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ERX vs UCO

Direxion Daily Energy Bull 2X ETF

ERXBNYSE Arca

ProShares Ultra Bloomberg Crude Oil

UCOCNYSE Arca

Overlap

Expense ratio

ERX −0.04pt a year

ERX0.91%UCO0.95%

Avg volume · 30D

UCO 9.4×the volume

ERX287KUCO2.69M

10Y return · a year

UCO +0.6pt

ERX−6.3%UCO−5.7%

ERX vs UCO Performance

Oct 29, 2021 – Oct 30, 2026

+363.0%ERX+178.5%UCO

Oct 29, 2021 to Oct 30, 2026. ERX +363.0%. UCO +178.5%. Use the arrow keys to read each point.0%100%300%Oct 2021Apr 2024Oct 2026
Expense ratio
ERX 0.91%, better
UCO 0.95%
Fund size
ERX $287M
UCO $510M
1Y total return
ERX +140.9%
UCO +213.0%, better
Yield (12M)
ERX 1.08%
UCO No data
Holdings
ERX 28
UCO 1
Avg volume (30D)
ERX 287K sh
UCO 2.69M sh, better
NAV per share
ERX $124.23
UCO $68.02
52W range

ETF.net Grade

ERX: Cost 74, Risk 69, Mission not scored, Tradability 54, Holdings not scored, Durability 53. UCO: Cost 32, Risk 52, Mission not scored, Tradability 80, Holdings not scored, Durability 70.
Pillar letters and Scores for ERX, UCO, with each pillar’s weight
PillarERXUCO
Cost30% weightA74HigherD32
Mission25% weightNot scoredNot scored
Risk15% weightB69HigherC52
Tradability15% weightC54A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC53A70Higher

Rank among 2x/3x Long Energy funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. ERX and UCO are both graded against the same 6 2x/3x Long Energy funds, so their Grades compare head to head.

2x/3x Long Energy⁠

Category · 6 funds
See all 6 ›

ERX ranks 1st and UCO 2nd of 6 funds in the 2x/3x Long Energy Category.

  1. Rank 1BERXDirexion Daily Energy Bull 2X ETFScore 66
  2. Rank 2CGUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETFScore 50
  3. Rank 2CUCOProShares Ultra Bloomberg Crude OilScore 50
  4. Rank 4CDIGProShares Ultra EnergyScore 47

Our read on each fund

ETF.net Research

ERXBDirexion Daily Energy Bull 2X ETF

UCOCProShares Ultra Bloomberg Crude Oil

In short

ERX The 2008 original of the leveraged energy trade: 2x the daily move of the Energy Select Sector Index, built from oil-major stocks rather than crude futures. Sector-wide exposure, dialed up, for holding periods measured in days.

UCO Most leveraged energy funds juice oil-company stocks. UCO levers the barrel itself: 2x the daily move of a WTI futures index that spreads across three roll schedules instead of camping in the front-month contract.

Stated mandate

ERX The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of the Energy Select Sector Index for a single day. It is not designed to deliver twice the index’s cumulative return over periods longer than one day.

UCO UCO seeks daily results, before fees and expenses, equal to two times the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

Why people hold it

  • ERX At 0.91% it undercuts every rival in its leveraged energy group, including GUSH (0.94%), UCO and BOIL (0.95%) and DIG (1.07%).
  • Rides a stock index of roughly 30 US energy companies, so there is no crude futures roll to fight, unlike the commodity-based versions of the same trade.direxion.com
  • Live since November 2008, it has traded through multiple oil booms and busts. Few leveraged sector funds have that much tape behind them.
  • One of the stronger implementations in the leveraged energy peer group, with low cost doing much of the heavy lifting.
  • UCO Crude, not drillers: 2x the daily move of a WTI futures index, while cohort peers ERX, GUSH and DIG lever baskets of energy stocks.proshares.com
  • The benchmark splits equally across monthly, June-annual and December-annual futures roll schedules, reset semi-annually, so it is not pinned to the front-month contract.proshares.comsec.gov
  • Actively traded, and its 0.95% expense ratio sits right at the median for 2x energy funds. Live since 2008, through several oil booms and busts.

Worth knowing

  • ERX The 2x target resets every day. Hold longer and compounding takes over, so a week or a month can land well away from twice the index move.
  • One sector, one country, about 30 stocks, then doubled. The concentration is the point and the risk in the same breath.
  • Moderately traded rather than one of the busiest leveraged funds on the tape, so spreads and order size carry more weight at the point of entry.
  • UCO The leverage resets daily. Hold past a day and compounding takes over, so multi-day results can differ from 2x the period's oil move, especially in choppy markets.proshares.com
  • Structured as a commodity pool, so tax time brings a Schedule K-1 rather than a 1099.proshares.com
  • A price-move vehicle, not an income one: the fund has not been paying distributions.

Full ERX profile⁠

Full UCO profile⁠

ERX vs UCO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

ERX vs UCO Cost

Overpaying UCO vs ERX

$662

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • ERX 0.91%

    $17,207

  • UCO 0.95%

    $17,869

$10,000
30 years

Cost over time

  • ERX 0.91%
  • UCO 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UCO $17,869ERX $17,207

Year by year

YearERXUCOOverpaying
10$1,610$1,678$68
20$6,076$6,322$246
30$17,207$17,869$662

Expense ratio

  • 0.91%ERX, cheaper
  • 0.95%UCO
  • Middle half of 2x/3x Long Energy funds
  • Median 0.94%

ERX 2nd cheapest of 6 funds

UCO 4th cheapest of 6 funds

ERX vs UCO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
ERX 1.08%
UCO No data
Payout (12M)
ERX $1.39
UCO None
Last payment
ERX $0.37
UCO No data
Ex-dividend
ERX Sep 22, 2026
UCO No data
Paid on
ERX Sep 29, 2026
UCO No data
Frequency
ERX Quarterly
UCO No data

Distribution history

Per share, 2017 to 2026, same scale for both

ERXQuarterly · 35 paymentsAll ERX payments⁠
One bar per payment. 35 payments from 2017 to 2026 YTD. Mar 21, 2017 $0.20; Jun 20, 2017 $0.64; Dec 19, 2017 $2.14; Jun 19, 2018 $2.74; Sep 25, 2018 $1.14; Dec 27, 2018 $0.82; Mar 19, 2019 $1.28; Sep 24, 2019 $0.71; Dec 23, 2019 $0.74; Jun 23, 2020 $0.16; Sep 22, 2020 $0.10; Dec 22, 2020 $0.07; Mar 23, 2021 $0.12; Jun 22, 2021 $0.16; Sep 21, 2021 $0.17; Dec 21, 2021 $0.19; Mar 22, 2022 $0.36; Jun 22, 2022 $0.38; Sep 20, 2022 $0.42; Dec 20, 2022 $0.33; Mar 21, 2023 $0.50; Jun 21, 2023 $0.47; Sep 19, 2023 $0.45; Dec 21, 2023 $0.37; Mar 19, 2024 $0.51; Jun 25, 2024 $0.41; Sep 24, 2024 $0.39; Dec 23, 2024 $0.32; Mar 25, 2025 $0.45; Jun 24, 2025 $0.32; Sep 23, 2025 $0.38; Dec 23, 2025 $0.27; Mar 24, 2026 $0.52; Jun 23, 2026 $0.24; Sep 22, 2026 $0.37. Use the arrow keys to read each point.$0$2.502017202020232026YTD
UCOAll UCO payments⁠

No distribution history available.

ERX vs UCO Risk

Fall from peak · 5 years

  • ERX
  • UCO
Oct 29, 2021 to Oct 30, 2026. Worst fall: UCO −67.2% · Dec 2025. Use the arrow keys to read each point.−60%−40%−20%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
ERX 43.5%, betterUCO 53.7%
Return per unit of riskSharpe ratio, 3 years
ERX 0.77, betterUCO 0.63
Worst fallMax drawdown, 5 years
ERX −46.9%, betterUCO −67.2%
Market sensitivityBeta, 5 years
ERX −0.03UCO 2.79

ERX and UCO in the news

All news⁠

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