ERY vs. DRIP

Last updated Jun 4, 2026

ERY (Direxion Daily Energy Bear 2X Shares) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both Leveraged Equities funds from Direxion - ERY 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, ERY returned -34.29%/yr vs -42.95%/yr for DRIP. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 1.07% expense ratio.

Performance

ERY vs. DRIP - Performance Comparison

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

Returns By Period

In the year-to-date period, ERY achieves a -44.49% return, which is significantly higher than DRIP's -50.45% return. Over the past 10 years, ERY has outperformed DRIP with an annualized return of -34.29%, while DRIP has yielded a comparatively lower -42.95% annualized return.

ERY

• 1D: -2.75%
• 1M: 1.29%
• YTD: -44.49%
• 6M: -42.45%
• 1Y: -53.20%
• 3Y*: -27.86%
• 5Y*: -38.03%
• 10Y*: -34.29%

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%

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

ERY vs. DRIP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERY Direxion Daily Energy Bear 2X Shares	-44.49%	-18.54%	-5.58%	-0.35%	-73.61%	-68.00%	-11.94%	-38.67%	45.61%	-5.67%
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 ERY and DRIP is 0.89, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	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 ERY and DRIP has been stable across timeframes, ranging from 0.89 to 0.92 - a consistent structural relationship.

Return for Risk

ERY vs. DRIP — Risk / Return Rank

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

ERY

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

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: 1

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.

ERY vs. DRIP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Energy Bear 2X Shares (ERY) 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.

	ERY	DRIP	Difference
Sharpe ratio Return per unit of total volatility	-1.31	-1.01	-0.29
Sortino ratio Return per unit of downside risk	-2.26	-1.71	-0.55
Omega ratio Gain probability vs. loss probability	0.77	0.83	-0.06
Calmar ratio Return relative to maximum drawdown	-0.89	-0.88	-0.01
Martin ratio Return relative to average drawdown	-1.60	-1.64	+0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ERY vs. DRIP - Sharpe Ratio Comparison

The current ERY Sharpe Ratio is -1.31, which is comparable to the DRIP Sharpe Ratio of -1.01. The chart below compares the historical Sharpe Ratios of ERY and DRIP, 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

	ERY	DRIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.31	-1.01	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.74	-0.61	-0.12
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.49	-0.45	-0.04
Sharpe Ratio (All Time) Calculated using the full available price history	-0.55	-0.42	-0.13

Drawdowns

ERY vs. DRIP - Drawdown Comparison

The maximum ERY drawdown since its inception was -99.99%, roughly equal to the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for ERY and DRIP.

Drawdown Indicators

	ERY	DRIP	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-99.95%	-0.04%
Max Drawdown (1Y) Largest decline over 1 year	-59.79%	-63.84%	+4.05%
Max Drawdown (3Y) Largest decline over 3 years	-67.94%	-76.02%	+8.08%
Max Drawdown (5Y) Largest decline over 5 years	-94.04%	-96.24%	+2.20%
Max Drawdown (10Y) Largest decline over 10 years	-99.66%	-99.92%	+0.26%
Current Drawdown Current decline from peak	-99.99%	-99.94%	-0.05%
Average Drawdown Average peak-to-trough decline	-96.92%	-90.45%	-6.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.29%	34.12%	-0.83%

Volatility

ERY vs. DRIP - Volatility Comparison

The current volatility for Direxion Daily Energy Bear 2X Shares (ERY) is 16.11%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 19.66%. This indicates that ERY 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.

Volatility by Period

	ERY	DRIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.11%	19.66%	-3.55%
Volatility (6M) Calculated over the trailing 6-month period	32.78%	43.05%	-10.27%
Volatility (1Y) Calculated over the trailing 1-year period	40.86%	55.64%	-14.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.89%	68.36%	-16.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.64%	96.59%	-25.95%

ERY vs. DRIP - Expense Ratio Comparison

Both ERY and DRIP have an expense ratio of 1.07%.

Dividends

ERY vs. DRIP - Dividend Comparison

ERY's dividend yield for the trailing twelve months is around 3.75%, less than DRIP's 3.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
ERY Direxion Daily Energy Bear 2X Shares	3.75%	3.48%	4.13%	4.14%	0.32%	0.00%	0.43%	1.50%	0.56%

Frequently Asked Questions

Can I hold both ERY and DRIP in my portfolio?

ERY 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.

Which is riskier, ERY or DRIP?

DRIP has higher volatility (19.66%) compared to ERY (16.11%). In terms of maximum drawdown, ERY dropped -99.99% vs DRIP's -99.95%.

Which ETF is better, ERY or DRIP?

On 10-year performance, ERY leads with -34.29% vs -42.95% for DRIP. Both ETFs have the same 1.07% expense ratio. On volatility, ERY has been the lower-risk option at 16.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ERY or DRIP?

Over the 10-year period, ERY has performed better with a -34.29% return vs -42.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ERY or DRIP?

ERY and DRIP have the same expense ratio: 1.07% per year.

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

DRIP has the higher dividend yield at 3.99%, compared with 3.75% for ERY.

What is the main difference between ERY and DRIP?

ERY tracks Energy Select Sector Index (-300%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%).

Which has better risk-adjusted returns?

DRIP currently has the higher Sharpe Ratio (-1.01 vs -1.31), 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.