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 -43.85%/yr vs -10.35%/yr for ERX. At a correlation of -0.41, 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 -39.78% return, which is significantly lower than ERX's 57.54% return. Over the past 10 years, REW has underperformed ERX with an annualized return of -43.85%, while ERX has yielded a comparatively higher -10.35% annualized return.
REW
- 1D
- 4.43%
- 1M
- 8.43%
- 6M
- -38.44%
- YTD
- -39.78%
- 1Y
- -51.65%
- 3Y*
- -41.91%
- 5Y*
- -36.52%
- 10Y*
- -43.85%
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%
REW vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
REW ProShares UltraShort Technology | -39.78% | -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 | 57.54% | 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 | -0.15 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2008 | -0.41 |
The correlation between REW and ERX shifts across timeframes, from -0.41 (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.
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.
| REW | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.68 | ||
| Sortino ratioReturn per unit of downside risk | -3.83 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.26 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | 2.30 | -3.16 |
| Martin ratioReturn relative to average drawdown | -1.75 | 5.95 | -7.71 |
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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 | -60.10% | -29.97% | -30.13% |
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 | -99.74% | -98.59% | -1.15% |
Current DrawdownCurrent decline from peak | -99.99% | -92.05% | -7.94% |
Average DrawdownAverage peak-to-trough decline | -86.94% | -67.18% | -19.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.45% | 11.57% | +17.88% |
Volatility
REW vs. ERX - Volatility Comparison
ProShares UltraShort Technology (REW) has a higher volatility of 19.92% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.31%. This indicates that REW'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.
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Volatility by Period
| REW | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.92% | 12.31% | +7.61% |
Volatility (6M)Calculated over the trailing 6-month period | 42.41% | 33.63% | +8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.67% | 42.09% | +7.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.97% | 51.72% | +1.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.45% | 68.92% | -19.47% |
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 8.27%, 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% |
REW ProShares UltraShort Technology | 8.27% | 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.
REW has higher volatility (19.92%) compared to ERX (12.31%). In terms of maximum drawdown, REW dropped -99.99% vs ERX's -99.54%.
On 10-year performance, ERX leads with -10.35% vs -43.85% for REW. On fees, REW is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 12.31%. 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 -10.35% return vs -43.85%. 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 8.27%, compared with 1.62% 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 (1.64 vs -1.04), 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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