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IYE vs. ERX
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IYE vs. ERX

Last updated Aug 5, 2026
Documentation

IYE (iShares U.S. Energy ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - IYE tracks the Dow Jones U.S. Oil & Gas Index while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, IYE returned 8.89%/yr vs -9.16%/yr for ERX. Their 0.99 correlation means they have historically moved very closely together. IYE charges 0.42%/yr vs 0.91%/yr for ERX.

Performance

IYE vs. ERX - Performance Comparison

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

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Returns By Period

In the year-to-date period, IYE achieves a 32.30% return, which is significantly lower than ERX's 64.87% return. Over the past 10 years, IYE has outperformed ERX with an annualized return of 8.89%, while ERX has yielded a comparatively lower -9.16% annualized return.

IYE

1D
-0.35%
1M
9.69%
6M
15.13%
YTD
32.30%
1Y
40.36%
3Y*
13.73%
5Y*
22.20%
10Y*
8.89%
ALL TIME*
7.45%

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

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

ERX

Direxion Daily Energy Bull 2X Shares
$21.67M$22.94M$27.89M

IYE

iShares U.S. Energy ETF
$45.57M$48.49M$74.82M

IYE vs. ERX - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IYE
iShares U.S. Energy ETF		32.30%7.33%6.06%-2.21%60.21%53.42%-33.49%10.03%-19.37%-1.80%
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 IYE and ERX is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

1.00

Correlation (3Y)
Balances recent behavior with more history.

1.00

Correlation (5Y)
Shows whether the relationship held over a longer period.

1.00

Correlation (10Y)
Provides a long-term view across more market conditions.

0.99

Correlation (All Time)
Calculated using the full available price history since Nov 19, 2008

0.99

The correlation between IYE and ERX has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

IYE vs. ERX - Sectors Allocation Comparison

Sectors
IYE
ERX

Energy

98.3%
100.0%

Technology

1.5%

-

Financial Services

0.0%

-

Industrials

0.0%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Energy

IYE
98.3%
ERX
100.0%

Technology

IYE
1.5%
ERX

-

Financial Services

IYE
0.0%
ERX

-

Industrials

IYE
0.0%
ERX

-

Basic Materials

IYE

-

ERX

-

Communication Services

IYE

-

ERX

-

Consumer Cyclical

IYE

-

ERX

-

Consumer Defensive

IYE

-

ERX

-

Healthcare

IYE

-

ERX

-

Real Estate

IYE

-

ERX

-

Utilities

IYE

-

ERX

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Energy ETF

Direxion Daily Energy Bull 2X Shares

Often compared with IYE:
IYE vs. XLEIYE vs. VDEIYE vs. IXCIYE vs. FENYIYE vs. OIHIYE vs. IYHIYE vs. XOP
Often compared with ERX:
ERX vs. GUSHERX vs. DIGERX vs. XLEERX vs. UCOERX vs. ERYERX vs. BOILERX vs. NUGT

Return for Risk

IYE vs. ERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
IYE
IYE Risk / Return Rank: 6868
Overall Rank
IYE Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
IYE Sortino Ratio Rank: 7070
Sortino Ratio Rank
IYE Omega Ratio Rank: 6767
Omega Ratio Rank
IYE Calmar Ratio Rank: 7171
Calmar Ratio Rank
IYE Martin Ratio Rank: 5656
Martin Ratio Rank
ERX
ERX Risk / Return Rank: 6464
Overall Rank
ERX Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
ERX Sortino Ratio Rank: 6262
Sortino Ratio Rank
ERX Omega Ratio Rank: 5959
Omega Ratio Rank
ERX Calmar Ratio Rank: 6969
Calmar Ratio Rank
ERX Martin Ratio Rank: 5353
Martin Ratio Rank
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.

IYE vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Energy ETF (IYE) 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.

IYEERXDifference
Sharpe ratioReturn per unit of total volatility
1.98
1.92

+0.07

Sortino ratioReturn per unit of downside risk
2.56
2.35

+0.22

Omega ratioGain probability vs. loss probability

1.32

1.29

+0.03

Calmar ratioReturn relative to maximum drawdown

2.79

2.70

+0.09

Martin ratioReturn relative to average drawdown

7.37

6.81

+0.56

IYE vs. ERX - Sharpe Ratio Comparison

The current IYE Sharpe Ratio is 1.98, which is comparable to the ERX Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of IYE 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.

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Drawdowns

IYE vs. ERX - Drawdown Comparison

The maximum IYE drawdown since its inception was -73.74%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for IYE and ERX.

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Drawdown Indicators

IYEERXDifference

Max Drawdown

Largest peak-to-trough decline

-73.74%

-99.54%

+25.80%

Max Drawdown (1Y)

Largest decline over 1 year

-14.54%

-29.97%

+15.43%

Max Drawdown (3Y)

Largest decline over 3 years

-20.37%

-42.34%

+21.97%

Max Drawdown (5Y)

Largest decline over 5 years

-25.61%

-46.90%

+21.29%

Max Drawdown (10Y)

Largest decline over 10 years

-68.59%

-98.59%

+30.00%

Current Drawdown

Current decline from peak

-5.49%

-91.68%

+86.19%

Average Drawdown

Average peak-to-trough decline

-19.29%

-67.25%

+47.96%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.49%

11.84%

-6.35%

Volatility

IYE vs. ERX - Volatility Comparison

The current volatility for iShares U.S. Energy ETF (IYE) is 5.96%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.50%. This indicates that IYE 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

IYEERXDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.96%

12.50%

-6.54%

Volatility (6M)

Calculated over the trailing 6-month period

16.23%

33.60%

-17.37%

Volatility (1Y)

Calculated over the trailing 1-year period

20.46%

42.22%

-21.76%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.41%

51.44%

-26.03%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.49%

68.84%

-39.35%

IYE vs. ERX - Expense Ratio Comparison

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

Dividends

IYE vs. ERX - Dividend Comparison

IYE's dividend yield for the trailing twelve months is around 2.15%, more than ERX's 1.55% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
IYE
iShares U.S. Energy ETF		2.15%2.85%2.75%2.99%3.37%2.98%4.75%6.60%3.16%2.66%2.11%3.39%

Frequently Asked Questions

With a correlation of 1.00, IYE 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.

ERX has higher volatility (12.50%) compared to IYE (5.96%). In terms of maximum drawdown, IYE dropped -73.74% vs ERX's -99.54%.

On 10-year performance, IYE leads with 8.89% vs -9.16% for ERX. On fees, IYE is cheaper at 0.42% per year. On volatility, IYE has been the lower-risk option at 5.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IYE has performed better with a 8.89% return vs -9.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

IYE has the higher dividend yield at 2.15%, compared with 1.55% for ERX.

IYE tracks Dow Jones U.S. Oil & Gas 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 IYE and 0.91% for ERX.

IYE currently has the higher Sharpe Ratio (1.98 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.

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