DRIP vs. FENY
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and FENY (Fidelity MSCI Energy Index ETF) are both exchange-traded funds - DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while FENY is a Energy Equities fund tracking the MSCI USA IMI Energy 25/50 Index. Both are passively managed. Over the past 10 years, DRIP returned -42.27%/yr vs 8.77%/yr for FENY. At a correlation of -0.92, they often move in opposite directions. DRIP charges 1.07%/yr vs 0.08%/yr for FENY.
Performance
DRIP vs. FENY - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -48.08% return, which is significantly lower than FENY's 28.83% return. Over the past 10 years, DRIP has underperformed FENY with an annualized return of -42.27%, while FENY has yielded a comparatively higher 8.77% annualized return.
DRIP
- 1D
- -8.32%
- 1M
- -1.64%
- 6M
- -46.66%
- YTD
- -48.08%
- 1Y
- -45.69%
- 3Y*
- -27.37%
- 5Y*
- -42.71%
- 10Y*
- -42.27%
FENY
- 1D
- 2.97%
- 1M
- -0.63%
- 6M
- 24.41%
- YTD
- 28.83%
- 1Y
- 31.69%
- 3Y*
- 15.71%
- 5Y*
- 21.78%
- 10Y*
- 8.77%
DRIP vs. FENY - 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 | -48.08% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
FENY Fidelity MSCI Energy Index ETF | 28.83% | 7.27% | 6.62% | -0.04% | 62.94% | 55.62% | -33.15% | 9.11% | -19.99% | -2.30% |
Correlation
The correlation between DRIP and FENY is -0.91, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.93 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.94 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.92 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.92 |
The correlation between DRIP and FENY has been stable across timeframes, ranging from -0.94 to -0.91 - a consistent structural relationship.
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Return for Risk
DRIP vs. FENY — Risk / Return Rank
DRIP
FENY
DRIP vs. FENY - 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 Fidelity MSCI Energy Index ETF (FENY). 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 | FENY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.20 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.25 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 2.13 | -2.86 |
| Martin ratioReturn relative to average drawdown | -1.29 | 5.85 | -7.14 |
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Drawdowns
DRIP vs. FENY - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than FENY's maximum drawdown of -74.35%. Use the drawdown chart below to compare losses from any high point for DRIP and FENY.
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Drawdown Indicators
| DRIP | FENY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -74.35% | -25.60% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -14.96% | -47.22% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -21.47% | -54.55% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -26.64% | -69.60% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -69.07% | -30.85% |
Current DrawdownCurrent decline from peak | -99.94% | -8.80% | -91.14% |
Average DrawdownAverage peak-to-trough decline | -90.51% | -23.02% | -67.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.50% | 5.46% | +30.04% |
Volatility
DRIP vs. FENY - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 17.28% compared to Fidelity MSCI Energy Index ETF (FENY) at 7.22%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than FENY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIP | FENY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.28% | 7.22% | +10.06% |
Volatility (6M)Calculated over the trailing 6-month period | 44.06% | 16.56% | +27.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.84% | 20.93% | +35.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.18% | 26.39% | +41.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.90% | 29.79% | +66.11% |
DRIP vs. FENY - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than FENY's 0.08% expense ratio.
Dividends
DRIP vs. FENY - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.42%, more than FENY's 2.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.42% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 0.00% | 0.00% | 0.00% |
FENY Fidelity MSCI Energy Index ETF | 2.47% | 3.18% | 3.05% | 3.33% | 3.33% | 3.69% | 4.60% | 6.43% | 3.21% | 2.94% | 2.29% | 3.05% |
Frequently Asked Questions
DRIP and FENY have a correlation of -0.91, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (17.28%) compared to FENY (7.22%). In terms of maximum drawdown, DRIP dropped -99.95% vs FENY's -74.35%.
On 10-year performance, FENY leads with 8.77% vs -42.27% for DRIP. On fees, FENY is cheaper at 0.08% per year. On volatility, FENY has been the lower-risk option at 7.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FENY has performed better with a 8.77% return vs -42.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FENY is cheaper with a 0.08% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.42%, compared with 2.47% for FENY.
DRIP is categorized as Leveraged Equities, while FENY is Energy Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while FENY tracks MSCI USA IMI Energy 25/50 Index. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 1.07% for DRIP and 0.08% for FENY.
FENY currently has the higher Sharpe Ratio (1.52 vs -0.81), 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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