QLDY vs. ERX

Last updated Jun 4, 2026

QLDY (Defiance Nasdaq 100 LightningSpread Income ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - QLDY is a Nasdaq-100 fund actively managed by Defiance, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). QLDY is actively managed, while ERX is passively managed. At a correlation of -0.20, they often move in opposite directions. QLDY charges 1.04%/yr vs 1.09%/yr for ERX.

Performance

QLDY vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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, QLDY achieves a 19.28% return, which is significantly lower than ERX's 66.93% return.

QLDY

• 1D: 0.03%
• 1M: 11.63%
• YTD: 19.28%
• 6M: 16.55%
• 1Y: —
• 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%

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

QLDY vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	19.28%	1.50%
ERX Direxion Daily Energy Bull 2X Shares	66.93%	0.28%

Correlation

The correlation between QLDY and ERX is -0.20, 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 (All Time) Calculated using the full available price history since Sep 19, 2025	-0.20

Return for Risk

QLDY vs. ERX — Risk / Return Rank

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

ERX

ERX Risk / Return Rank: 61
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 53
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 59

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.

QLDY vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	QLDY	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.21	—
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	1.60	-0.09	+1.69

Drawdowns

QLDY vs. ERX - Drawdown Comparison

The maximum QLDY drawdown since its inception was -17.44%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for QLDY and ERX.

Drawdown Indicators

	QLDY	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-17.44%	-99.54%	+82.10%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.34%	—
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	0.00%	-91.57%	+91.57%
Average Drawdown Average peak-to-trough decline	-4.25%	-67.02%	+62.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.57%	—

Volatility

Volatility by Period

	QLDY	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.49%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	19.57%	41.14%	-21.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.57%	51.98%	-32.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.57%	69.18%	-49.61%

QLDY vs. ERX - Expense Ratio Comparison

QLDY has a 1.04% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

QLDY vs. ERX - Dividend Comparison

QLDY's dividend yield for the trailing twelve months is around 21.47%, 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%
QLDY Defiance Nasdaq 100 LightningSpread Income ETF	21.47%	9.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QLDY and ERX in my portfolio?

QLDY and ERX have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QLDY or ERX?

On fees, QLDY is cheaper at 1.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QLDY or ERX?

QLDY is cheaper with a 1.04% expense ratio, compared with 1.09% for ERX.

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

QLDY has the higher dividend yield at 21.47%, compared with 1.61% for ERX.

What is the main difference between QLDY and ERX?

QLDY is categorized as Nasdaq-100, while ERX is Leveraged Equities. They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.04% for QLDY and 1.09% for ERX.