DRIP vs. ERX
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and ERX (Direxion Daily Energy Bull 2X Shares) are both exchange-traded funds - DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%). Both are passively managed. Over the past 10 years, DRIP returned -42.61%/yr vs -9.07%/yr for ERX. Their -0.91 correlation means they have often moved in opposite directions in the past. DRIP charges 1.07%/yr vs 0.91%/yr for ERX.
Performance
DRIP vs. ERX - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -53.72% return, which is significantly lower than ERX's 66.56% return. Over the past 10 years, DRIP has underperformed ERX with an annualized return of -42.61%, while ERX has yielded a comparatively higher -9.07% annualized return.
DRIP
- 1D
- 3.59%
- 1M
- -22.42%
- 6M
- -46.02%
- YTD
- -53.72%
- 1Y
- -57.86%
- 3Y*
- -24.65%
- 5Y*
- -45.76%
- 10Y*
- -42.61%
- ALL TIME*
- -41.99%
ERX
- 1D
- -2.60%
- 1M
- 20.71%
- 6M
- 34.28%
- YTD
- 66.56%
- 1Y
- 81.13%
- 3Y*
- 16.84%
- 5Y*
- 36.03%
- 10Y*
- -9.07%
- ALL TIME*
- -7.12%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.92M | $63.12M | $132.02M | |
| $21.45M | $22.83M | $28.29M |
DRIP vs. ERX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -53.72% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
ERX Direxion Daily Energy Bull 2X Shares | 66.56% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
Correlation
The correlation between DRIP and ERX is -0.89, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.91 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.91 |
The correlation between DRIP and ERX has been stable across timeframes, ranging from -0.92 to -0.89 - a consistent structural relationship.
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Return for Risk
DRIP vs. ERX — Risk / Return Rank
DRIP
ERX
DRIP vs. ERX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DRIP | ERX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.96 | ||
| Sortino ratioReturn per unit of downside risk | -4.10 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.29 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.72 | -3.65 |
| Martin ratioReturn relative to average drawdown | -1.52 | 6.90 | -8.41 |
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Drawdowns
DRIP vs. ERX - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, roughly equal to the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for DRIP and ERX.
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Drawdown Indicators
| DRIP | ERX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.54% | -0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -29.97% | -32.21% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -42.34% | -33.68% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -46.90% | -49.34% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -98.59% | -1.33% |
Current DrawdownCurrent decline from peak | -99.94% | -91.59% | -8.35% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -67.25% | -23.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 38.17% | 11.81% | +26.36% |
Volatility
DRIP vs. ERX - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 17.47% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 12.43%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIP | ERX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.47% | 12.43% | +5.04% |
Volatility (6M)Calculated over the trailing 6-month period | 44.98% | 33.84% | +11.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 42.28% | +14.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 51.50% | +16.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.72% | 68.84% | +26.88% |
DRIP vs. ERX - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than ERX's 0.91% expense ratio.
Dividends
DRIP vs. ERX - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.84%, more than ERX's 1.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.84% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 0.00% |
ERX Direxion Daily Energy Bull 2X Shares | 1.53% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
DRIP and ERX have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (17.47%) compared to ERX (12.43%). In terms of maximum drawdown, DRIP dropped -99.95% vs ERX's -99.54%.
On 10-year performance, ERX leads with -9.07% vs -42.61% for DRIP. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -9.07% return vs -42.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.84%, compared with 1.53% for ERX.
DRIP is categorized as Leveraged Equities, while ERX is Energy Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while ERX tracks Energy Select Sector Index (200%). Their fees differ too: 1.07% for DRIP and 0.91% for ERX.
ERX currently has the higher Sharpe Ratio (1.93 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.
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