IRVH vs. ERX
IRVH (Global X Interest Rate Volatility & Inflation Hedge ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - IRVH is a Inflation-Protected Bonds fund actively managed by Global X, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). IRVH is actively managed, while ERX is passively managed. Over the past 3 years, IRVH returned -0.10%/yr vs 19.68%/yr for ERX. At a correlation of -0.02, they often move in opposite directions. IRVH charges 0.50%/yr vs 1.09%/yr for ERX.
Performance
IRVH vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, IRVH achieves a -4.34% return, which is significantly lower than ERX's 57.54% return.
IRVH
- 1D
- 0.00%
- 1M
- -0.86%
- 6M
- -3.96%
- YTD
- -4.34%
- 1Y
- -3.05%
- 3Y*
- -0.10%
- 5Y*
- —
- 10Y*
- —
ERX
- 1D
- 1.76%
- 1M
- 6.94%
- 6M
- 39.75%
- YTD
- 57.54%
- 1Y
- 68.66%
- 3Y*
- 19.68%
- 5Y*
- 34.10%
- 10Y*
- -10.35%
IRVH vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | -4.34% | 7.71% | -5.49% | 0.83% | -6.69% |
ERX Direxion Daily Energy Bull 2X Shares | 57.54% | 2.79% | 1.09% | -12.26% | 52.06% |
Correlation
The correlation between IRVH and ERX is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2022 | -0.02 |
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Return for Risk
IRVH vs. ERX — Risk / Return Rank
IRVH
ERX
IRVH vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) 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.
| IRVH | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -2.98 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.26 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.49 | 2.30 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.02 | 5.95 | -6.97 |
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Drawdowns
IRVH vs. ERX - Drawdown Comparison
The maximum IRVH drawdown since its inception was -14.98%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for IRVH and ERX.
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Drawdown Indicators
| IRVH | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.98% | -99.54% | +84.56% |
Max Drawdown (1Y)Largest decline over 1 year | -6.28% | -29.97% | +23.69% |
Max Drawdown (3Y)Largest decline over 3 years | -8.03% | -42.34% | +34.31% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.90% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -98.59% | — |
Current DrawdownCurrent decline from peak | -11.26% | -92.05% | +80.79% |
Average DrawdownAverage peak-to-trough decline | -9.74% | -67.18% | +57.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 11.57% | -8.57% |
Volatility
IRVH vs. ERX - Volatility Comparison
The current volatility for Global X Interest Rate Volatility & Inflation Hedge ETF (IRVH) is 1.28%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.31%. This indicates that IRVH 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.
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Volatility by Period
| IRVH | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.28% | 12.31% | -11.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.36% | 33.63% | -30.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.79% | 42.09% | -37.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.74% | 51.72% | -42.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.74% | 68.92% | -60.18% |
IRVH vs. ERX - Expense Ratio Comparison
IRVH has a 0.50% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
IRVH vs. ERX - Dividend Comparison
IRVH's dividend yield for the trailing twelve months is around 5.66%, more than ERX's 1.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.62% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
IRVH Global X Interest Rate Volatility & Inflation Hedge ETF | 5.66% | 4.89% | 3.34% | 3.69% | 2.73% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
IRVH and ERX have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (12.31%) compared to IRVH (1.28%). In terms of maximum drawdown, IRVH dropped -14.98% vs ERX's -99.54%.
On 3-year performance, ERX leads with 19.68% vs -0.10% for IRVH. On fees, IRVH is cheaper at 0.50% per year. On volatility, IRVH has been the lower-risk option at 1.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, ERX has performed better with a 19.68% return vs -0.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IRVH is cheaper with a 0.50% expense ratio, compared with 1.09% for ERX.
IRVH has the higher dividend yield at 5.66%, compared with 1.62% for ERX.
IRVH is categorized as Inflation-Protected Bonds, while ERX is Leveraged Equities. They also come from different issuers: Global X and Direxion. Their fees differ too: 0.50% for IRVH and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (1.64 vs -0.64), 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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