DRIP vs. PXE
DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and PXE (Invesco Dynamic Energy 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 PXE is a Energy Equities fund tracking the Dynamic Energy Exploration & Production Intellidex Index. Both are passively managed. Over the past 10 years, DRIP returned -43.88%/yr vs 9.83%/yr for PXE. Their -0.96 correlation means they have often moved in opposite directions in the past. DRIP charges 1.07%/yr vs 0.63%/yr for PXE.
Performance
DRIP vs. PXE - Performance Comparison
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Returns By Period
In the year-to-date period, DRIP achieves a -55.32% return, which is significantly lower than PXE's 39.33% return. Over the past 10 years, DRIP has underperformed PXE with an annualized return of -43.88%, while PXE has yielded a comparatively higher 9.83% annualized return.
DRIP
- 1D
- -2.95%
- 1M
- -25.11%
- 6M
- -44.52%
- YTD
- -55.32%
- 1Y
- -59.32%
- 3Y*
- -26.17%
- 5Y*
- -45.26%
- 10Y*
- -43.88%
- ALL TIME*
- -42.20%
PXE
- 1D
- 1.60%
- 1M
- 13.35%
- 6M
- 28.40%
- YTD
- 39.33%
- 1Y
- 43.00%
- 3Y*
- 10.53%
- 5Y*
- 22.63%
- 10Y*
- 9.83%
- ALL TIME*
- 6.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.97M | $70.63M | $133.34M | |
| $1.20M | $1.09M | $1.99M |
DRIP vs. PXE - 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 | -55.32% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 39.33% | -2.82% | -1.86% | 7.69% | 58.32% | 94.04% | -36.76% | -1.69% | -23.35% | 1.02% |
Correlation
The correlation between DRIP and PXE is -0.99, 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. | -0.99 |
Correlation (3Y) Balances recent behavior with more history. | -0.98 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.99 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.96 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.96 |
The correlation between DRIP and PXE has been stable across timeframes, ranging from -0.99 to -0.96 - a consistent structural relationship.
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Return for Risk
DRIP vs. PXE — Risk / Return Rank
DRIP
PXE
DRIP vs. PXE - 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 Invesco Dynamic Energy Exploration & Production ETF (PXE). 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 | PXE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.36 | ||
| Sortino ratioReturn per unit of downside risk | -3.51 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.23 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.91 | 2.28 | -3.18 |
| Martin ratioReturn relative to average drawdown | -1.49 | 5.41 | -6.90 |
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Drawdowns
DRIP vs. PXE - Drawdown Comparison
The maximum DRIP drawdown since its inception was -99.95%, which is greater than PXE's maximum drawdown of -83.99%. Use the drawdown chart below to compare losses from any high point for DRIP and PXE.
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Drawdown Indicators
| DRIP | PXE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -83.99% | -15.96% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -16.70% | -45.48% |
Max Drawdown (3Y)Largest decline over 3 years | -76.02% | -37.65% | -38.37% |
Max Drawdown (5Y)Largest decline over 5 years | -96.24% | -37.65% | -58.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.92% | -80.17% | -19.75% |
Current DrawdownCurrent decline from peak | -99.94% | -3.63% | -96.31% |
Average DrawdownAverage peak-to-trough decline | -90.56% | -27.86% | -62.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.99% | 7.05% | +30.94% |
Volatility
DRIP vs. PXE - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 16.75% compared to Invesco Dynamic Energy Exploration & Production ETF (PXE) at 7.84%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than PXE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRIP | PXE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.75% | 7.84% | +8.91% |
Volatility (6M)Calculated over the trailing 6-month period | 44.83% | 21.55% | +23.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.15% | 27.75% | +29.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.64% | 33.27% | +34.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.75% | 36.95% | +58.80% |
DRIP vs. PXE - Expense Ratio Comparison
DRIP has a 1.07% expense ratio, which is higher than PXE's 0.63% expense ratio.
Dividends
DRIP vs. PXE - Dividend Comparison
DRIP's dividend yield for the trailing twelve months is around 3.98%, more than PXE's 1.72% 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% |
PXE Invesco Dynamic Energy Exploration & Production ETF | 1.72% | 2.98% | 2.54% | 2.78% | 3.03% | 1.86% | 4.10% | 1.70% | 1.29% | 1.54% | 6.62% | 2.58% |
Frequently Asked Questions
DRIP and PXE have a correlation of -0.99, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.75%) compared to PXE (7.84%). In terms of maximum drawdown, DRIP dropped -99.95% vs PXE's -83.99%.
On 10-year performance, PXE leads with 9.83% vs -43.88% for DRIP. On fees, PXE is cheaper at 0.63% per year. On volatility, PXE has been the lower-risk option at 7.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, PXE has performed better with a 9.83% return vs -43.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PXE is cheaper with a 0.63% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.98%, compared with 1.72% for PXE.
DRIP is categorized as Leveraged Equities, while PXE is Energy Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while PXE tracks Dynamic Energy Exploration & Production Intellidex Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.07% for DRIP and 0.63% for PXE.
PXE currently has the higher Sharpe Ratio (1.37 vs -0.99), 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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