ERX vs. DRIP
ERX (Direxion Daily Energy Bull 2X Shares) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both Leveraged Equities funds from Direxion - ERX tracks the Energy Select Sector Index (300%) while DRIP tracks the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -10.48%/yr vs -42.24%/yr for DRIP. At a correlation of -0.91, they often move in opposite directions. ERX charges 1.09%/yr vs 1.07%/yr for DRIP.
Performance
ERX vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, ERX achieves a 54.81% return, which is significantly higher than DRIP's -47.88% return. Over the past 10 years, ERX has outperformed DRIP with an annualized return of -10.48%, while DRIP has yielded a comparatively lower -42.24% annualized return.
ERX
- 1D
- -1.55%
- 1M
- 4.27%
- 6M
- 34.74%
- YTD
- 54.81%
- 1Y
- 62.96%
- 3Y*
- 18.90%
- 5Y*
- 33.63%
- 10Y*
- -10.48%
DRIP
- 1D
- 1.04%
- 1M
- -8.94%
- 6M
- -42.82%
- YTD
- -47.88%
- 1Y
- -48.87%
- 3Y*
- -27.28%
- 5Y*
- -43.97%
- 10Y*
- -42.24%
ERX vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 54.81% | 2.79% | 1.09% | -12.26% | 130.58% | 111.91% | -91.60% | 17.13% | -55.94% | -11.60% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -47.88% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between ERX and DRIP is -0.89, 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 | -0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.90 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.92 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.91 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.91 |
The correlation between ERX and DRIP has been stable across timeframes, ranging from -0.92 to -0.89 - a consistent structural relationship.
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Return for Risk
ERX vs. DRIP — Risk / Return Rank
ERX
DRIP
ERX vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bull 2X Shares (ERX) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP). 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.
| ERX | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.37 | ||
| Sortino ratioReturn per unit of downside risk | +3.29 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 0.87 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.11 | -0.79 | +2.90 |
| Martin ratioReturn relative to average drawdown | 5.49 | -1.37 | +6.85 |
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Drawdowns
ERX vs. DRIP - Drawdown Comparison
The maximum ERX drawdown since its inception was -99.54%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ERX and DRIP.
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Drawdown Indicators
| ERX | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.54% | -99.95% | +0.41% |
Max Drawdown (1Y)Largest decline over 1 year | -29.97% | -62.18% | +32.21% |
Max Drawdown (3Y)Largest decline over 3 years | -42.34% | -76.02% | +33.68% |
Max Drawdown (5Y)Largest decline over 5 years | -46.90% | -96.24% | +49.34% |
Max Drawdown (10Y)Largest decline over 10 years | -98.59% | -99.92% | +1.33% |
Current DrawdownCurrent decline from peak | -92.19% | -99.94% | +7.75% |
Average DrawdownAverage peak-to-trough decline | -67.18% | -90.51% | +23.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 35.82% | -24.30% |
Volatility
ERX vs. DRIP - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 14.42%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 16.18%. This indicates that ERX experiences smaller price fluctuations and is considered to be less risky than DRIP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ERX | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.42% | 16.18% | -1.76% |
Volatility (6M)Calculated over the trailing 6-month period | 33.71% | 44.03% | -10.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.19% | 56.69% | -14.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.77% | 68.00% | -16.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.93% | 95.88% | -26.95% |
ERX vs. DRIP - Expense Ratio Comparison
ERX has a 1.09% expense ratio, which is higher than DRIP's 1.07% expense ratio.
Dividends
ERX vs. DRIP - Dividend Comparison
ERX's dividend yield for the trailing twelve months is around 1.65%, less than DRIP's 3.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.41% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 0.00% |
ERX Direxion Daily Energy Bull 2X Shares | 1.65% | 2.54% | 2.94% | 3.17% | 2.23% | 2.16% | 2.35% | 1.56% | 3.10% | 0.85% |
Frequently Asked Questions
ERX and DRIP have a correlation of -0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (16.18%) compared to ERX (14.42%). In terms of maximum drawdown, ERX dropped -99.54% vs DRIP's -99.95%.
On 10-year performance, ERX leads with -10.48% vs -42.24% for DRIP. On fees, DRIP is cheaper at 1.07% per year. On volatility, ERX has been the lower-risk option at 14.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERX has performed better with a -10.48% return vs -42.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRIP is cheaper with a 1.07% expense ratio, compared with 1.09% for ERX.
DRIP has the higher dividend yield at 3.41%, compared with 1.65% for ERX.
ERX tracks Energy Select Sector Index (300%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Their fees differ too: 1.09% for ERX and 1.07% for DRIP.
ERX currently has the higher Sharpe Ratio (1.50 vs -0.87), 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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