NRGU vs. ERX

Last updated Jun 26, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past year, NRGU returned 87.62% vs 57.63% for ERX. With a 0.95 correlation, they move nearly in lockstep. NRGU charges 0.95%/yr vs 1.09%/yr for ERX.

Performance

NRGU vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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, NRGU achieves a 74.97% return, which is significantly higher than ERX's 42.50% return.

NRGU

• 1D: 2.72%
• 1M: -13.53%
• YTD: 74.97%
• 6M: 78.13%
• 1Y: 87.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERX

• 1D: 1.86%
• 1M: -12.34%
• YTD: 42.50%
• 6M: 44.57%
• 1Y: 57.63%
• 3Y*: 18.03%
• 5Y*: 24.74%
• 10Y*: -9.47%

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

NRGU vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	74.97%	-30.00%
ERX Direxion Daily Energy Bull 2X Shares	42.50%	-9.55%

Correlation

The correlation between NRGU and ERX is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.95

The correlation between NRGU and ERX has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

NRGU vs. ERX - Sectors Allocation Comparison

Sectors	NRGU	ERX
Energy	100.0%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

NRGU vs. ERX — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 38
NRGU Sharpe Ratio Rank: 36
NRGU Sortino Ratio Rank: 37
NRGU Omega Ratio Rank: 36
NRGU Calmar Ratio Rank: 47
NRGU Martin Ratio Rank: 36

ERX

ERX Risk / Return Rank: 42
ERX Sharpe Ratio Rank: 45
ERX Sortino Ratio Rank: 40
ERX Omega Ratio Rank: 38
ERX Calmar Ratio Rank: 47
ERX Martin Ratio Rank: 42

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.

NRGU vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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.

	NRGU	ERX	Difference
Sharpe ratio: Return per unit of total volatility	1.16	1.39	-0.23
Sortino ratio: Return per unit of downside risk	1.76	1.87	-0.11
Omega ratio: Gain probability vs. loss probability	1.22	1.23	-0.01
Calmar ratio: Return relative to maximum drawdown	2.06	2.03	+0.03
Martin ratio: Return relative to average drawdown	4.94	5.74	-0.80

NRGU vs. ERX - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 1.16, which is comparable to the ERX Sharpe Ratio of 1.39. The chart below compares the historical Sharpe Ratios of NRGU 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

NRGU vs. ERX - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for NRGU and ERX.

Drawdown Indicators

	NRGU	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-99.54%	+42.04%
Max Drawdown (1Y) Largest decline over 1 year	-42.71%	-28.49%	-14.22%
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	-39.65%	-92.81%	+53.16%
Average Drawdown Average peak-to-trough decline	-25.68%	-67.10%	+41.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.80%	10.06%	+7.74%

Volatility

NRGU vs. ERX - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) has a higher volatility of 25.61% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 13.95%. This indicates that NRGU'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.

Volatility by Period

	NRGU	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.61%	13.95%	+11.66%
Volatility (6M) Calculated over the trailing 6-month period	62.83%	34.17%	+28.66%
Volatility (1Y) Calculated over the trailing 1-year period	75.96%	41.76%	+34.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	89.05%	51.94%	+37.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	89.05%	69.06%	+19.99%

NRGU vs. ERX - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

NRGU vs. ERX - Dividend Comparison

NRGU has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.79%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.79%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NRGU and ERX in my portfolio?

With a correlation of 0.94, NRGU 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.

Which is riskier, NRGU or ERX?

NRGU has higher volatility (25.61%) compared to ERX (13.95%). In terms of maximum drawdown, NRGU dropped -57.50% vs ERX's -99.54%.

Which ETF is better, NRGU or ERX?

On 1-year performance, NRGU leads with 87.62% vs 57.63% for ERX. On fees, NRGU is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 13.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or ERX?

Over the 1-year period, NRGU has performed better with a 87.62% return vs 57.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or ERX?

NRGU is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.79%, compared with 0.00% for NRGU.

What is the main difference between NRGU and ERX?

NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for NRGU and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.39 vs 1.16), 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.