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ERY vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ERY vs. XLE

Last updated Jun 4, 2026

ERY (Direxion Daily Energy Bear 2X Shares) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - ERY is a Leveraged Equities fund tracking the Energy Select Sector Index (-300%), while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, ERY returned -34.29%/yr vs 10.22%/yr for XLE. At a correlation of -0.99, they often move in opposite directions. ERY charges 1.07%/yr vs 0.08%/yr for XLE.

Performance

ERY vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Energy Bear 2X Shares (ERY) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, ERY achieves a -44.49% return, which is significantly lower than XLE's 32.17% return. Over the past 10 years, ERY has underperformed XLE with an annualized return of -34.29%, while XLE has yielded a comparatively higher 10.22% annualized return.

ERY

1D
-2.75%
1M
1.29%
YTD
-44.49%
6M
-42.45%
1Y
-53.20%
3Y*
-27.86%
5Y*
-38.03%
10Y*
-34.29%

XLE

1D
1.29%
1M
-1.14%
YTD
32.17%
6M
29.80%
1Y
45.00%
3Y*
17.46%
5Y*
20.44%
10Y*
10.22%
*Multi-year figures are annualized to reflect compound growth (CAGR)

ERY vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ERY
Direxion Daily Energy Bear 2X Shares		-44.49%-18.54%-5.58%-0.35%-73.61%-68.00%-11.94%-38.67%45.61%-5.67%
XLE
State Street Energy Select Sector SPDR ETF		32.17%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Correlation

The correlation between ERY and XLE is -1.00, 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

-1.00

Correlation (3Y)
Calculated over the trailing 3-year period

-1.00

Correlation (5Y)
Calculated over the trailing 5-year period

-1.00

Correlation (10Y)
Calculated over the trailing 10-year period

-0.99

Correlation (All Time)
Calculated using the full available price history since Nov 20, 2008

-0.99

The correlation between ERY and XLE has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Energy Bear 2X Shares

State Street Energy Select Sector SPDR ETF

Often compared with ERY:
ERY vs. ERXERY vs. DRIPERY vs. DUGERY vs. TECLERY vs. EINCERY vs. SPYERY vs. CRAK
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

ERY vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ERY
ERY Risk / Return Rank: 11
Overall Rank
ERY Sharpe Ratio Rank: 00
Sharpe Ratio Rank
ERY Sortino Ratio Rank: 00
Sortino Ratio Rank
ERY Omega Ratio Rank: 11
Omega Ratio Rank
ERY Calmar Ratio Rank: 11
Calmar Ratio Rank
ERY Martin Ratio Rank: 11
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 6363
Overall Rank
XLE Sharpe Ratio Rank: 6565
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 5959
Sortino Ratio Rank
XLE Omega Ratio Rank: 5656
Omega Ratio Rank
XLE Calmar Ratio Rank: 7373
Calmar Ratio Rank
XLE Martin Ratio Rank: 6060
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ERY vs. XLE - 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 Energy Select Sector SPDR ETF (XLE). 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.

ERYXLEDifference

Sharpe ratio

Return per unit of total volatility

-1.31

2.21

-3.51

Sortino ratio

Return per unit of downside risk

-2.26

2.84

-5.10

Omega ratio

Gain probability vs. loss probability

0.77

1.35

-0.58

Calmar ratio

Return relative to maximum drawdown

-0.89

3.75

-4.64

Martin ratio

Return relative to average drawdown

-1.60

10.92

-12.52

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERY vs. XLE - Sharpe Ratio Comparison

The current ERY Sharpe Ratio is -1.31, which is lower than the XLE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of ERY and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

ERYXLEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.31

2.21

-3.51

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.74

0.79

-1.53

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.49

0.35

-0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.55

0.31

-0.86

Drawdowns

ERY vs. XLE - Drawdown Comparison

The maximum ERY drawdown since its inception was -99.99%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for ERY and XLE.

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Drawdown Indicators

ERYXLEDifference

Max Drawdown

Largest peak-to-trough decline

-99.99%

-71.26%

-28.73%

Max Drawdown (1Y)

Largest decline over 1 year

-59.79%

-12.05%

-47.74%

Max Drawdown (3Y)

Largest decline over 3 years

-67.94%

-20.14%

-47.80%

Max Drawdown (5Y)

Largest decline over 5 years

-94.04%

-26.04%

-68.00%

Max Drawdown (10Y)

Largest decline over 10 years

-99.66%

-66.81%

-32.85%

Current Drawdown

Current decline from peak

-99.99%

-6.15%

-93.84%

Average Drawdown

Average peak-to-trough decline

-96.92%

-17.98%

-78.94%

Ulcer Index

Depth and duration of drawdowns from previous peaks

33.29%

4.14%

+29.15%

Volatility

ERY vs. XLE - Volatility Comparison

Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 16.11% compared to State Street Energy Select Sector SPDR ETF (XLE) at 8.25%. This indicates that ERY's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

ERYXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

16.11%

8.25%

+7.86%

Volatility (6M)

Calculated over the trailing 6-month period

32.78%

16.58%

+16.20%

Volatility (1Y)

Calculated over the trailing 1-year period

40.86%

20.53%

+20.33%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

51.89%

26.02%

+25.87%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

70.64%

29.59%

+41.05%

ERY vs. XLE - Expense Ratio Comparison

ERY has a 1.07% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

ERY vs. XLE - Dividend Comparison

ERY's dividend yield for the trailing twelve months is around 3.75%, more than XLE's 2.54% yield.

PositionTTM20252024202320222021202020192018201720162015
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%0.00%0.00%0.00%
XLE
State Street Energy Select Sector SPDR ETF		2.54%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

ERY and XLE have a correlation of -1.00, 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 XLE (8.25%). In terms of maximum drawdown, ERY dropped -99.99% vs XLE's -71.26%.

On 10-year performance, XLE leads with 10.22% vs -34.29% for ERY. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 8.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLE has performed better with a 10.22% return vs -34.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 1.07% for ERY.

ERY has the higher dividend yield at 3.75%, compared with 2.54% for XLE.

ERY is categorized as Leveraged Equities, while XLE is Energy Equities. ERY tracks Energy Select Sector Index (-300%), while XLE tracks Energy Select Sector Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for ERY and 0.08% for XLE.

XLE currently has the higher Sharpe Ratio (2.21 vs -1.31), 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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