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 Leveraged Equities fund tracking the Energy Select Sector Index (300%). MSFO is actively managed, while ERX is passively managed. Over the past year, MSFO returned -4.82% vs 90.37% for ERX. At a correlation of -0.03, they often move in opposite directions. MSFO charges 0.99%/yr vs 1.09%/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 -9.19% return, which is significantly lower than ERX's 66.93% return.
MSFO
- 1D
- -2.81%
- 1M
- 2.02%
- YTD
- -9.19%
- 6M
- -7.90%
- 1Y
- -4.82%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
MSFO vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
MSFO YieldMax MSFT Option Income Strategy ETF
| -9.19% | 15.69% | 10.34% | 18.38% |
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | -8.72% |
Correlation
The correlation between MSFO and ERX is -0.16, 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 | -0.16 |
Correlation (All Time) Calculated using the full available price history since Aug 28, 2023 | -0.03 |
The correlation between MSFO and ERX shifts across timeframes, from -0.16 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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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.
| MSFO | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.44 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.32 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.17 | 3.89 | -4.06 |
| Martin ratioReturn relative to average drawdown | -0.37 | 10.60 | -10.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSFO | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.22 | 2.21 | -2.44 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.56 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.13 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.62 | -0.09 | +0.70 |
Drawdowns
MSFO vs. ERX - Drawdown Comparison
The maximum MSFO drawdown since its inception was -29.29%, 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 | -29.29% | -99.54% | +70.25% |
Max Drawdown (1Y)Largest decline over 1 year | -29.29% | -23.34% | -5.95% |
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 | -16.79% | -91.57% | +74.78% |
Average DrawdownAverage peak-to-trough decline | -6.56% | -67.02% | +60.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.16% | 8.57% | +4.59% |
Volatility
MSFO vs. ERX - Volatility Comparison
The current volatility for YieldMax MSFT Option Income Strategy ETF (MSFO) is 8.28%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that MSFO 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
| MSFO | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 16.49% | -8.21% |
Volatility (6M)Calculated over the trailing 6-month period | 19.23% | 33.45% | -14.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.51% | 41.14% | -19.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.78% | 51.98% | -32.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 19.78% | 69.18% | -49.40% |
MSFO vs. ERX - Expense Ratio Comparison
MSFO has a 0.99% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
MSFO vs. ERX - Dividend Comparison
MSFO's dividend yield for the trailing twelve months is around 38.67%, 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
| 38.67% | 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 -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (16.49%) compared to MSFO (8.28%). In terms of maximum drawdown, MSFO dropped -29.29% vs ERX's -99.54%.
On 1-year performance, ERX leads with 90.37% vs -4.82% for MSFO. On fees, MSFO is cheaper at 0.99% per year. On volatility, MSFO has been the lower-risk option at 8.28%. 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 90.37% return vs -4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFO is cheaper with a 0.99% expense ratio, compared with 1.09% for ERX.
MSFO has the higher dividend yield at 38.67%, compared with 1.61% for ERX.
MSFO is categorized as Options Trading, while ERX is Leveraged Equities. They also come from different issuers: YieldMax and Direxion. Their fees differ too: 0.99% for MSFO and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (2.21 vs -0.22), 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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