PRFD vs. ERX

Last updated Jul 17, 2026

PRFD (PIMCO Preferred And Capital Securities Active Exchange-Traded Fund) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - PRFD is a Preferred Stock/Convertible Bonds fund actively managed by PIMCO, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). PRFD is actively managed, while ERX is passively managed. Over the past 3 years, PRFD returned 8.94%/yr vs 19.68%/yr for ERX. At a 0.03 correlation, their price movements are largely independent. PRFD charges 0.74%/yr vs 1.09%/yr for ERX.

Performance

PRFD vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) 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, PRFD achieves a 1.89% return, which is significantly lower than ERX's 57.54% return.

PRFD

• 1D: 0.02%
• 1M: -0.04%
• 6M: 1.15%
• YTD: 1.89%
• 1Y: 6.61%
• 3Y*: 8.94%
• 5Y*: —
• 10Y*: —

ERX

• 1D: 1.76%
• 1M: 6.94%
• 6M: 39.75%
• YTD: 57.54%
• 1Y: 68.66%
• 3Y*: 19.68%
• 5Y*: 34.10%
• 10Y*: -10.35%

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

PRFD vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	1.89%	8.45%	9.92%	1.81%
ERX Direxion Daily Energy Bull 2X Shares	57.54%	2.79%	1.09%	-13.84%

Correlation

The correlation between PRFD and ERX is -0.23, 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	-0.23
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Jan 19, 2023	0.03

The correlation between PRFD and ERX shifts across timeframes, from -0.23 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.

PRFD vs. ERX - Sectors Allocation Comparison

Sectors	PRFD	ERX
Financial Services	2.1%	-
Communication Services	0.2%	-
Utilities	0.1%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

PRFD vs. ERX — Risk / Return Rank

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

PRFD

PRFD Risk / Return Rank: 71
PRFD Sharpe Ratio Rank: 82
PRFD Sortino Ratio Rank: 81
PRFD Omega Ratio Rank: 86
PRFD Calmar Ratio Rank: 50
PRFD Martin Ratio Rank: 60

ERX

ERX Risk / Return Rank: 54
ERX Sharpe Ratio Rank: 62
ERX Sortino Ratio Rank: 53
ERX Omega Ratio Rank: 50
ERX Calmar Ratio Rank: 57
ERX Martin Ratio Rank: 45

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.

PRFD vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) 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.

	PRFD	ERX	Difference
Sharpe ratio: Return per unit of total volatility	2.09	1.64	+0.45
Sortino ratio: Return per unit of downside risk	2.89	2.12	+0.78
Omega ratio: Gain probability vs. loss probability	1.41	1.26	+0.15
Calmar ratio: Return relative to maximum drawdown	2.02	2.30	-0.28
Martin ratio: Return relative to average drawdown	8.23	5.95	+2.28

PRFD vs. ERX - Sharpe Ratio Comparison

The current PRFD Sharpe Ratio is 2.09, which is comparable to the ERX Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of PRFD 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

PRFD vs. ERX - Drawdown Comparison

The maximum PRFD drawdown since its inception was -11.93%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for PRFD and ERX.

Drawdown Indicators

	PRFD	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-11.93%	-99.54%	+87.61%
Max Drawdown (1Y) Largest decline over 1 year	-3.28%	-29.97%	+26.69%
Max Drawdown (3Y) Largest decline over 3 years	-6.28%	-42.34%	+36.06%
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	-0.39%	-92.05%	+91.66%
Average Drawdown Average peak-to-trough decline	-2.17%	-67.18%	+65.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	11.57%	-10.77%

Volatility

PRFD vs. ERX - Volatility Comparison

The current volatility for PIMCO Preferred And Capital Securities Active Exchange-Traded Fund (PRFD) is 0.65%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 12.31%. This indicates that PRFD 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

	PRFD	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	12.31%	-11.66%
Volatility (6M) Calculated over the trailing 6-month period	2.70%	33.63%	-30.93%
Volatility (1Y) Calculated over the trailing 1-year period	3.17%	42.09%	-38.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.82%	51.72%	-46.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.82%	68.92%	-64.10%

PRFD vs. ERX - Expense Ratio Comparison

PRFD has a 0.74% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

PRFD vs. ERX - Dividend Comparison

PRFD's dividend yield for the trailing twelve months is around 5.79%, more than ERX's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.62%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
PRFD PIMCO Preferred And Capital Securities Active Exchange-Traded Fund	5.79%	5.63%	5.53%	5.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PRFD and ERX in my portfolio?

PRFD and ERX have a correlation of -0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PRFD or ERX?

ERX has higher volatility (12.31%) compared to PRFD (0.65%). In terms of maximum drawdown, PRFD dropped -11.93% vs ERX's -99.54%.

Which ETF is better, PRFD or ERX?

On 3-year performance, ERX leads with 19.68% vs 8.94% for PRFD. On fees, PRFD is cheaper at 0.74% per year. On volatility, PRFD has been the lower-risk option at 0.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PRFD or ERX?

Over the 3-year period, ERX has performed better with a 19.68% return vs 8.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PRFD or ERX?

PRFD is cheaper with a 0.74% expense ratio, compared with 1.09% for ERX.

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

PRFD has the higher dividend yield at 5.79%, compared with 1.62% for ERX.

What is the main difference between PRFD and ERX?

PRFD is categorized as Preferred Stock/Convertible Bonds, while ERX is Leveraged Equities. They also come from different issuers: PIMCO and Direxion. Their fees differ too: 0.74% for PRFD and 1.09% for ERX.

Which has better risk-adjusted returns?

PRFD currently has the higher Sharpe Ratio (2.09 vs 1.64), 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.