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 exchange-traded funds - ERX is a Energy Equities fund tracking the Energy Select Sector Index (200%), while DRIP is a Leveraged Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Both are passively managed. Over the past 10 years, ERX returned -9.50%/yr vs -42.02%/yr for DRIP. Their -0.91 correlation means they have often moved in opposite directions in the past. ERX charges 0.91%/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 58.73% return, which is significantly higher than DRIP's -48.80% return. Over the past 10 years, ERX has outperformed DRIP with an annualized return of -9.50%, while DRIP has yielded a comparatively lower -42.02% annualized return.
ERX
- 1D
- -3.72%
- 1M
- 15.60%
- 6M
- 14.96%
- YTD
- 58.73%
- 1Y
- 73.31%
- 3Y*
- 14.98%
- 5Y*
- 33.57%
- 10Y*
- -9.50%
- ALL TIME*
- -7.37%
DRIP
- 1D
- 7.79%
- 1M
- -14.81%
- 6M
- -32.63%
- YTD
- -48.80%
- 1Y
- -52.43%
- 3Y*
- -22.07%
- 5Y*
- -43.77%
- 10Y*
- -42.02%
- ALL TIME*
- -41.45%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.00M | $56.52M | $126.54M | |
| $23.06M | $23.66M | $27.73M |
ERX vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERX Direxion Daily Energy Bull 2X Shares | 58.73% | 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 | -48.80% | -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 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. | -0.89 |
Correlation (3Y) Balances recent behavior with more history. | -0.90 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.92 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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.
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.
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 | +2.65 | ||
| Sortino ratioReturn per unit of downside risk | +3.63 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 0.85 | +0.42 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | -0.85 | +3.30 |
| Martin ratioReturn relative to average drawdown | 6.18 | -1.36 | +7.55 |
Loading charts...
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 | -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 | -91.99% | -99.94% | +7.95% |
Average DrawdownAverage peak-to-trough decline | -67.26% | -90.57% | +23.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.90% | 38.50% | -26.60% |
Volatility
ERX vs. DRIP - Volatility Comparison
The current volatility for Direxion Daily Energy Bull 2X Shares (ERX) is 12.41%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 19.39%. 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 | 12.41% | 19.39% | -6.98% |
Volatility (6M)Calculated over the trailing 6-month period | 33.24% | 44.90% | -11.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.40% | 57.37% | -14.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.46% | 67.58% | -16.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.84% | 95.72% | -26.88% |
ERX vs. DRIP - Expense Ratio Comparison
ERX has a 0.91% expense ratio, which is lower 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 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.47% | 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 (19.39%) compared to ERX (12.41%). In terms of maximum drawdown, ERX dropped -99.54% vs DRIP's -99.95%.
On 10-year performance, ERX leads with -9.50% vs -42.02% for DRIP. On fees, ERX is cheaper at 0.91% per year. On volatility, ERX has been the lower-risk option at 12.41%. 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 -9.50% return vs -42.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERX is cheaper with a 0.91% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.47%, compared with 1.61% for ERX.
ERX is categorized as Energy Equities, while DRIP is Leveraged Equities. ERX tracks Energy Select Sector Index (200%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). Their fees differ too: 0.91% for ERX and 1.07% for DRIP.
ERX currently has the higher Sharpe Ratio (1.74 vs -0.92), 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