UBRL vs. ERX
UBRL (GraniteShares 2x Long UBER Daily ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - UBRL is a Leveraged Equities fund actively managed by GraniteShares, while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). UBRL is actively managed, while ERX is passively managed. Over the past year, UBRL returned -46.01% vs 85.96% for ERX. Their -0.01 correlation means they have often moved in opposite directions in the past. UBRL charges 1.15%/yr vs 0.91%/yr for ERX.
Performance
UBRL vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, UBRL achieves a -34.07% return, which is significantly lower than ERX's 71.01% return.
UBRL
- 1D
- -0.17%
- 1M
- -12.12%
- 6M
- -30.61%
- YTD
- -34.07%
- 1Y
- -46.01%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -21.95%
ERX
- 1D
- 1.98%
- 1M
- 23.93%
- 6M
- 32.46%
- YTD
- 71.01%
- 1Y
- 85.96%
- 3Y*
- 17.67%
- 5Y*
- 35.70%
- 10Y*
- -8.11%
- ALL TIME*
- -6.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $22.14M | $22.35M | $28.47M | |
| $1.81M | $1.87M | $2.98M |
UBRL vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
UBRL GraniteShares 2x Long UBER Daily ETF | -34.07% | 45.90% | -35.13% |
ERX Direxion Daily Energy Bull 2X Shares | 71.01% | 2.79% | -7.31% |
Correlation
The correlation between UBRL and ERX is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 4, 2024 | -0.01 |
The correlation between UBRL and ERX shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
UBRL vs. ERX — Risk / Return Rank
UBRL
ERX
UBRL vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long UBER Daily ETF (UBRL) 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.
| UBRL | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.57 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.29 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | 2.65 | -3.41 |
| Martin ratioReturn relative to average drawdown | -1.19 | 6.74 | -7.93 |
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Drawdowns
UBRL vs. ERX - Drawdown Comparison
The maximum UBRL drawdown since its inception was -62.78%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for UBRL and ERX.
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Drawdown Indicators
| UBRL | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.78% | -99.54% | +36.76% |
Max Drawdown (1Y)Largest decline over 1 year | -62.78% | -29.97% | -32.81% |
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 DrawdownCurrent decline from peak | -57.94% | -91.37% | +33.43% |
Average DrawdownAverage peak-to-trough decline | -30.54% | -67.24% | +36.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 39.60% | 11.83% | +27.77% |
Volatility
UBRL vs. ERX - Volatility Comparison
GraniteShares 2x Long UBER Daily ETF (UBRL) has a higher volatility of 19.47% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 11.87%. This indicates that UBRL'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
| UBRL | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.47% | 11.87% | +7.60% |
Volatility (6M)Calculated over the trailing 6-month period | 51.61% | 33.76% | +17.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.23% | 42.31% | +25.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.17% | 51.50% | +24.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 76.17% | 68.84% | +7.33% |
UBRL vs. ERX - Expense Ratio Comparison
UBRL has a 1.15% expense ratio, which is higher than ERX's 0.91% expense ratio.
Dividends
UBRL vs. ERX - Dividend Comparison
UBRL's dividend yield for the trailing twelve months is around 15.84%, more than ERX's 1.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 1.49% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
UBRL GraniteShares 2x Long UBER Daily ETF | 15.84% | 10.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UBRL and ERX have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UBRL has higher volatility (19.47%) compared to ERX (11.87%). In terms of maximum drawdown, UBRL dropped -62.78% vs ERX's -99.54%.
On 1-year performance, ERX leads with 85.96% vs -46.01% for UBRL. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 11.87%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ERX has performed better with a 85.96% return vs -46.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.15% for UBRL.
UBRL has the higher dividend yield at 15.84%, compared with 1.49% for ERX.
UBRL is categorized as Leveraged Equities, while ERX is Energy Equities. They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for UBRL and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.88 vs -0.69), 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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