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 -8.79%/yr vs -42.95%/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
Loading charts...
Returns By Period
In the year-to-date period, ERX achieves a 66.93% return, which is significantly higher than DRIP's -50.45% return. Over the past 10 years, ERX has outperformed DRIP with an annualized return of -8.79%, while DRIP has yielded a comparatively lower -42.95% annualized return.
ERX
- 1D
- 2.68%
- 1M
- -3.38%
- YTD
- 66.93%
- 6M
- 59.74%
- 1Y
- 90.37%
- 3Y*
- 23.69%
- 5Y*
- 28.75%
- 10Y*
- -8.79%
DRIP
- 1D
- -3.05%
- 1M
- 9.61%
- YTD
- -50.45%
- 6M
- -43.03%
- 1Y
- -56.10%
- 3Y*
- -30.92%
- 5Y*
- -41.62%
- 10Y*
- -42.95%
ERX vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 66.93% | 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 | -50.45% | -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 Jun 1, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| ERX | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.23 | ||
| Sortino ratioReturn per unit of downside risk | +4.33 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.83 | +0.50 |
| Calmar ratioReturn relative to maximum drawdown | 3.89 | -0.88 | +4.77 |
| Martin ratioReturn relative to average drawdown | 10.60 | -1.64 | +12.24 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| ERX | DRIP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.21 | -1.01 | +3.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.56 | -0.61 | +1.17 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.13 | -0.45 | +0.32 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.09 | -0.42 | +0.33 |
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.
Loading charts...
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 | -23.34% | -63.84% | +40.50% |
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 | -91.57% | -99.94% | +8.37% |
Average DrawdownAverage peak-to-trough decline | -67.02% | -90.45% | +23.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.57% | 34.12% | -25.55% |
Volatility
ERX vs. DRIP - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 16.49%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 19.66%. 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.
Loading charts...
Volatility by Period
| ERX | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.49% | 19.66% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 33.45% | 43.05% | -9.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.14% | 55.64% | -14.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.98% | 68.36% | -16.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.18% | 96.59% | -27.41% |
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 1.61%, less than DRIP's 3.99% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.99% | 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 | 1.61% | 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 (19.66%) compared to ERX (16.49%). In terms of maximum drawdown, ERX dropped -99.54% vs DRIP's -99.95%.
On 10-year performance, ERX leads with -8.79% vs -42.95% for DRIP. On fees, DRIP is cheaper at 1.07% per year. On volatility, ERX has been the lower-risk option at 16.49%. 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 -8.79% return vs -42.95%. 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 3.99%, compared with 1.61% 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 (2.21 vs -1.01), 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.
Find the right allocation for ERX and DRIP
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer