DRIP vs. IEO
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and IEO (iShares U.S. Oil & Gas Exploration & Production 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 IEO is a Energy Equities fund tracking the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, DRIP returned -42.45%/yr vs 10.17%/yr for IEO. At a correlation of -0.96, they often move in opposite directions. DRIP charges 1.07%/yr vs 0.42%/yr for IEO.
Performance
DRIP vs. IEO - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, DRIP achieves a -50.33% return, which is significantly lower than IEO's 34.23% return. Over the past 10 years, DRIP has underperformed IEO with an annualized return of -42.45%, while IEO has yielded a comparatively higher 10.17% annualized return.
DRIP
- 1D
- 0.22%
- 1M
- 9.31%
- YTD
- -50.33%
- 6M
- -42.76%
- 1Y
- -57.98%
- 3Y*
- -31.50%
- 5Y*
- -41.60%
- 10Y*
- -42.45%
IEO
- 1D
- -0.27%
- 1M
- -3.10%
- YTD
- 34.23%
- 6M
- 25.78%
- 1Y
- 43.06%
- 3Y*
- 16.29%
- 5Y*
- 18.90%
- 10Y*
- 10.17%
DRIP vs. IEO - 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 | -50.33% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 34.23% | 2.15% | -1.45% | 3.57% | 57.82% | 75.57% | -32.77% | 9.63% | -19.44% | 0.33% |
Correlation
The correlation between DRIP and IEO is -0.97, 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 | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.97 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.96 |
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015 | -0.96 |
The correlation between DRIP and IEO has been stable across timeframes, ranging from -0.97 to -0.96 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
DRIP vs. IEO — Risk / Return Rank
DRIP
IEO
DRIP vs. IEO - 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 iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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.
| DRIP | IEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.28 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 3.03 | -3.94 |
| Martin ratioReturn relative to average drawdown | -1.69 | 8.15 | -9.84 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| DRIP | IEO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.05 | 1.73 | -2.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.61 | 0.62 | -1.23 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.44 | 0.29 | -0.73 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.42 | 0.17 | -0.59 |
Drawdowns
DRIP vs. IEO - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for DRIP and IEO.
Loading charts...
Drawdown Indicators
| DRIP | IEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -79.17% | -20.78% |
Max Drawdown (1Y)Largest decline over 1 year | -63.84% | -14.30% | -49.54% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -31.46% | -44.56% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -31.46% | -64.78% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -75.00% | -24.92% |
Current DrawdownCurrent decline from peak | -99.94% | -7.55% | -92.39% |
Average DrawdownAverage peak-to-trough decline | -90.46% | -26.27% | -64.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 34.32% | 5.30% | +29.02% |
Volatility
DRIP vs. IEO - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 19.67% compared to iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 9.31%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| DRIP | IEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.67% | 9.31% | +10.36% |
Volatility (6M)Calculated over the trailing 6-month period | 42.89% | 19.80% | +23.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.51% | 25.11% | +30.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.36% | 30.53% | +37.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.57% | 34.99% | +61.58% |
DRIP vs. IEO - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than IEO's 0.42% expense ratio.
Dividends
DRIP vs. IEO - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.98%, more than IEO's 1.97% 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 | 3.98% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 0.00% | 0.00% | 0.00% |
IEO iShares U.S. Oil & Gas Exploration & Production ETF | 1.97% | 2.61% | 2.63% | 3.00% | 3.77% | 2.62% | 3.17% | 1.85% | 1.67% | 0.94% | 0.98% | 2.03% |
Frequently Asked Questions
DRIP and IEO have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (19.67%) compared to IEO (9.31%). In terms of maximum drawdown, DRIP dropped -99.95% vs IEO's -79.17%.
On 10-year performance, IEO leads with 10.17% vs -42.45% for DRIP. On fees, IEO is cheaper at 0.42% per year. On volatility, IEO has been the lower-risk option at 9.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEO has performed better with a 10.17% return vs -42.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEO is cheaper with a 0.42% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.98%, compared with 1.97% for IEO.
DRIP is categorized as Leveraged Equities, while IEO is Energy Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: Direxion and iShares. Their fees differ too: 1.07% for DRIP and 0.42% for IEO.
IEO currently has the higher Sharpe Ratio (1.73 vs -1.05), 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.
Find the right allocation for DRIP and IEO
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer