OILT vs. ERX

Last updated Aug 4, 2026

OILT (Texas Capital Texas Oil Index ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Energy Equities funds - OILT tracks the Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross while ERX tracks the Energy Select Sector Index (200%). Both are passively managed. Over the past year, OILT returned 39.44% vs 81.13% for ERX. Their correlation of 0.91 means they have usually moved in the same direction. OILT charges 0.35%/yr vs 0.91%/yr for ERX.

Performance

OILT vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Texas Oil Index ETF (OILT) 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, OILT achieves a 32.57% return, which is significantly lower than ERX's 66.56% return.

OILT

• 1D: -1.19%
• 1M: 11.62%
• 6M: 22.18%
• YTD: 32.57%
• 1Y: 39.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.38%

ERX

• 1D: -2.60%
• 1M: 20.71%
• 6M: 34.28%
• YTD: 66.56%
• 1Y: 81.13%
• 3Y*: 16.84%
• 5Y*: 36.03%
• 10Y*: -9.07%
• ALL TIME*: -7.12%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ERX Direxion Daily Energy Bull 2X Shares	$21.45M	$22.83M	$28.29M
OILT Texas Capital Texas Oil Index ETF	$83.88K	$70.55K	$86.53K

OILT vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OILT Texas Capital Texas Oil Index ETF	32.57%	-3.30%	0.87%	0.13%
ERX Direxion Daily Energy Bull 2X Shares	66.56%	2.79%	1.09%	-1.68%

Correlation

The correlation between OILT and ERX is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.91

The correlation between OILT and ERX has been stable across timeframes, ranging from 0.91 to 0.91 - a consistent structural relationship.

OILT vs. ERX - Sectors Allocation Comparison

Sectors	OILT	ERX
Energy	93.7%	100.0%
Utilities	6.3%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

OILT vs. ERX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

OILT

OILT Risk / Return Rank: 50
OILT Sharpe Ratio Rank: 55
OILT Sortino Ratio Rank: 52
OILT Omega Ratio Rank: 49
OILT Calmar Ratio Rank: 51
OILT Martin Ratio Rank: 43

ERX

ERX Risk / Return Rank: 70
ERX Sharpe Ratio Rank: 81
ERX Sortino Ratio Rank: 71
ERX Omega Ratio Rank: 68
ERX Calmar Ratio Rank: 75
ERX Martin Ratio Rank: 56

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.

OILT vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Texas Oil Index ETF (OILT) 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.

	OILT	ERX	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.93	-0.52
Sortino ratio: Return per unit of downside risk	1.94	2.36	-0.42
Omega ratio: Gain probability vs. loss probability	1.24	1.29	-0.06
Calmar ratio: Return relative to maximum drawdown	1.91	2.72	-0.81
Martin ratio: Return relative to average drawdown	4.95	6.90	-1.94

OILT vs. ERX - Sharpe Ratio Comparison

The current OILT Sharpe Ratio is 1.42, which is comparable to the ERX Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of OILT 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

OILT vs. ERX - Drawdown Comparison

The maximum OILT drawdown since its inception was -35.21%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for OILT and ERX.

Drawdown Indicators

	OILT	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-99.54%	+64.33%
Max Drawdown (1Y) Largest decline over 1 year	-20.72%	-29.97%	+9.25%
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	-10.53%	-91.59%	+81.06%
Average Drawdown Average peak-to-trough decline	-13.01%	-67.25%	+54.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.99%	11.81%	-3.82%

Volatility

OILT vs. ERX - Volatility Comparison

The current volatility for Texas Capital Texas Oil Index ETF (OILT) is 8.63%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.43%. This indicates that OILT 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

	OILT	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.63%	12.43%	-3.80%
Volatility (6M) Calculated over the trailing 6-month period	21.78%	33.84%	-12.06%
Volatility (1Y) Calculated over the trailing 1-year period	28.02%	42.28%	-14.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.72%	51.50%	-22.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.72%	68.84%	-40.12%

OILT vs. ERX - Expense Ratio Comparison

OILT has a 0.35% expense ratio, which is lower than ERX's 0.91% expense ratio.

Dividends

OILT vs. ERX - Dividend Comparison

OILT's dividend yield for the trailing twelve months is around 2.58%, more than ERX's 1.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.53%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
OILT Texas Capital Texas Oil Index ETF	2.58%	3.12%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILT and ERX in my portfolio?

With a correlation of 0.91, OILT 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, OILT or ERX?

ERX has higher volatility (12.43%) compared to OILT (8.63%). In terms of maximum drawdown, OILT dropped -35.21% vs ERX's -99.54%.

Which ETF is better, OILT or ERX?

On 1-year performance, ERX leads with 81.13% vs 39.44% for OILT. On fees, OILT is cheaper at 0.35% per year. On volatility, OILT has been the lower-risk option at 8.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILT or ERX?

Over the 1-year period, ERX has performed better with a 81.13% return vs 39.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILT or ERX?

OILT is cheaper with a 0.35% expense ratio, compared with 0.91% for ERX.

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

OILT has the higher dividend yield at 2.58%, compared with 1.53% for ERX.

What is the main difference between OILT and ERX?

OILT tracks Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross, while ERX tracks Energy Select Sector Index (200%). They also come from different issuers: Texas Capital and Direxion. Their fees differ too: 0.35% for OILT and 0.91% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (1.93 vs 1.42), 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.