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 -32.93%/yr vs 9.19%/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
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Returns By Period
In the year-to-date period, ERY achieves a -34.41% return, which is significantly lower than XLE's 21.47% return. Over the past 10 years, ERY has underperformed XLE with an annualized return of -32.93%, while XLE has yielded a comparatively higher 9.19% annualized return.
ERY
- 1D
- 3.46%
- 1M
- 20.80%
- YTD
- -34.41%
- 6M
- -35.32%
- 1Y
- -41.89%
- 3Y*
- -24.95%
- 5Y*
- -35.66%
- 10Y*
- -32.93%
XLE
- 1D
- -1.63%
- 1M
- -9.30%
- YTD
- 21.47%
- 6M
- 22.40%
- 1Y
- 30.11%
- 3Y*
- 15.10%
- 5Y*
- 18.36%
- 10Y*
- 9.19%
ERY vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -34.41% | -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 | 21.47% | 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 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 | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.53 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.24 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.15 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.32 | 6.33 | -7.65 |
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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% | -14.05% | -42.83% |
Max Drawdown (3Y)Largest decline over 3 years | -66.78% | -20.14% | -46.64% |
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% | -13.75% | -86.24% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -17.96% | -78.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.80% | 4.77% | +27.03% |
Volatility
ERY vs. XLE - Volatility Comparison
Direxion Daily Energy Bear 2X Shares (ERY) has a higher volatility of 14.27% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.16%. 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 | 14.27% | 7.16% | +7.11% |
Volatility (6M)Calculated over the trailing 6-month period | 33.50% | 16.92% | +16.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.51% | 20.83% | +20.68% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.85% | 25.99% | +25.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.54% | 29.60% | +40.94% |
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 2.81%, which matches XLE's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | 2.81% | 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 | 2.83% | 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 (14.27%) compared to XLE (7.16%). In terms of maximum drawdown, ERY dropped -99.99% vs XLE's -71.26%.
On 10-year performance, XLE leads with 9.19% vs -32.93% for ERY. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.16%. 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 9.19% return vs -32.93%. 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.
XLE has the higher dividend yield at 2.83%, compared with 2.81% for ERY.
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 (1.46 vs -1.01), 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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