DRIP vs. NVIR
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and NVIR (Horizon Kinetics Energy Remediation 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 NVIR is a Energy Equities fund actively managed by Horizon. DRIP is passively managed, while NVIR is actively managed. Over the past 3 years, DRIP returned -27.26%/yr vs 18.04%/yr for NVIR. At a correlation of -0.86, they often move in opposite directions. DRIP charges 1.07%/yr vs 0.85%/yr for NVIR.
Performance
DRIP vs. NVIR - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -41.20% return, which is significantly lower than NVIR's 15.99% return.
DRIP
- 1D
- -0.94%
- 1M
- 18.92%
- YTD
- -41.20%
- 6M
- -40.68%
- 1Y
- -42.23%
- 3Y*
- -27.26%
- 5Y*
- -38.71%
- 10Y*
- -42.06%
NVIR
- 1D
- -0.24%
- 1M
- -6.60%
- YTD
- 15.99%
- 6M
- 15.77%
- 1Y
- 26.56%
- 3Y*
- 18.04%
- 5Y*
- —
- 10Y*
- —
DRIP vs. NVIR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -41.20% | -14.81% | 1.27% | -23.13% |
NVIR Horizon Kinetics Energy Remediation ETF | 15.99% | 9.84% | 17.53% | 5.23% |
Correlation
The correlation between DRIP and NVIR is -0.77, 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 | -0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.85 |
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023 | -0.86 |
The correlation between DRIP and NVIR has been stable across timeframes, ranging from -0.86 to -0.77 - a consistent structural relationship.
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Return for Risk
DRIP vs. NVIR — Risk / Return Rank
DRIP
NVIR
DRIP vs. NVIR - 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 Horizon Kinetics Energy Remediation ETF (NVIR). 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 | NVIR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.28 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 2.93 | -3.62 |
| Martin ratioReturn relative to average drawdown | -1.25 | 9.32 | -10.57 |
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Drawdowns
DRIP vs. NVIR - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than NVIR's maximum drawdown of -22.47%. Use the drawdown chart below to compare losses from any high point for DRIP and NVIR.
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Drawdown Indicators
| DRIP | NVIR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -22.47% | -77.48% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -9.09% | -53.09% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -22.47% | -53.55% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -7.99% | -91.94% |
Average DrawdownAverage peak-to-trough decline | -90.46% | -4.61% | -85.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.75% | 2.86% | +30.89% |
Volatility
DRIP vs. NVIR - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 18.04% compared to Horizon Kinetics Energy Remediation ETF (NVIR) at 6.20%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than NVIR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIP | NVIR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.04% | 6.20% | +11.84% |
Volatility (6M)Calculated over the trailing 6-month period | 43.68% | 12.76% | +30.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.75% | 16.63% | +40.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.37% | 19.32% | +49.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.33% | 19.32% | +77.01% |
DRIP vs. NVIR - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than NVIR's 0.85% expense ratio.
Dividends
DRIP vs. NVIR - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.36%, more than NVIR's 0.79% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.36% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% |
NVIR Horizon Kinetics Energy Remediation ETF | 0.79% | 0.92% | 1.50% | 1.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
DRIP and NVIR have a correlation of -0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (18.04%) compared to NVIR (6.20%). In terms of maximum drawdown, DRIP dropped -99.95% vs NVIR's -22.47%.
On 3-year performance, NVIR leads with 18.04% vs -27.26% for DRIP. On fees, NVIR is cheaper at 0.85% per year. On volatility, NVIR has been the lower-risk option at 6.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, NVIR has performed better with a 18.04% return vs -27.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NVIR is cheaper with a 0.85% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.36%, compared with 0.79% for NVIR.
DRIP is categorized as Leveraged Equities, while NVIR is Energy Equities. They also come from different issuers: Direxion and Horizon. Their fees differ too: 1.07% for DRIP and 0.85% for NVIR.
NVIR currently has the higher Sharpe Ratio (1.61 vs -0.75), 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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