ERX vs ERY: which held to its multiple?
Over three months against its own daily promise, ERX finished 1.8 points short and ERY 1.8 points over. Direxion Daily Energy Bull 2X ETF and Direxion Daily Energy Bear 2X ETF.
ERX returned +33.9% while 2 times XLE's move would have been +34.3%
ERY returned −27.8% while −2 times XLE's move would have been −34.3%
ERX among the 470 leveraged ETFs, long, over three months
ERY among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. ERY is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | ERX | ERY | ERX | ERY | ERX | ERY |
| 1 month | −7.0% | +6.8% | −6.5% | +6.5% | −0.5 pts | +0.3 pts |
| 3 months | +33.9% | −27.8% | +34.3% | −34.3% | −0.4 pts | +6.5 pts |
| 6 months | +6.0% | −12.8% | +11.3% | −11.3% | −5.4 pts | −1.5 pts |
| 1 year | +81.1% | −52.0% | +83.2% | −83.2% | −2.1 pts | +31.1 pts |
| 3 years | +60.7% | −57.0% | +99.1% | −99.1% | −38.3 pts | +42.1 pts |
| Since launch ERX Jan 2010 · ERY Jan 2010 | −71.0% | −99.9% | not meaningful | not meaningful | not meaningful | not meaningful |
ERX and ERY over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
ERX and ERY on the same fields, as of Sep 30, 2026. Source: ETFIQ.
ERX in plain words
Three months to Sep 30, 2026: ERX returned +33.9% where its own daily promise gave +35.7%, 1.8 points short. Read the multiple against the whole window instead and 2 times XLE's 17.2% implies +34.3%, which makes ERX look 0.4 points short. 1.4 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 21% 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 30, 2026: ERY returned −27.8% where its own daily promise gave −29.7%, 1.8 points over. Read the multiple against the whole window instead and −2 times XLE's 17.2% implies −34.3%, which makes ERY look 6.5 points over. 4.6 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 30, 2026, ERX finished 0.4 points from what its multiple implies and ERY finished 6.5 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 21% annualized and ERY’s at 21%, 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.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, ERX against ERY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/erx-vs-ery
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, ERX against ERY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/erx-vs-ery Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, ERX against ERY, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/erx-vs-ery
- APA
- ETFIQ. (Sep 30, 2026). ERX against ERY. Retrieved from https://etfiq.com/compare/leverage/erx-vs-ery
- Markdown
- [ERX against ERY (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/erx-vs-ery)