Data as of .
ERX vs ERY: which held to its multiple?
Over three months against its own daily promise, ERX finished 1.9 points short and ERY 1.9 points over.
ETFIQ Decay Resistance Score: ERX scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| ERX | ERY | ERX | ERY | ERX | ERY | |
| 1 month | +13.3% | −11.9% | +13.5% | −13.5% | −0.2 pts | +1.5 pts |
| 3 months | +26.5% | −23.8% | +28.0% | −28.0% | −1.5 pts | +4.2 pts |
| 6 months | +24.0% | −26.0% | +28.9% | −28.9% | −4.8 pts | +2.9 pts |
| 1 year | +105.1% | −57.5% | +101.4% | −101.4% | +3.7 pts | +43.9 pts |
| 3 years | +70.9% | −59.4% | +108.3% | −108.3% | −37.4 pts | +48.9 pts |
| Since launch | −67.7% | −99.9% | not meaningful | not meaningful | not meaningful | not meaningful |
| ERX Direxion Daily Energy Bull 2X ETF Aims to return twice the daily move of energy (XLE) | ERY Direxion Daily Energy Bear 2X ETF Aims to return twice the opposite of the daily move of energy (XLE) | |
|---|---|---|
| Issuer | Direxion | Direxion |
| Sets out to return | +2x | -2x |
| On | XLE | XLE |
| Segment | sector | sector |
| Fund returned, 3 months | +26.5% | −23.8% |
| Underlying returned, 3 months | +14.0% | +14.0% |
| What the stated multiple implies, 3 months | +28.0% | −28.0% |
| Difference from stated, 3 months | −1.5 pts | +4.2 pts |
| Fund returned, 1 year or since launch | +105.1% | −57.5% |
| Difference from stated, over that window | +3.7 pts | +43.9 pts |
| Underlying volatility | 22% | 22% |
| Difference over the days both have traded | −1.5 pts | +4.2 pts |
| Expense ratio | 0.91% | 0.99% |
| Launched | Jan 4, 2010 | Jan 4, 2010 |
ERX in plain words
Three months to Sep 11, 2026: ERX returned +26.5% where its own daily promise gave +28.5%, 1.9 points short. Read the multiple against the whole window instead and +2 times XLE's 14.0% implies +28.0%, which makes ERX look 1.5 points short. 0.5 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. ERX aims to return +2 times XLE's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. XLE moved at 22% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
ERY in plain words
Three months to Sep 11, 2026: ERY returned −23.8% where its own daily promise gave −25.7%, 1.9 points over. Read the multiple against the whole window instead and −2 times XLE's 14.0% implies −28.0%, which makes ERY look 4.2 points over. 2.3 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. ERY aims to return -2 times XLE's move each day, then resets. Over longer, the daily results compound, so the total is not -2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, ERX or ERY?
- Over the window to Sep 11, 2026, ERX finished 1.5 points from what its multiple implies and ERY finished 4.2 points from its own, so ERX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ERX and ERY levered on the same thing?
- Yes. Both are levered on energy, ERX at +2 times and ERY at -2 times the daily move.
- Which one decays faster, ERX or ERY?
- Decay follows how much the underlying moves about. Over this window ERX’s moved at 22% annualized and ERY’s at 22%, so ERX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ERX or ERY for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, ERX or ERY?
- ERX charges 0.91% a year and ERY charges 0.99%, so ERX is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ERX against ERY, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ERX-ERY Free to use with attribution; the underlying files are at Open data.