MSFO vs. ERX
MSFO (YieldMax MSFT Option Income Strategy ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - MSFO is a Options Trading fund actively managed by YieldMax, while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). MSFO is actively managed, while ERX is passively managed. Over the past year, MSFO returned -7.47% vs 73.31% for ERX. Their -0.03 correlation means they have often moved in opposite directions in the past. MSFO charges 1.03%/yr vs 0.91%/yr for ERX.
Performance
MSFO vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, MSFO achieves a -2.37% return, which is significantly lower than ERX's 58.73% return.
MSFO
- 1D
- -3.81%
- 1M
- 17.99%
- 6M
- 11.77%
- YTD
- -2.37%
- 1Y
- -7.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 14.23%
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.06M | $23.66M | $27.73M | |
| $1.40M | $1.04M | $1.07M |
MSFO vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF | -2.37% | 15.69% | 10.34% | 18.74% |
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 2.79% | 1.09% | -7.00% |
Correlation
The correlation between MSFO and ERX is -0.13, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.13 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2023 | -0.03 |
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Return for Risk
MSFO vs. ERX — Risk / Return Rank
MSFO
ERX
MSFO vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for YieldMax MSFT Option Income Strategy ETF (MSFO) 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.
| MSFO | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.01 | ||
| Sortino ratioReturn per unit of downside risk | -2.41 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.27 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.25 | 2.46 | -2.71 |
| Martin ratioReturn relative to average drawdown | -0.46 | 6.18 | -6.65 |
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Drawdowns
MSFO vs. ERX - Drawdown Comparison
The maximum MSFO drawdown since its inception was -29.65%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for MSFO and ERX.
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Drawdown Indicators
| MSFO | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.65% | -99.54% | +69.89% |
Max Drawdown (1Y)Largest decline over 1 year | -29.65% | -29.97% | +0.32% |
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 DrawdownCurrent decline from peak | -10.54% | -91.99% | +81.45% |
Average DrawdownAverage peak-to-trough decline | -7.46% | -67.26% | +59.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.13% | 11.90% | +4.23% |
Volatility
MSFO vs. ERX - Volatility Comparison
YieldMax MSFT Option Income Strategy ETF (MSFO) has a higher volatility of 15.08% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.41%. This indicates that MSFO's price experiences larger fluctuations and is considered to be riskier 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
| MSFO | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.08% | 12.41% | +2.67% |
Volatility (6M)Calculated over the trailing 6-month period | 23.47% | 33.24% | -9.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 42.40% | -14.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.99% | 51.46% | -29.47% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.99% | 68.84% | -46.85% |
MSFO vs. ERX - Expense Ratio Comparison
MSFO has a 1.03% expense ratio, which is higher than ERX's 0.91% expense ratio.
Dividends
MSFO vs. ERX - Dividend Comparison
MSFO's dividend yield for the trailing twelve months is around 35.79%, more than ERX's 1.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.61% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
MSFO YieldMax MSFT Option Income Strategy ETF | 35.79% | 33.91% | 35.15% | 6.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSFO and ERX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFO has higher volatility (15.08%) compared to ERX (12.41%). In terms of maximum drawdown, MSFO dropped -29.65% vs ERX's -99.54%.
On 1-year performance, ERX leads with 73.31% vs -7.47% for MSFO. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ERX has performed better with a 73.31% return vs -7.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.03% for MSFO.
MSFO has the higher dividend yield at 35.79%, compared with 1.61% for ERX.
MSFO is categorized as Options Trading, while ERX is Energy Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 1.03% for MSFO and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.74 vs -0.27), 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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