GAVA vs. ERX

Last updated Aug 2, 2026

GAVA (Grayscale Avalanche Staking ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - GAVA is a Cryptocurrency fund actively managed by Grayscale, while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). GAVA is actively managed, while ERX is passively managed. Their -0.30 correlation means they have often moved in opposite directions in the past. GAVA charges 0.35%/yr vs 0.91%/yr for ERX.

Performance

GAVA vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAVA

• 1D: -1.11%
• 1M: -5.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

ERX

• 1D: 1.98%
• 1M: 23.93%
• 6M: 32.46%
• YTD: 71.01%
• 1Y: 85.96%
• 3Y*: 17.67%
• 5Y*: 35.70%
• 10Y*: -8.11%
• ALL TIME*: -6.99%

*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	$22.14M	$22.35M	$28.47M
GAVA Grayscale Avalanche Staking ETF	$25.36K	$35.54K	$52.60K

GAVA vs. ERX - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-32.74%
ERX Direxion Daily Energy Bull 2X Shares	7.31%

Correlation

The correlation between GAVA and ERX is -0.30, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026	-0.30

Return for Risk

GAVA vs. ERX — Risk / Return Rank

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

GAVA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

ERX

ERX Risk / Return Rank: 71
ERX Sharpe Ratio Rank: 82
ERX Sortino Ratio Rank: 72
ERX Omega Ratio Rank: 69
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 57

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.

GAVA vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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.

	GAVA	ERX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.88	—
Sortino ratio: Return per unit of downside risk	—	2.31	—
Omega ratio: Gain probability vs. loss probability	—	1.29	—
Calmar ratio: Return relative to maximum drawdown	—	2.65	—
Martin ratio: Return relative to average drawdown	—	6.74	—

Drawdowns

GAVA vs. ERX - Drawdown Comparison

The maximum GAVA drawdown since its inception was -40.42%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for GAVA and ERX.

Drawdown Indicators

	GAVA	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-99.54%	+59.12%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.97%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-42.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.59%	—
Current Drawdown Current decline from peak	-37.27%	-91.37%	+54.10%
Average Drawdown Average peak-to-trough decline	-19.71%	-67.24%	+47.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.83%	—

Volatility

Volatility by Period

	GAVA	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	11.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.76%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.40%	42.31%	+10.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.40%	51.50%	+0.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.40%	68.84%	-16.44%

GAVA vs. ERX - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

GAVA vs. ERX - Dividend Comparison

GAVA has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.49%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.49%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GAVA and ERX in my portfolio?

GAVA and ERX have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or ERX?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or ERX?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.91% for ERX.

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

ERX has the higher dividend yield at 1.49%, compared with 0.00% for GAVA.

What is the main difference between GAVA and ERX?

GAVA is categorized as Cryptocurrency, while ERX is Energy Equities. They also come from different issuers: Grayscale and Direxion. Their fees differ too: 0.35% for GAVA and 0.91% for ERX.