FXN vs. ERX

Last updated Aug 4, 2026

FXN (First Trust Energy AlphaDEX Fund) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - FXN tracks the StrataQuant Energy Index while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, FXN returned 6.54%/yr vs -9.07%/yr for ERX. Their correlation of 0.93 means they have usually moved in the same direction. FXN charges 0.64%/yr vs 0.91%/yr for ERX.

Performance

FXN vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Energy AlphaDEX Fund (FXN) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FXN achieves a 34.12% return, which is significantly lower than ERX's 66.56% return. Over the past 10 years, FXN has outperformed ERX with an annualized return of 6.54%, while ERX has yielded a comparatively lower -9.07% annualized return.

FXN

• 1D: -0.77%
• 1M: 8.88%
• 6M: 23.33%
• YTD: 34.12%
• 1Y: 45.83%
• 3Y*: 10.71%
• 5Y*: 19.56%
• 10Y*: 6.54%
• ALL TIME*: 2.12%

ERX

• 1D: -2.60%
• 1M: 20.71%
• 6M: 34.28%
• YTD: 66.56%
• 1Y: 81.13%
• 3Y*: 16.84%
• 5Y*: 36.03%
• 10Y*: -9.07%
• ALL TIME*: -7.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ERX Direxion Daily Energy Bull 2X Shares	$21.45M	$22.83M	$28.29M
FXN First Trust Energy AlphaDEX Fund	$7.82M	$9.25M	$37.23M

FXN vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FXN First Trust Energy AlphaDEX Fund	34.12%	3.39%	0.27%	0.97%	46.92%	51.79%	-19.91%	-6.76%	-24.79%	-5.02%
ERX Direxion Daily Energy Bull 2X Shares	66.56%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between FXN and ERX is 0.93, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.93
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (5Y) Shows whether the relationship held over a longer period.	0.94
Correlation (10Y) Provides a long-term view across more market conditions.	0.93
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.93

The correlation between FXN and ERX has been stable across timeframes, ranging from 0.92 to 0.94 - a consistent structural relationship.

FXN vs. ERX - Sectors Allocation Comparison

Sectors	FXN	ERX
Energy	90.0%	100.0%
Technology	5.0%	-
Financial Services	2.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXN vs. ERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FXN

FXN Risk / Return Rank: 76
FXN Sharpe Ratio Rank: 81
FXN Sortino Ratio Rank: 75
FXN Omega Ratio Rank: 72
FXN Calmar Ratio Rank: 85
FXN Martin Ratio Rank: 67

ERX

ERX Risk / Return Rank: 70
ERX Sharpe Ratio Rank: 81
ERX Sortino Ratio Rank: 71
ERX Omega Ratio Rank: 68
ERX Calmar Ratio Rank: 75
ERX Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FXN vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Energy AlphaDEX Fund (FXN) and Direxion Daily Energy Bull 2X Shares (ERX). 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.

	FXN	ERX	Difference
Sharpe ratio: Return per unit of total volatility	1.99	1.93	+0.06
Sortino ratio: Return per unit of downside risk	2.56	2.36	+0.19
Omega ratio: Gain probability vs. loss probability	1.32	1.29	+0.03
Calmar ratio: Return relative to maximum drawdown	3.43	2.72	+0.71
Martin ratio: Return relative to average drawdown	8.58	6.90	+1.68

FXN vs. ERX - Sharpe Ratio Comparison

The current FXN Sharpe Ratio is 1.99, which is comparable to the ERX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of FXN and ERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FXN vs. ERX - Drawdown Comparison

The maximum FXN drawdown since its inception was -87.39%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for FXN and ERX.

Drawdown Indicators

	FXN	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-87.39%	-99.54%	+12.15%
Max Drawdown (1Y) Largest decline over 1 year	-13.41%	-29.97%	+16.56%
Max Drawdown (3Y) Largest decline over 3 years	-31.69%	-42.34%	+10.65%
Max Drawdown (5Y) Largest decline over 5 years	-31.69%	-46.90%	+15.21%
Max Drawdown (10Y) Largest decline over 10 years	-80.63%	-98.59%	+17.96%
Current Drawdown Current decline from peak	-5.06%	-91.59%	+86.53%
Average Drawdown Average peak-to-trough decline	-37.73%	-67.25%	+29.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.36%	11.81%	-6.45%

Volatility

FXN vs. ERX - Volatility Comparison

The current volatility for First Trust Energy AlphaDEX Fund (FXN) is 6.21%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.43%. This indicates that FXN experiences smaller price fluctuations and is considered to be less risky than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FXN	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.21%	12.43%	-6.22%
Volatility (6M) Calculated over the trailing 6-month period	17.24%	33.84%	-16.60%
Volatility (1Y) Calculated over the trailing 1-year period	23.15%	42.28%	-19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.71%	51.50%	-22.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.80%	68.84%	-34.04%

FXN vs. ERX - Expense Ratio Comparison

FXN has a 0.64% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

FXN vs. ERX - Dividend Comparison

FXN's dividend yield for the trailing twelve months is around 1.63%, more than ERX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.53%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
FXN First Trust Energy AlphaDEX Fund	1.63%	2.53%	2.50%	3.09%	2.28%	0.87%	4.71%	1.47%	1.43%	1.17%	1.05%	2.36%

Frequently Asked Questions

Can I hold both FXN and ERX in my portfolio?

With a correlation of 0.93, FXN and ERX move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, FXN or ERX?

ERX has higher volatility (12.43%) compared to FXN (6.21%). In terms of maximum drawdown, FXN dropped -87.39% vs ERX's -99.54%.

Which ETF is better, FXN or ERX?

On 10-year performance, FXN leads with 6.54% vs -9.07% for ERX. On fees, FXN is cheaper at 0.64% per year. On volatility, FXN has been the lower-risk option at 6.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXN or ERX?

Over the 10-year period, FXN has performed better with a 6.54% return vs -9.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXN or ERX?

FXN is cheaper with a 0.64% expense ratio, compared with 0.91% for ERX.

Which ETF pays a higher dividend yield, FXN or ERX?

FXN has the higher dividend yield at 1.63%, compared with 1.53% for ERX.

What is the main difference between FXN and ERX?

FXN tracks StrataQuant Energy Index, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.64% for FXN and 0.91% for ERX.

Which has better risk-adjusted returns?

FXN currently has the higher Sharpe Ratio (1.99 vs 1.93), 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.