SKF vs. ERX

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares UltraShort Financials (SKF) and Direxion Daily Energy Bull 2X Shares (ERX).

SKF and ERX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SKF is a passively managed fund by ProShares that tracks the performance of the DJ Global United States (All) / Financials -IND (-200%). It was launched on Jan 30, 2007. ERX is a passively managed fund by Direxion that tracks the performance of the Energy Select Sector Index (300%). It was launched on Apr 1, 2020. Both SKF and ERX are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SKF vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort Financials (SKF) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

SKF vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKF ProShares UltraShort Financials	21.76%	-23.99%	-36.29%	-21.78%	17.63%	-47.66%	-42.40%	-42.97%	16.42%	-31.70%
ERX Direxion Daily Energy Bull 2X Shares	71.72%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Returns By Period

In the year-to-date period, SKF achieves a 21.76% return, which is significantly lower than ERX's 71.72% return. Over the past 10 years, SKF has underperformed ERX with an annualized return of -26.15%, while ERX has yielded a comparatively higher -6.32% annualized return.

SKF

• 1D: 0.06%
• 1M: 6.91%
• YTD: 21.76%
• 6M: 16.27%
• 1Y: -1.91%
• 3Y*: -23.89%
• 5Y*: -17.64%
• 10Y*: -26.15%

ERX

• 1D: -7.39%
• 1M: 7.35%
• YTD: 71.72%
• 6M: 71.12%
• 1Y: 48.19%
• 3Y*: 21.00%
• 5Y*: 34.47%
• 10Y*: -6.32%

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

SKF vs. ERX - Expense Ratio Comparison

SKF has a 0.95% expense ratio, which is lower than ERX's 1.09% expense ratio.

ERX

Direxion Daily Energy Bull 2X Shares

SKF

ProShares UltraShort Financials

Return for Risk

SKF vs. ERX — Risk / Return Rank

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

SKF

SKF Risk / Return Rank: 12
SKF Sharpe Ratio Rank: 10
SKF Sortino Ratio Rank: 13
SKF Omega Ratio Rank: 13
SKF Calmar Ratio Rank: 11
SKF Martin Ratio Rank: 11

ERX

ERX Risk / Return Rank: 48
ERX Sharpe Ratio Rank: 52
ERX Sortino Ratio Rank: 51
ERX Omega Ratio Rank: 53
ERX Calmar Ratio Rank: 52
ERX Martin Ratio Rank: 32

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.

SKF vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Financials (SKF) 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.

	SKF	ERX	Difference
Sharpe ratio Return per unit of total volatility	-0.05	0.97	-1.02
Sortino ratio Return per unit of downside risk	0.22	1.42	-1.20
Omega ratio Gain probability vs. loss probability	1.03	1.21	-0.18
Calmar ratio Return relative to maximum drawdown	-0.04	1.41	-1.45
Martin ratio Return relative to average drawdown	-0.05	2.87	-2.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SKF vs. ERX - Sharpe Ratio Comparison

The current SKF Sharpe Ratio is -0.05, which is lower than the ERX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of SKF and ERX, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SKF	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.05	0.97	-1.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.49	0.66	-1.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.09	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	-0.50	-0.09	-0.42

Correlation

The correlation between SKF and ERX is -0.60. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

SKF vs. ERX - Dividend Comparison

SKF's dividend yield for the trailing twelve months is around 3.88%, more than ERX's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SKF ProShares UltraShort Financials	3.88%	5.61%	7.94%	3.93%	0.03%	0.00%	0.11%	1.29%	0.06%	0.00%
ERX Direxion Daily Energy Bull 2X Shares	1.56%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%

Drawdowns

SKF vs. ERX - Drawdown Comparison

The maximum SKF drawdown since its inception was -99.96%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SKF and ERX.

Drawdown Indicators

	SKF	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-99.54%	-0.42%
Max Drawdown (1Y) Largest decline over 1 year	-39.47%	-35.17%	-4.30%
Max Drawdown (5Y) Largest decline over 5 years	-72.40%	-46.90%	-25.50%
Max Drawdown (10Y) Largest decline over 10 years	-96.51%	-98.59%	+2.08%
Current Drawdown Current decline from peak	-99.95%	-91.33%	-8.62%
Average Drawdown Average peak-to-trough decline	-89.17%	-66.78%	-22.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	17.26%	+12.01%

Volatility

SKF vs. ERX - Volatility Comparison

The current volatility for ProShares UltraShort Financials (SKF) is 9.64%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 13.01%. This indicates that SKF 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

	SKF	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.64%	13.01%	-3.37%
Volatility (6M) Calculated over the trailing 6-month period	22.75%	29.14%	-6.39%
Volatility (1Y) Calculated over the trailing 1-year period	38.59%	50.15%	-11.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.04%	52.18%	-16.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.94%	69.25%	-28.31%