DRIP vs. ERY
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and ERY (Direxion Daily Energy Bear 2X Shares) are both Leveraged Equities funds from Direxion - DRIP tracks the S&P Oil & Gas Exploration & Production Select Industry Index (-300%) while ERY tracks the Energy Select Sector Index (-300%). Both are passively managed. Over the past 10 years, DRIP returned -42.30%/yr vs -32.86%/yr for ERY. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 1.07% expense ratio.
Performance
DRIP vs. ERY - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -48.42% return, which is significantly lower than ERY's -42.26% return. Over the past 10 years, DRIP has underperformed ERY with an annualized return of -42.30%, while ERY has yielded a comparatively higher -32.86% annualized return.
DRIP
- 1D
- -0.65%
- 1M
- -2.28%
- 6M
- -45.20%
- YTD
- -48.42%
- 1Y
- -47.19%
- 3Y*
- -27.53%
- 5Y*
- -43.20%
- 10Y*
- -42.30%
ERY
- 1D
- -0.79%
- 1M
- 0.01%
- 6M
- -35.73%
- YTD
- -42.26%
- 1Y
- -45.09%
- 3Y*
- -25.54%
- 5Y*
- -39.55%
- 10Y*
- -32.86%
DRIP vs. ERY - 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 | -48.42% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
ERY Direxion Daily Energy Bear 2X Shares | -42.26% | -18.54% | -5.58% | -0.35% | -73.61% | -68.00% | -11.94% | -38.67% | 45.61% | -5.67% |
Correlation
The correlation between DRIP and ERY is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | 0.91 |
The correlation between DRIP and ERY has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.
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Return for Risk
DRIP vs. ERY — Risk / Return Rank
DRIP
ERY
DRIP vs. ERY - 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 Bear 2X Shares (ERY). 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 | ERY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.25 | ||
| Sortino ratioReturn per unit of downside risk | +0.49 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 0.82 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.80 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.35 | +0.03 |
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Drawdowns
DRIP vs. ERY - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, roughly equal to the maximum ERY drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for DRIP and ERY.
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Drawdown Indicators
| DRIP | ERY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -99.99% | +0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -56.88% | -5.30% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -65.95% | -10.07% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -94.04% | -2.20% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -99.66% | -0.26% |
Current DrawdownCurrent decline from peak | -99.94% | -99.99% | +0.05% |
Average DrawdownAverage peak-to-trough decline | -90.51% | -96.92% | +6.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.66% | 33.37% | +2.29% |
Volatility
DRIP vs. ERY - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 16.32% compared to Direxion Daily Energy Bear 2X Shares (ERY) at 14.33%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than ERY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIP | ERY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.32% | 14.33% | +1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 44.01% | 33.11% | +10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.73% | 41.94% | +14.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.02% | 51.70% | +16.32% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.90% | 70.41% | +25.49% |
DRIP vs. ERY - Expense Ratio Comparison
Both DRIP and ERY have an expense ratio of 1.07%.
Dividends
DRIP vs. ERY - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.44%, more than ERY's 3.20% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.44% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
ERY Direxion Daily Energy Bear 2X Shares | 3.20% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
Frequently Asked Questions
DRIP and ERY 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 (16.32%) compared to ERY (14.33%). In terms of maximum drawdown, DRIP dropped -99.95% vs ERY's -99.99%.
On 10-year performance, ERY leads with -32.86% vs -42.30% for DRIP. Both ETFs have the same 1.07% expense ratio. On volatility, ERY has been the lower-risk option at 14.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERY has performed better with a -32.86% return vs -42.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRIP and ERY have the same expense ratio: 1.07% per year.
DRIP has the higher dividend yield at 3.44%, compared with 3.20% for ERY.
DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while ERY tracks Energy Select Sector Index (-300%).
DRIP currently has the higher Sharpe Ratio (-0.83 vs -1.08), 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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