SPYQ vs. ERX

Last updated Apr 2, 2026

Compare and contrast key facts about Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Daily Energy Bull 2X Shares (ERX).

SPYQ and ERX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPYQ is an actively managed fund by AXS. It was launched on Sep 30, 2024. 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.

Performance

SPYQ vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long SPY Quarterly ETF (SPYQ) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

SPYQ vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPYQ Tradr 2X Long SPY Quarterly ETF	-8.99%	26.22%	4.76%
ERX Direxion Daily Energy Bull 2X Shares	71.72%	2.79%	-9.57%

Returns By Period

In the year-to-date period, SPYQ achieves a -8.99% return, which is significantly lower than ERX's 71.72% return.

SPYQ

• 1D: 1.61%
• 1M: -9.38%
• YTD: -8.99%
• 6M: -6.56%
• 1Y: 27.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

SPYQ vs. ERX - Expense Ratio Comparison

SPYQ has a 1.30% expense ratio, which is higher than ERX's 1.09% expense ratio.

SPYQ

Tradr 2X Long SPY Quarterly ETF

ERX

Direxion Daily Energy Bull 2X Shares

Return for Risk

SPYQ vs. ERX — Risk / Return Rank

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

SPYQ

SPYQ Risk / Return Rank: 45
SPYQ Sharpe Ratio Rank: 36
SPYQ Sortino Ratio Rank: 43
SPYQ Omega Ratio Rank: 48
SPYQ Calmar Ratio Rank: 43
SPYQ Martin Ratio Rank: 53

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.

SPYQ vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long SPY Quarterly ETF (SPYQ) 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.

	SPYQ	ERX	Difference
Sharpe ratio Return per unit of total volatility	0.72	0.97	-0.24
Sortino ratio Return per unit of downside risk	1.28	1.42	-0.14
Omega ratio Gain probability vs. loss probability	1.19	1.21	-0.01
Calmar ratio Return relative to maximum drawdown	1.19	1.41	-0.22
Martin ratio Return relative to average drawdown	5.36	2.87	+2.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPYQ vs. ERX - Sharpe Ratio Comparison

The current SPYQ Sharpe Ratio is 0.72, which is comparable to the ERX Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of SPYQ 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

	SPYQ	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	0.97	-0.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.66	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	-0.09	+0.46

Correlation

The correlation between SPYQ and ERX is 0.21, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

SPYQ vs. ERX - Dividend Comparison

SPYQ's dividend yield for the trailing twelve months is around 0.18%, less than ERX's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPYQ Tradr 2X Long SPY Quarterly ETF	0.18%	0.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	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

SPYQ vs. ERX - Drawdown Comparison

The maximum SPYQ drawdown since its inception was -35.88%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SPYQ and ERX.

Drawdown Indicators

	SPYQ	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-35.88%	-99.54%	+63.66%
Max Drawdown (1Y) Largest decline over 1 year	-23.97%	-35.17%	+11.20%
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	-12.20%	-91.33%	+79.13%
Average Drawdown Average peak-to-trough decline	-5.24%	-66.78%	+61.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.32%	17.26%	-11.94%

Volatility

SPYQ vs. ERX - Volatility Comparison

The current volatility for Tradr 2X Long SPY Quarterly ETF (SPYQ) is 11.25%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 13.01%. This indicates that SPYQ 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

	SPYQ	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.25%	13.01%	-1.76%
Volatility (6M) Calculated over the trailing 6-month period	19.44%	29.14%	-9.70%
Volatility (1Y) Calculated over the trailing 1-year period	38.66%	50.15%	-11.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.78%	52.18%	-16.40%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.78%	69.25%	-33.47%