ERY vs. XLE
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 -33.66%/yr vs 10.08%/yr for XLE. Their -0.99 correlation means they have often moved in opposite directions in the past. ERY charges 1.07%/yr vs 0.08%/yr for XLE.
Performance
ERY vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, ERY achieves a -45.68% return, which is significantly lower than XLE's 33.31% return. Over the past 10 years, ERY has underperformed XLE with an annualized return of -33.66%, while XLE has yielded a comparatively higher 10.08% annualized return.
ERY
- 1D
- 2.70%
- 1M
- -18.25%
- 6M
- -31.53%
- YTD
- -45.68%
- 1Y
- -51.27%
- 3Y*
- -23.92%
- 5Y*
- -40.86%
- 10Y*
- -33.66%
- ALL TIME*
- -39.24%
XLE
- 1D
- -1.28%
- 1M
- 10.47%
- 6M
- 19.08%
- YTD
- 33.31%
- 1Y
- 41.66%
- 3Y*
- 14.20%
- 5Y*
- 23.80%
- 10Y*
- 10.08%
- ALL TIME*
- 8.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $12.35M | $13.31M | $21.42M | |
| $1.70B | $1.73B | $1.97B |
ERY vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -45.68% | -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 | 33.31% | 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 have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 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.
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Return for Risk
ERY vs. XLE — Risk / Return Rank
ERY
XLE
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.
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 | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.22 | ||
| Sortino ratioReturn per unit of downside risk | -4.66 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.32 | -0.53 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 2.79 | -3.70 |
| Martin ratioReturn relative to average drawdown | -1.44 | 7.45 | -8.90 |
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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
| ERY | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -71.26% | -28.73% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -14.98% | -41.90% |
Max Drawdown (3Y)Largest decline over 3 years | -65.95% | -20.14% | -45.81% |
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 DrawdownCurrent decline from peak | -99.99% | -5.35% | -94.64% |
Average DrawdownAverage peak-to-trough decline | -96.93% | -17.93% | -79.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.56% | 5.60% | +29.96% |
Volatility
ERY vs. XLE - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 12.62% compared to State Street Energy Select Sector SPDR ETF (XLE) at 6.13%. 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
| ERY | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.62% | 6.13% | +6.49% |
Volatility (6M)Calculated over the trailing 6-month period | 33.25% | 16.74% | +16.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.99% | 21.04% | +20.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.41% | 25.77% | +25.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.31% | 29.58% | +40.73% |
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 3.40%, more than XLE's 2.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 3.40% | 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 | 2.58% | 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 (12.62%) compared to XLE (6.13%). In terms of maximum drawdown, ERY dropped -99.99% vs XLE's -71.26%.
On 10-year performance, XLE leads with 10.08% vs -33.66% for ERY. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 6.13%. 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 10.08% return vs -33.66%. 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 3.40%, compared with 2.58% 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 (1.99 vs -1.23), 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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