
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ERY vs. UCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -44.19% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
UCO ProShares Ultra Bloomberg Crude Oil | 92.55% | -29.75% | 5.36% | -13.89% | 39.71% | 139.26% | -92.91% | 53.83% | -43.26% | 0.34% |
Returns By Period
In the year-to-date period, ERY achieves a -44.19% return, which is significantly lower than UCO's 92.55% return. Over the past 10 years, ERY has underperformed UCO with an annualized return of -36.24%, while UCO has yielded a comparatively higher -9.67% annualized return.
ERY
- 1D
- 7.30%
- 1M
- -8.10%
- YTD
- -44.19%
- 6M
- -44.94%
- 1Y
- -44.52%
- 3Y*
- -26.22%
- 5Y*
- -40.95%
- 10Y*
- -36.24%
UCO
- 1D
- -5.34%
- 1M
- 34.20%
- YTD
- 92.55%
- 6M
- 67.42%
- 1Y
- 37.47%
- 3Y*
- 12.01%
- 5Y*
- 21.35%
- 10Y*
- -9.67%
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ERY vs. UCO - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than UCO's 0.95% expense ratio.
Return for Risk
ERY vs. UCO — Risk / Return Rank
ERY
UCO
ERY vs. UCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and ProShares Ultra Bloomberg Crude Oil (UCO). 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 | UCO | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.90 | 0.66 | -1.55 |
Sortino ratioReturn per unit of downside risk | -1.40 | 1.20 | -2.60 |
Omega ratioGain probability vs. loss probability | 0.84 | 1.15 | -0.31 |
Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.08 | -1.76 |
Martin ratioReturn relative to average drawdown | -1.32 | 1.80 | -3.12 |
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 | UCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.90 | 0.66 | -1.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.79 | 0.36 | -1.15 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.51 | -0.14 | -0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.55 | -0.36 | -0.19 |
Correlation
The correlation between ERY and UCO is -0.64. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
ERY vs. UCO - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.73%, while UCO has not paid dividends to shareholders.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.73% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
UCO ProShares Ultra Bloomberg Crude Oil | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
ERY vs. UCO - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum UCO drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ERY and UCO.
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Drawdown Indicators
| ERY | UCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.95% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -65.95% | -34.77% | -31.18% |
Max Drawdown (5Y)Largest decline over 5 years | -94.36% | -67.24% | -27.12% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -98.75% | -0.91% |
Current DrawdownCurrent decline from peak | -99.99% | -99.40% | -0.59% |
Average DrawdownAverage peak-to-trough decline | -96.89% | -85.35% | -11.54% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.29% | 20.76% | +13.53% |
Volatility
ERY vs. UCO - Volatility Comparison
The current volatility for Direxion Daily Energy Bear 2X Shares (ERY) is 12.55%, while ProShares Ultra Bloomberg Crude Oil (UCO) has a volatility of 25.64%. This indicates that ERY experiences smaller price fluctuations and is considered to be less risky than UCO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | UCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.55% | 25.64% | -13.09% |
Volatility (6M)Calculated over the trailing 6-month period | 28.79% | 40.74% | -11.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.79% | 57.38% | -7.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.11% | 59.11% | -7.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.72% | 71.31% | -0.59% |