DRIP vs. XOP
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 -42.06%/yr vs 3.09%/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
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Returns By Period
In the year-to-date period, DRIP achieves a -41.20% return, which is significantly lower than XOP's 23.89% return. Over the past 10 years, DRIP has underperformed XOP with an annualized return of -42.06%, while XOP has yielded a comparatively higher 3.09% annualized 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%
XOP
- 1D
- 0.09%
- 1M
- -9.39%
- YTD
- 23.89%
- 6M
- 23.68%
- 1Y
- 23.02%
- 3Y*
- 11.00%
- 5Y*
- 12.14%
- 10Y*
- 3.09%
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 | -41.20% | -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 | 23.89% | -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 May 29, 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.
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Return for Risk
DRIP vs. XOP — Risk / Return Rank
DRIP
XOP
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.
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 | XOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.24 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.15 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.68 | 1.25 | -1.93 |
| Martin ratioReturn relative to average drawdown | -1.25 | 3.50 | -4.75 |
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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.
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Drawdown Indicators
| DRIP | XOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.95% | -90.27% | -9.68% |
Max Drawdown (1Y)Largest decline over 1 year | -62.18% | -18.50% | -43.68% |
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 DrawdownCurrent decline from peak | -99.93% | -42.09% | -57.84% |
Average DrawdownAverage peak-to-trough decline | -90.46% | -42.58% | -47.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.75% | 6.60% | +27.15% |
Volatility
DRIP vs. XOP - Volatility Comparison
Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a higher volatility of 18.04% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 9.01%. 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.
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Volatility by Period
| DRIP | XOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.04% | 9.01% | +9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 43.68% | 21.96% | +21.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.75% | 28.30% | +28.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 68.37% | 33.88% | +34.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.33% | 40.25% | +56.08% |
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 3.36%, more than XOP's 2.10% 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 | 3.36% | 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 | 2.10% | 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
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.
DRIP has higher volatility (18.04%) compared to XOP (9.01%). In terms of maximum drawdown, DRIP dropped -99.95% vs XOP's -90.27%.
On 10-year performance, XOP leads with 3.09% vs -42.06% for DRIP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 9.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XOP has performed better with a 3.09% return vs -42.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.36%, compared with 2.10% for 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.
XOP currently has the higher Sharpe Ratio (0.82 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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