REW vs. ERX
REW (ProShares UltraShort Technology) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - REW tracks the Dow Jones U.S. Technology Index (-200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, REW returned -45.16%/yr vs -8.79%/yr for ERX. At a correlation of -0.42, they often move in opposite directions. REW charges 0.95%/yr vs 1.09%/yr for ERX.
Performance
REW vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, REW achieves a -48.44% return, which is significantly lower than ERX's 66.93% return. Over the past 10 years, REW has underperformed ERX with an annualized return of -45.16%, while ERX has yielded a comparatively higher -8.79% annualized return.
REW
- 1D
- 2.13%
- 1M
- -32.71%
- YTD
- -48.44%
- 6M
- -47.77%
- 1Y
- -65.29%
- 3Y*
- -47.19%
- 5Y*
- -40.21%
- 10Y*
- -45.16%
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%
REW vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -48.44% | -43.15% | -33.70% | -61.35% | 65.72% | -53.61% | -71.34% | -56.83% | -10.02% | -49.11% |
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between REW and ERX is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.16 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.26 |
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008 | -0.42 |
The correlation between REW and ERX shifts across timeframes, from -0.42 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
REW vs. ERX — Risk / Return Rank
REW
ERX
REW vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Technology (REW) 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.
| REW | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.77 | ||
| Sortino ratioReturn per unit of downside risk | -5.65 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.32 | -0.64 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.89 | -4.88 |
| Martin ratioReturn relative to average drawdown | -2.00 | 10.60 | -12.60 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| REW | ERX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.56 | 2.21 | -3.77 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.78 | 0.56 | -1.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.93 | -0.13 | -0.80 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.79 | -0.09 | -0.70 |
Drawdowns
REW vs. ERX - Drawdown Comparison
The maximum REW drawdown since its inception was -99.99%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for REW and ERX.
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Drawdown Indicators
| REW | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.54% | -0.45% |
Max Drawdown (1Y)Largest decline over 1 year | -66.25% | -23.34% | -42.91% |
Max Drawdown (3Y)Largest decline over 3 years | -86.76% | -42.34% | -44.42% |
Max Drawdown (5Y)Largest decline over 5 years | -93.62% | -46.90% | -46.72% |
Max Drawdown (10Y)Largest decline over 10 years | -99.79% | -98.59% | -1.20% |
Current DrawdownCurrent decline from peak | -99.99% | -91.57% | -8.42% |
Average DrawdownAverage peak-to-trough decline | -86.88% | -67.02% | -19.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 32.60% | 8.57% | +24.03% |
Volatility
REW vs. ERX - Volatility Comparison
The current volatility for ProShares UltraShort Technology (REW) is 14.84%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that REW 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.
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Volatility by Period
| REW | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.84% | 16.49% | -1.65% |
Volatility (6M)Calculated over the trailing 6-month period | 34.14% | 33.45% | +0.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.11% | 41.14% | +0.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.64% | 51.98% | -0.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.83% | 69.18% | -20.35% |
REW vs. ERX - Expense Ratio Comparison
REW has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.
Dividends
REW vs. ERX - Dividend Comparison
REW's dividend yield for the trailing twelve months is around 11.04%, 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% |
REW ProShares UltraShort Technology | 11.04% | 6.69% | 5.68% | 5.97% | 0.65% | 0.00% | 0.27% | 1.80% | 0.51% | 0.00% |
Frequently Asked Questions
REW and ERX have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ERX has higher volatility (16.49%) compared to REW (14.84%). In terms of maximum drawdown, REW dropped -99.99% vs ERX's -99.54%.
On 10-year performance, ERX leads with -8.79% vs -45.16% for REW. On fees, REW is cheaper at 0.95% per year. On volatility, REW has been the lower-risk option at 14.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -8.79% return vs -45.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
REW is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.
REW has the higher dividend yield at 11.04%, compared with 1.61% for ERX.
REW tracks Dow Jones U.S. Technology Index (-200%), while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for REW and 1.09% for ERX.
ERX currently has the higher Sharpe Ratio (2.21 vs -1.56), 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.
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