ERY vs. XES
ERY (Direxion Daily Energy Bear 2X Shares) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, ERY returned -33.07%/yr vs -3.54%/yr for XES. At a correlation of -0.86, they often move in opposite directions. ERY charges 1.07%/yr vs 0.35%/yr for XES.
Performance
ERY vs. XES - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -35.74% return, which is significantly lower than XES's 40.73% return. Over the past 10 years, ERY has underperformed XES with an annualized return of -33.07%, while XES has yielded a comparatively higher -3.54% annualized return.
ERY
- 1D
- -2.68%
- 1M
- 18.36%
- YTD
- -35.74%
- 6M
- -37.04%
- 1Y
- -38.62%
- 3Y*
- -25.46%
- 5Y*
- -36.29%
- 10Y*
- -33.07%
XES
- 1D
- 1.32%
- 1M
- -11.23%
- YTD
- 40.73%
- 6M
- 41.57%
- 1Y
- 73.41%
- 3Y*
- 18.25%
- 5Y*
- 13.23%
- 10Y*
- -3.54%
ERY vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -35.74% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 40.73% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
Correlation
The correlation between ERY and XES is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.77 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.83 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.86 |
The correlation between ERY and XES shifts across timeframes, from -0.86 (all time) to -0.71 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
ERY vs. XES — Risk / Return Rank
ERY
XES
ERY vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.30 | ||
| Sortino ratioReturn per unit of downside risk | -4.36 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.37 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 4.91 | -5.59 |
| Martin ratioReturn relative to average drawdown | -1.23 | 17.76 | -18.99 |
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Drawdowns
ERY vs. XES - Drawdown Comparison
The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for ERY and XES.
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Drawdown Indicators
| ERY | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -95.65% | -4.34% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -15.03% | -41.85% |
Max Drawdown (3Y)Largest decline over 3 years | -67.94% | -45.95% | -21.99% |
Max Drawdown (5Y)Largest decline over 5 years | -94.04% | -45.95% | -48.09% |
Max Drawdown (10Y)Largest decline over 10 years | -99.66% | -91.23% | -8.43% |
Current DrawdownCurrent decline from peak | -99.99% | -72.82% | -27.17% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -54.39% | -42.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.56% | 4.22% | +27.34% |
Volatility
ERY vs. XES - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 14.06% compared to SPDR S&P Oil & Gas Equipment & Services ETF (XES) at 10.34%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERY | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.06% | 10.34% | +3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 20.79% | +12.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.78% | 31.22% | +10.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.83% | 39.01% | +12.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.63% | 45.00% | +25.63% |
ERY vs. XES - Expense Ratio Comparison
ERY has a 1.07% expense ratio, which is higher than XES's 0.35% expense ratio.
Dividends
ERY vs. XES - Dividend Comparison
ERY's dividend yield for the trailing twelve months is around 3.24%, more than XES's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.24% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% | 0.00% | 0.00% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.48% | 1.69% | 1.31% | 0.66% | 0.36% | 1.81% | 1.33% | 1.43% | 1.14% | 1.68% | 0.64% | 2.47% |
Frequently Asked Questions
ERY and XES have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERY has higher volatility (14.06%) compared to XES (10.34%). In terms of maximum drawdown, ERY dropped -99.99% vs XES's -95.65%.
On 10-year performance, XES leads with -3.54% vs -33.07% for ERY. On fees, XES is cheaper at 0.35% per year. On volatility, XES has been the lower-risk option at 10.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XES has performed better with a -3.54% return vs -33.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 1.07% for ERY.
ERY has the higher dividend yield at 3.24%, compared with 1.48% for XES.
ERY is categorized as Leveraged Equities, while XES is Energy Equities. ERY tracks Energy Select Sector Index (-300%), while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for ERY and 0.35% for XES.
XES currently has the higher Sharpe Ratio (2.37 vs -0.93), 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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