URSP vs. ERX

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Ultra S&P 500 Equal Weight ETF (URSP) and Direxion Daily Energy Bull 2X Shares (ERX).

URSP and ERX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. URSP is a passively managed fund by ProShares that tracks the performance of the S&P 500 Equal Weight Index. It was launched on Aug 25, 2025. 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 URSP 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

URSP vs. ERX - Performance Comparison

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

URSP vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.01%	1.57%
ERX Direxion Daily Energy Bull 2X Shares	71.72%	0.76%

Returns By Period

In the year-to-date period, URSP achieves a 0.01% return, which is significantly lower than ERX's 71.72% return.

URSP

• 1D: 0.71%
• 1M: -11.43%
• YTD: 0.01%
• 6M: 0.21%
• 1Y: —
• 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)

URSP vs. ERX - Expense Ratio Comparison

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

ERX

Direxion Daily Energy Bull 2X Shares

URSP

ProShares Ultra S&P 500 Equal Weight ETF

Return for Risk

URSP vs. ERX — Risk / Return Rank

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

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.

URSP vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra S&P 500 Equal Weight ETF (URSP) 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.

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

Sharpe Ratios by Period

	URSP	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.97	—
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	0.11	-0.09	+0.20

Correlation

The correlation between URSP 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

URSP vs. ERX - Dividend Comparison

URSP's dividend yield for the trailing twelve months is around 0.68%, less than ERX's 1.56% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
URSP ProShares Ultra S&P 500 Equal Weight ETF	0.68%	0.38%	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

URSP vs. ERX - Drawdown Comparison

The maximum URSP drawdown since its inception was -15.72%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for URSP and ERX.

Drawdown Indicators

	URSP	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-15.72%	-99.54%	+83.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-35.17%	—
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	-11.80%	-91.33%	+79.53%
Average Drawdown Average peak-to-trough decline	-3.12%	-66.78%	+63.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.26%	—

Volatility

Volatility by Period

	URSP	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	13.01%	—
Volatility (6M) Calculated over the trailing 6-month period	—	29.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	24.04%	50.15%	-26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.04%	52.18%	-28.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.04%	69.25%	-45.21%