IEZ vs. ERX

Last updated Aug 5, 2026

IEZ (iShares U.S. Oil Equipment & Services ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, IEZ returned -1.17%/yr vs -9.16%/yr for ERX. Their correlation of 0.88 means they have usually moved in the same direction. IEZ charges 0.42%/yr vs 0.91%/yr for ERX.

Performance

IEZ vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Oil Equipment & Services ETF (IEZ) 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, IEZ achieves a 35.92% return, which is significantly lower than ERX's 64.87% return. Over the past 10 years, IEZ has outperformed ERX with an annualized return of -1.17%, while ERX has yielded a comparatively lower -9.16% annualized return.

IEZ

• 1D: 2.54%
• 1M: 9.13%
• 6M: 8.39%
• YTD: 35.92%
• 1Y: 63.51%
• 3Y*: 7.53%
• 5Y*: 18.66%
• 10Y*: -1.17%
• ALL TIME*: -1.80%

ERX

• 1D: -1.02%
• 1M: 19.48%
• 6M: 24.53%
• YTD: 64.87%
• 1Y: 80.43%
• 3Y*: 16.45%
• 5Y*: 35.08%
• 10Y*: -9.16%
• ALL TIME*: -7.18%

*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	$21.67M	$22.94M	$27.89M
IEZ iShares U.S. Oil Equipment & Services ETF	$3.10M	$5.32M	$13.27M

IEZ vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEZ iShares U.S. Oil Equipment & Services ETF	35.92%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%
ERX Direxion Daily Energy Bull 2X Shares	64.87%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between IEZ and ERX is 0.68, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.68
Correlation (3Y) Balances recent behavior with more history.	0.78
Correlation (5Y) Shows whether the relationship held over a longer period.	0.84
Correlation (10Y) Provides a long-term view across more market conditions.	0.87
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008	0.88

Over the past year, the correlation between IEZ and ERX has dropped to 0.68 - well below their long-term average of 0.88, suggesting their price drivers have been diverging.

IEZ vs. ERX - Sectors Allocation Comparison

Sectors	IEZ	ERX
Energy	99.1%	100.0%
Utilities	1.0%	-
Industrials	0.9%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

IEZ vs. ERX — Risk / Return Rank

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

IEZ

IEZ Risk / Return Rank: 78
IEZ Sharpe Ratio Rank: 86
IEZ Sortino Ratio Rank: 79
IEZ Omega Ratio Rank: 76
IEZ Calmar Ratio Rank: 79
IEZ Martin Ratio Rank: 69

ERX

ERX Risk / Return Rank: 64
ERX Sharpe Ratio Rank: 75
ERX Sortino Ratio Rank: 62
ERX Omega Ratio Rank: 59
ERX Calmar Ratio Rank: 69
ERX Martin Ratio Rank: 53

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.

IEZ vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil Equipment & Services ETF (IEZ) 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.

	IEZ	ERX	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.92	+0.32
Sortino ratio: Return per unit of downside risk	2.87	2.35	+0.52
Omega ratio: Gain probability vs. loss probability	1.36	1.29	+0.07
Calmar ratio: Return relative to maximum drawdown	3.14	2.70	+0.44
Martin ratio: Return relative to average drawdown	9.47	6.81	+2.66

IEZ vs. ERX - Sharpe Ratio Comparison

The current IEZ Sharpe Ratio is 2.23, which is comparable to the ERX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IEZ 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

IEZ vs. ERX - Drawdown Comparison

The maximum IEZ drawdown since its inception was -92.52%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for IEZ and ERX.

Drawdown Indicators

	IEZ	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-99.54%	+7.02%
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	-29.97%	+9.63%
Max Drawdown (3Y) Largest decline over 3 years	-40.25%	-42.34%	+2.09%
Max Drawdown (5Y) Largest decline over 5 years	-40.25%	-46.90%	+6.65%
Max Drawdown (10Y) Largest decline over 10 years	-88.29%	-98.59%	+10.30%
Current Drawdown Current decline from peak	-55.14%	-91.68%	+36.54%
Average Drawdown Average peak-to-trough decline	-48.31%	-67.25%	+18.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	11.84%	-5.11%

Volatility

IEZ vs. ERX - Volatility Comparison

The current volatility for iShares U.S. Oil Equipment & Services ETF (IEZ) is 8.13%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.50%. This indicates that IEZ 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

	IEZ	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	12.50%	-4.37%
Volatility (6M) Calculated over the trailing 6-month period	20.82%	33.60%	-12.78%
Volatility (1Y) Calculated over the trailing 1-year period	28.61%	42.22%	-13.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.87%	51.44%	-15.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.46%	68.84%	-27.38%

IEZ vs. ERX - Expense Ratio Comparison

IEZ has a 0.42% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

IEZ vs. ERX - Dividend Comparison

IEZ's dividend yield for the trailing twelve months is around 1.22%, less than ERX's 1.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.55%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
IEZ iShares U.S. Oil Equipment & Services ETF	1.22%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%

Frequently Asked Questions

Can I hold both IEZ and ERX in my portfolio?

IEZ and ERX have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IEZ or ERX?

ERX has higher volatility (12.50%) compared to IEZ (8.13%). In terms of maximum drawdown, IEZ dropped -92.52% vs ERX's -99.54%.

Which ETF is better, IEZ or ERX?

On 10-year performance, IEZ leads with -1.17% vs -9.16% for ERX. On fees, IEZ is cheaper at 0.42% per year. On volatility, IEZ has been the lower-risk option at 8.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IEZ or ERX?

Over the 10-year period, IEZ has performed better with a -1.17% return vs -9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IEZ or ERX?

IEZ is cheaper with a 0.42% expense ratio, compared with 0.91% for ERX.

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

ERX has the higher dividend yield at 1.55%, compared with 1.22% for IEZ.

What is the main difference between IEZ and ERX?

IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.42% for IEZ and 0.91% for ERX.

Which has better risk-adjusted returns?

IEZ currently has the higher Sharpe Ratio (2.23 vs 1.92), 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.