SSG vs. ERX

Last updated Jun 3, 2026

SSG (Proshares Ultrashort Semiconductors) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - SSG tracks the Dow Jones U.S. Semiconductors Index (-200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, SSG returned -62.17%/yr vs -9.03%/yr for ERX. At a correlation of -0.40, they often move in opposite directions. SSG charges 0.95%/yr vs 1.09%/yr for ERX.

Performance

SSG vs. ERX - Performance Comparison

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

Returns By Period

In the year-to-date period, SSG achieves a -61.47% return, which is significantly lower than ERX's 62.58% return. Over the past 10 years, SSG has underperformed ERX with an annualized return of -62.17%, while ERX has yielded a comparatively higher -9.03% annualized return.

SSG

• 1D: -5.10%
• 1M: -34.47%
• YTD: -61.47%
• 6M: -61.93%
• 1Y: -82.39%
• 3Y*: -74.95%
• 5Y*: -67.33%
• 10Y*: -62.17%

ERX

• 1D: 2.25%
• 1M: -4.14%
• YTD: 62.58%
• 6M: 61.46%
• 1Y: 90.02%
• 3Y*: 22.61%
• 5Y*: 28.38%
• 10Y*: -9.03%

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

SSG vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SSG Proshares Ultrashort Semiconductors	-61.47%	-70.03%	-77.59%	-78.69%	37.90%	-67.46%	-76.50%	-63.33%	-0.79%	-51.60%
ERX Direxion Daily Energy Bull 2X Shares	62.58%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between SSG 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	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.16
Correlation (10Y) Calculated over the trailing 10-year period	-0.27
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008	-0.40

The correlation between SSG and ERX shifts across timeframes, from -0.40 (all time) to 0.13 (1 year), reflecting how their relationship changes across market environments.

SSG vs. ERX - Sectors Allocation Comparison

Sectors	SSG	ERX
Financial Services	50.7%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

SSG vs. ERX — Risk / Return Rank

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

SSG

SSG Risk / Return Rank: 0
SSG Sharpe Ratio Rank: 0
SSG Sortino Ratio Rank: 0
SSG Omega Ratio Rank: 0
SSG Calmar Ratio Rank: 0
SSG Martin Ratio Rank: 1

ERX

ERX Risk / Return Rank: 62
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 54
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 78
ERX Martin Ratio Rank: 62

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.

SSG vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) 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.

	SSG	ERX	Difference
Sharpe ratio Return per unit of total volatility	-1.34	2.20	-3.54
Sortino ratio Return per unit of downside risk	-3.24	2.61	-5.85
Omega ratio Gain probability vs. loss probability	0.66	1.32	-0.66
Calmar ratio Return relative to maximum drawdown	-1.01	4.08	-5.08
Martin ratio Return relative to average drawdown	-1.58	11.16	-12.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSG vs. ERX - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.34, which is lower than the ERX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of SSG and ERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSG	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.34	2.20	-3.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.87	0.55	-1.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.90	-0.13	-0.77
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.09	-0.70

Drawdowns

SSG vs. ERX - Drawdown Comparison

The maximum SSG drawdown since its inception was -100.00%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for SSG and ERX.

Drawdown Indicators

	SSG	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.54%	-0.46%
Max Drawdown (1Y) Largest decline over 1 year	-81.36%	-23.34%	-58.02%
Max Drawdown (3Y) Largest decline over 3 years	-98.49%	-42.34%	-56.15%
Max Drawdown (5Y) Largest decline over 5 years	-99.64%	-46.90%	-52.74%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	-98.59%	-1.40%
Current Drawdown Current decline from peak	-100.00%	-91.79%	-8.21%
Average Drawdown Average peak-to-trough decline	-88.59%	-67.01%	-21.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.66%	8.52%	+44.14%

Volatility

SSG vs. ERX - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) has a higher volatility of 21.32% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 16.37%. This indicates that SSG'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.

Volatility by Period

	SSG	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.32%	16.37%	+4.95%
Volatility (6M) Calculated over the trailing 6-month period	47.37%	33.42%	+13.95%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	41.14%	+20.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.34%	51.97%	+25.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.98%	69.19%	-0.21%

SSG vs. ERX - Expense Ratio Comparison

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

Dividends

SSG vs. ERX - Dividend Comparison

SSG's dividend yield for the trailing twelve months is around 13.55%, more than ERX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.65%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
SSG Proshares Ultrashort Semiconductors	13.55%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%	0.00%

Frequently Asked Questions

Can I hold both SSG and ERX in my portfolio?

SSG 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.

Which is riskier, SSG or ERX?

SSG has higher volatility (21.32%) compared to ERX (16.37%). In terms of maximum drawdown, SSG dropped -100.00% vs ERX's -99.54%.

Which ETF is better, SSG or ERX?

On 10-year performance, ERX leads with -9.03% vs -62.17% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, ERX has been the lower-risk option at 16.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or ERX?

Over the 10-year period, ERX has performed better with a -9.03% return vs -62.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or ERX?

SSG is cheaper with a 0.95% expense ratio, compared with 1.09% for ERX.

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

SSG has the higher dividend yield at 13.55%, compared with 1.65% for ERX.

What is the main difference between SSG and ERX?

SSG tracks Dow Jones U.S. Semiconductors 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 SSG and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (2.20 vs -1.34), 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.