DRIP vs. XOP

Last updated Jun 3, 2026

DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) and XOP (SPDR S&P 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 XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, DRIP returned -42.77%/yr vs 3.66%/yr for XOP. At a correlation of -0.99, they often move in opposite directions. DRIP charges 1.07%/yr vs 0.35%/yr for XOP.

Performance

DRIP vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DRIP achieves a -48.89% return, which is significantly lower than XOP's 34.27% return. Over the past 10 years, DRIP has underperformed XOP with an annualized return of -42.77%, while XOP has yielded a comparatively higher 3.66% annualized return.

DRIP

• 1D: -0.86%
• 1M: 7.49%
• YTD: -48.89%
• 6M: -44.21%
• 1Y: -56.60%
• 3Y*: -30.20%
• 5Y*: -41.26%
• 10Y*: -42.77%

XOP

• 1D: 0.58%
• 1M: -4.43%
• YTD: 34.27%
• 6M: 28.35%
• 1Y: 42.75%
• 3Y*: 13.59%
• 5Y*: 14.54%
• 10Y*: 3.66%

*Multi-year figures are annualized to reflect compound growth (CAGR)

DRIP vs. XOP - 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	-48.89%	-14.81%	1.27%	-17.24%	-73.57%	-79.74%	-42.76%	-36.11%	49.62%	-9.05%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	34.27%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between DRIP and XOP is -1.00, 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	-1.00
Correlation (3Y) Calculated over the trailing 3-year period	-1.00
Correlation (5Y) Calculated over the trailing 5-year period	-1.00
Correlation (10Y) Calculated over the trailing 10-year period	-0.99
Correlation (All Time) Calculated using the full available price history since Jun 1, 2015	-0.99

The correlation between DRIP and XOP has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.

Return for Risk

DRIP vs. XOP — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DRIP

DRIP Risk / Return Rank: 1
DRIP Sharpe Ratio Rank: 1
DRIP Sortino Ratio Rank: 1
DRIP Omega Ratio Rank: 1
DRIP Calmar Ratio Rank: 1
DRIP Martin Ratio Rank: 0

XOP

XOP Risk / Return Rank: 45
XOP Sharpe Ratio Rank: 44
XOP Sortino Ratio Rank: 40
XOP Omega Ratio Rank: 38
XOP Calmar Ratio Rank: 59
XOP Martin Ratio Rank: 46

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DRIP vs. XOP - 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 SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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	XOP	Difference
Sharpe ratio Return per unit of total volatility	-1.02	1.55	-2.57
Sortino ratio Return per unit of downside risk	-1.73	2.03	-3.77
Omega ratio Gain probability vs. loss probability	0.82	1.25	-0.43
Calmar ratio Return relative to maximum drawdown	-0.90	2.95	-3.85
Martin ratio Return relative to average drawdown	-1.70	7.60	-9.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DRIP vs. XOP - Sharpe Ratio Comparison

The current DRIP Sharpe Ratio is -1.02, which is lower than the XOP Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of DRIP and XOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DRIP	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.02	1.55	-2.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.61	0.43	-1.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.44	0.09	-0.54
Sharpe Ratio (All Time) Calculated using the full available price history	-0.42	0.06	-0.48

Drawdowns

DRIP vs. XOP - Drawdown Comparison

The maximum DRIP drawdown since its inception was -99.95%, which is greater than XOP's maximum drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for DRIP and XOP.

Drawdown Indicators

	DRIP	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-99.95%	-90.27%	-9.68%
Max Drawdown (1Y) Largest decline over 1 year	-63.84%	-15.14%	-48.70%
Max Drawdown (3Y) Largest decline over 3 years	-76.02%	-34.98%	-41.04%
Max Drawdown (5Y) Largest decline over 5 years	-96.24%	-34.98%	-61.26%
Max Drawdown (10Y) Largest decline over 10 years	-99.92%	-82.61%	-17.31%
Current Drawdown Current decline from peak	-99.94%	-37.24%	-62.70%
Average Drawdown Average peak-to-trough decline	-90.45%	-42.59%	-47.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.93%	5.87%	+28.06%

Volatility

DRIP vs. XOP - Volatility Comparison

Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 20.12% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 10.26%. This indicates that DRIP's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DRIP	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.12%	10.26%	+9.86%
Volatility (6M) Calculated over the trailing 6-month period	42.98%	21.61%	+21.37%
Volatility (1Y) Calculated over the trailing 1-year period	55.62%	27.80%	+27.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.35%	33.88%	+34.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	96.61%	40.29%	+56.32%

DRIP vs. XOP - Expense Ratio Comparison

DRIP has a 1.07% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

DRIP vs. XOP - Dividend Comparison

DRIP's dividend yield for the trailing twelve months is around 3.86%, more than XOP's 1.93% 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	3.86%	2.86%	4.38%	5.09%	0.00%	0.00%	0.01%	0.96%	0.58%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.93%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both DRIP and XOP in my portfolio?

DRIP and XOP have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DRIP or XOP?

DRIP has higher volatility (20.12%) compared to XOP (10.26%). In terms of maximum drawdown, DRIP dropped -99.95% vs XOP's -90.27%.

Which ETF is better, DRIP or XOP?

On 10-year performance, XOP leads with 3.66% vs -42.77% for DRIP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 10.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DRIP or XOP?

Over the 10-year period, XOP has performed better with a 3.66% return vs -42.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DRIP or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 1.07% for DRIP.

Which ETF pays a higher dividend yield, DRIP or XOP?

DRIP has the higher dividend yield at 3.86%, compared with 1.93% for XOP.

What is the main difference between DRIP and XOP?

DRIP is categorized as Leveraged Equities, while XOP is Energy Equities. DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%), while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.07% for DRIP and 0.35% for XOP.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (1.55 vs -1.02), 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.