SPXE vs. ERX

Last updated Jul 18, 2026

SPXE (ProShares S&P 500 Ex-Energy ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - SPXE is a S&P 500 fund tracking the S&P 500 Ex-Energy Index, while ERX is a Leveraged Equities fund tracking the Energy Select Sector Index (300%). Both are passively managed. SPXE charges 0.09%/yr vs 1.09%/yr for ERX.

Performance

SPXE vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares S&P 500 Ex-Energy ETF (SPXE) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SPXE

• 1D: 0.00%
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERX

• 1D: 2.41%
• 1M: 12.12%
• 6M: 42.68%
• YTD: 61.33%
• 1Y: 70.71%
• 3Y*: 19.84%
• 5Y*: 34.74%
• 10Y*: -9.97%

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

SPXE vs. ERX - Yearly Performance Comparison

	2026 (YTD)
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%
ERX Direxion Daily Energy Bull 2X Shares	2.41%

SPXE vs. ERX - Sectors Allocation Comparison

Sectors	SPXE	ERX
Technology	38.6%	-
Financial Services	12.4%	-
Communication Services	10.1%	-
Consumer Cyclical	9.7%	-
Healthcare	9.5%	-
Industrials	8.1%	-
Consumer Defensive	4.8%	-
Utilities	2.8%	-
Basic Materials	1.9%	-
Real Estate	1.9%	-
Energy	0.0%	100.0%

Return for Risk

SPXE vs. ERX — Risk / Return Rank

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

SPXE

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

ERX

ERX Risk / Return Rank: 56
ERX Sharpe Ratio Rank: 66
ERX Sortino Ratio Rank: 56
ERX Omega Ratio Rank: 53
ERX Calmar Ratio Rank: 60
ERX Martin Ratio Rank: 46

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.

SPXE vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares S&P 500 Ex-Energy ETF (SPXE) 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.

	SPXE	ERX	Difference
Sharpe ratio: Return per unit of total volatility	—	1.69	—
Sortino ratio: Return per unit of downside risk	—	2.16	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.37	—
Martin ratio: Return relative to average drawdown	—	6.10	—

Drawdowns

SPXE vs. ERX - Drawdown Comparison

The maximum SPXE drawdown since its inception was 0.00%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SPXE and ERX.

Drawdown Indicators

	SPXE	ERX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-99.54%	+99.54%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.97%	—
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%	-91.86%	+91.86%
Average Drawdown Average peak-to-trough decline	0.00%	-67.19%	+67.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.62%	—

Volatility

Volatility by Period

	SPXE	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.45%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	42.10%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	51.71%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	68.92%	—

SPXE vs. ERX - Expense Ratio Comparison

SPXE has a 0.09% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

SPXE vs. ERX - Dividend Comparison

SPXE has not paid dividends to shareholders, while ERX's dividend yield for the trailing twelve months is around 1.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.58%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
SPXE ProShares S&P 500 Ex-Energy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, SPXE or ERX?

On fees, SPXE is cheaper at 0.09% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SPXE or ERX?

SPXE is cheaper with a 0.09% expense ratio, compared with 1.09% for ERX.

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

ERX has the higher dividend yield at 1.58%, compared with 0.00% for SPXE.

What is the main difference between SPXE and ERX?

SPXE is categorized as S&P 500, while ERX is Leveraged Equities. SPXE tracks S&P 500 Ex-Energy Index, while ERX tracks Energy Select Sector Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.09% for SPXE and 1.09% for ERX.