ERY vs. DRIP
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 -33.21%/yr vs -42.06%/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
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Returns By Period
In the year-to-date period, ERY achieves a -37.05% return, which is significantly higher than DRIP's -41.20% return. Over the past 10 years, ERY has outperformed DRIP with an annualized return of -33.21%, while DRIP has yielded a comparatively lower -42.06% annualized return.
ERY
- 1D
- -2.05%
- 1M
- 15.94%
- YTD
- -37.05%
- 6M
- -37.59%
- 1Y
- -42.88%
- 3Y*
- -25.97%
- 5Y*
- -36.31%
- 10Y*
- -33.21%
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%
ERY vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ERY Direxion Daily Energy Bear 2X Shares | -37.05% | -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 | -41.20% | -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 May 29, 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.
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Return for Risk
ERY vs. DRIP — Risk / Return Rank
ERY
DRIP
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.
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.
| ERY | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.29 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.90 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.76 | -0.68 | -0.07 |
| Martin ratioReturn relative to average drawdown | -1.35 | -1.25 | -0.10 |
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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.
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Drawdown Indicators
| ERY | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.95% | -0.04% |
Max Drawdown (1Y)Largest decline over 1 year | -56.88% | -62.18% | +5.30% |
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 DrawdownCurrent decline from peak | -99.99% | -99.93% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -96.91% | -90.46% | -6.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.69% | 33.75% | -2.06% |
Volatility
ERY vs. DRIP - Volatility Comparison
The current volatility for Direxion Daily Energy Bear 2X Shares (ERY) is 14.26%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 18.04%. 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.
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Volatility by Period
| ERY | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.26% | 18.04% | -3.78% |
Volatility (6M)Calculated over the trailing 6-month period | 33.31% | 43.68% | -10.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.74% | 56.75% | -15.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 51.84% | 68.37% | -16.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.55% | 96.33% | -25.78% |
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 3.30%, less than DRIP's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
ERY Direxion Daily Energy Bear 2X Shares | 3.30% | 3.48% | 4.13% | 4.14% | 0.32% | 0.00% | 0.43% | 1.50% | 0.56% |
Frequently Asked Questions
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.
DRIP has higher volatility (18.04%) compared to ERY (14.26%). In terms of maximum drawdown, ERY dropped -99.99% vs DRIP's -99.95%.
On 10-year performance, ERY leads with -33.21% vs -42.06% for DRIP. Both ETFs have the same 1.07% expense ratio. On volatility, ERY has been the lower-risk option at 14.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ERY has performed better with a -33.21% return vs -42.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ERY and DRIP have the same expense ratio: 1.07% per year.
DRIP has the higher dividend yield at 3.36%, compared with 3.30% for ERY.
ERY tracks Energy Select Sector Index (-300%), while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%).
DRIP currently has the higher Sharpe Ratio (-0.75 vs -1.04), 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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