NBGX vs. ERX

Last updated Jul 18, 2026

NBGX (Neuberger Growth ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - NBGX is a Large Cap Growth Equities fund actively managed by Neuberger, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). NBGX is actively managed, while ERX is passively managed. Over the past year, NBGX returned 9.93% vs 70.71% for ERX. At a correlation of -0.04, they often move in opposite directions. NBGX charges 0.44%/yr vs 1.09%/yr for ERX.

Performance

NBGX vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Growth ETF (NBGX) 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, NBGX achieves a 3.41% return, which is significantly lower than ERX's 61.33% return.

NBGX

• 1D: -1.32%
• 1M: -0.16%
• 6M: 3.53%
• YTD: 3.41%
• 1Y: 9.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERX

• 1D: 2.41%
• 1M: 12.12%
• 6M: 42.68%
• YTD: 61.33%
• 1Y: 70.71%
• 3Y*: 19.84%
• 5Y*: 34.74%
• 10Y*: -9.97%

*Multi-year figures are annualized to reflect compound growth (CAGR)

NBGX vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NBGX Neuberger Growth ETF	3.41%	16.40%	-1.22%
ERX Direxion Daily Energy Bull 2X Shares	61.33%	2.79%	5.03%

Correlation

The correlation between NBGX and ERX is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	-0.04

Over the past year, the inverse relationship between NBGX and ERX has strengthened: their correlation has moved from -0.04 to -0.24, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

NBGX vs. ERX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NBGX

NBGX Risk / Return Rank: 23
NBGX Sharpe Ratio Rank: 24
NBGX Sortino Ratio Rank: 23
NBGX Omega Ratio Rank: 23
NBGX Calmar Ratio Rank: 20
NBGX Martin Ratio Rank: 24

ERX

ERX Risk / Return Rank: 56
ERX Sharpe Ratio Rank: 66
ERX Sortino Ratio Rank: 56
ERX Omega Ratio Rank: 53
ERX Calmar Ratio Rank: 60
ERX Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

NBGX vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Growth ETF (NBGX) 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.

	NBGX	ERX	Difference
Sharpe ratio: Return per unit of total volatility	0.67	1.69	-1.02
Sortino ratio: Return per unit of downside risk	1.01	2.16	-1.15
Omega ratio: Gain probability vs. loss probability	1.12	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.67	2.37	-1.70
Martin ratio: Return relative to average drawdown	2.24	6.10	-3.86

NBGX vs. ERX - Sharpe Ratio Comparison

The current NBGX Sharpe Ratio is 0.67, which is lower than the ERX Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of NBGX 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

NBGX vs. ERX - Drawdown Comparison

The maximum NBGX drawdown since its inception was -21.55%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for NBGX and ERX.

Drawdown Indicators

	NBGX	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-21.55%	-99.54%	+77.99%
Max Drawdown (1Y) Largest decline over 1 year	-14.86%	-29.97%	+15.11%
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 Drawdown Current decline from peak	-3.45%	-91.86%	+88.41%
Average Drawdown Average peak-to-trough decline	-3.83%	-67.19%	+63.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.43%	11.62%	-7.19%

Volatility

NBGX vs. ERX - Volatility Comparison

The current volatility for Neuberger Growth ETF (NBGX) is 4.78%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.43%. This indicates that NBGX 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

	NBGX	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.78%	12.43%	-7.65%
Volatility (6M) Calculated over the trailing 6-month period	11.95%	33.45%	-21.50%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	42.10%	-27.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.84%	51.71%	-31.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.84%	68.92%	-49.08%

NBGX vs. ERX - Expense Ratio Comparison

NBGX has a 0.44% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

NBGX vs. ERX - Dividend Comparison

NBGX's dividend yield for the trailing twelve months is around 0.40%, less than ERX's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.58%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
NBGX Neuberger Growth ETF	0.40%	0.41%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NBGX and ERX in my portfolio?

NBGX and ERX have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NBGX or ERX?

ERX has higher volatility (12.43%) compared to NBGX (4.78%). In terms of maximum drawdown, NBGX dropped -21.55% vs ERX's -99.54%.

Which ETF is better, NBGX or ERX?

On 1-year performance, ERX leads with 70.71% vs 9.93% for NBGX. On fees, NBGX is cheaper at 0.44% per year. On volatility, NBGX has been the lower-risk option at 4.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBGX or ERX?

Over the 1-year period, ERX has performed better with a 70.71% return vs 9.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBGX or ERX?

NBGX is cheaper with a 0.44% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.58%, compared with 0.40% for NBGX.

What is the main difference between NBGX and ERX?

NBGX is categorized as Large Cap Growth Equities, while ERX is Leveraged Equities. They also come from different issuers: Neuberger and Direxion. Their fees differ too: 0.44% for NBGX and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.69 vs 0.67), 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.