UYM vs. ERX

Last updated Jun 3, 2026

UYM (ProShares Ultra Basic Materials) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds - UYM tracks the Dow Jones U.S. Basic Materials Index (200%) while ERX tracks the Energy Select Sector Index (300%). Both are passively managed. Over the past 10 years, UYM returned 11.85%/yr vs -8.79%/yr for ERX. A 0.68 correlation means they provide meaningful diversification when combined. UYM charges 0.95%/yr vs 1.09%/yr for ERX.

Performance

UYM vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Ultra Basic Materials (UYM) 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, UYM achieves a 25.08% return, which is significantly lower than ERX's 66.93% return. Over the past 10 years, UYM has outperformed ERX with an annualized return of 11.85%, while ERX has yielded a comparatively lower -8.79% annualized return.

UYM

• 1D: 2.40%
• 1M: -0.29%
• YTD: 25.08%
• 6M: 32.48%
• 1Y: 34.35%
• 3Y*: 13.32%
• 5Y*: 3.40%
• 10Y*: 11.85%

ERX

• 1D: 2.68%
• 1M: -3.38%
• YTD: 66.93%
• 6M: 59.74%
• 1Y: 90.37%
• 3Y*: 23.69%
• 5Y*: 28.75%
• 10Y*: -8.79%

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

UYM vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UYM ProShares Ultra Basic Materials	25.08%	9.46%	-8.00%	17.47%	-23.10%	54.58%	16.56%	35.09%	-35.68%	51.51%
ERX Direxion Daily Energy Bull 2X Shares	66.93%	2.79%	1.09%	-12.26%	130.58%	111.91%	-91.60%	17.13%	-55.94%	-11.60%

Correlation

The correlation between UYM and ERX is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.47
Correlation (10Y) Calculated over the trailing 10-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 20, 2008	0.68

Over the past year, the correlation between UYM and ERX has dropped to 0.15 - well below their long-term average of 0.68, suggesting their price drivers have been diverging.

UYM vs. ERX - Sectors Allocation Comparison

Sectors	UYM	ERX
Basic Materials	87.6%	-
Consumer Cyclical	12.4%	-
Industrials	1.1%	-
Communication Services	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

UYM vs. ERX — Risk / Return Rank

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

UYM

UYM Risk / Return Rank: 28
UYM Sharpe Ratio Rank: 28
UYM Sortino Ratio Rank: 29
UYM Omega Ratio Rank: 27
UYM Calmar Ratio Rank: 30
UYM Martin Ratio Rank: 28

ERX

ERX Risk / Return Rank: 61
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 53
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 76
ERX Martin Ratio Rank: 59

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.

UYM vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Basic Materials (UYM) 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.

	UYM	ERX	Difference
Sharpe ratio Return per unit of total volatility	1.02	2.21	-1.19
Sortino ratio Return per unit of downside risk	1.55	2.62	-1.07
Omega ratio Gain probability vs. loss probability	1.18	1.32	-0.14
Calmar ratio Return relative to maximum drawdown	1.49	3.89	-2.40
Martin ratio Return relative to average drawdown	4.09	10.60	-6.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UYM vs. ERX - Sharpe Ratio Comparison

The current UYM Sharpe Ratio is 1.02, which is lower than the ERX Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of UYM 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

	UYM	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	2.21	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.09	0.56	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.28	-0.13	+0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	-0.09	+0.17

Drawdowns

UYM vs. ERX - Drawdown Comparison

The maximum UYM drawdown since its inception was -92.77%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for UYM and ERX.

Drawdown Indicators

	UYM	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-92.77%	-99.54%	+6.77%
Max Drawdown (1Y) Largest decline over 1 year	-23.85%	-23.34%	-0.51%
Max Drawdown (3Y) Largest decline over 3 years	-43.88%	-42.34%	-1.54%
Max Drawdown (5Y) Largest decline over 5 years	-48.25%	-46.90%	-1.35%
Max Drawdown (10Y) Largest decline over 10 years	-73.31%	-98.59%	+25.28%
Current Drawdown Current decline from peak	-9.40%	-91.57%	+82.17%
Average Drawdown Average peak-to-trough decline	-42.12%	-67.02%	+24.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.72%	8.57%	+0.15%

Volatility

UYM vs. ERX - Volatility Comparison

The current volatility for ProShares Ultra Basic Materials (UYM) is 12.00%, while Direxion Daily Energy Bull 2X Shares (ERX) has a volatility of 16.49%. This indicates that UYM 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

	UYM	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.00%	16.49%	-4.49%
Volatility (6M) Calculated over the trailing 6-month period	25.85%	33.45%	-7.60%
Volatility (1Y) Calculated over the trailing 1-year period	33.72%	41.14%	-7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.26%	51.98%	-12.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.77%	69.18%	-26.41%

UYM vs. ERX - Expense Ratio Comparison

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

Dividends

UYM vs. ERX - Dividend Comparison

UYM's dividend yield for the trailing twelve months is around 1.21%, less than ERX's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERX Direxion Daily Energy Bull 2X Shares	1.61%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%	0.00%	0.00%
UYM ProShares Ultra Basic Materials	1.21%	1.47%	0.98%	0.28%	0.88%	0.52%	0.56%	1.24%	0.94%	0.38%	0.55%	0.42%

Frequently Asked Questions

Can I hold both UYM and ERX in my portfolio?

UYM 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.

Which is riskier, UYM or ERX?

ERX has higher volatility (16.49%) compared to UYM (12.00%). In terms of maximum drawdown, UYM dropped -92.77% vs ERX's -99.54%.

Which ETF is better, UYM or ERX?

On 10-year performance, UYM leads with 11.85% vs -8.79% for ERX. On fees, UYM is cheaper at 0.95% per year. On volatility, UYM has been the lower-risk option at 12.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, UYM or ERX?

Over the 10-year period, UYM has performed better with a 11.85% return vs -8.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, UYM or ERX?

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

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

ERX has the higher dividend yield at 1.61%, compared with 1.21% for UYM.

What is the main difference between UYM and ERX?

UYM tracks Dow Jones U.S. Basic Materials 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 UYM and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (2.21 vs 1.02), 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.