XOP vs. DRIP
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and DRIP (Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, 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, XOP returned 4.18%/yr vs -42.61%/yr for DRIP. Their -0.99 correlation means they have often moved in opposite directions in the past. XOP charges 0.35%/yr vs 1.07%/yr for DRIP.
Performance
XOP vs. DRIP - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 39.27% return, which is significantly higher than DRIP's -53.72% return. Over the past 10 years, XOP has outperformed DRIP with an annualized return of 4.18%, while DRIP has yielded a comparatively lower -42.61% annualized return.
XOP
- 1D
- -1.76%
- 1M
- 12.70%
- 6M
- 29.52%
- YTD
- 39.27%
- 1Y
- 44.16%
- 3Y*
- 9.05%
- 5Y*
- 19.96%
- 10Y*
- 4.18%
- ALL TIME*
- 2.59%
DRIP
- 1D
- 3.59%
- 1M
- -22.42%
- 6M
- -46.02%
- YTD
- -53.72%
- 1Y
- -57.86%
- 3Y*
- -24.65%
- 5Y*
- -45.76%
- 10Y*
- -42.61%
- ALL TIME*
- -41.99%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $16.92M | $63.12M | $132.02M | |
| $549.60M | $554.39M | $593.33M |
XOP vs. DRIP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 39.27% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | -53.72% | -14.81% | 1.27% | -17.24% | -73.57% | -79.74% | -42.76% | -36.11% | 49.62% | -9.05% |
Correlation
The correlation between XOP and DRIP is -1.00, 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. | -1.00 |
Correlation (3Y) Balances recent behavior with more history. | -1.00 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -1.00 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.99 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -0.99 |
The correlation between XOP and DRIP has been stable across timeframes, ranging from -1.00 to -0.99 - a consistent structural relationship.
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Return for Risk
XOP vs. DRIP — Risk / Return Rank
XOP
DRIP
XOP vs. DRIP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) 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.
| XOP | DRIP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.59 | ||
| Sortino ratioReturn per unit of downside risk | +3.81 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.82 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 2.40 | -0.93 | +3.33 |
| Martin ratioReturn relative to average drawdown | 5.80 | -1.52 | +7.31 |
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Drawdowns
XOP vs. DRIP - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum DRIP drawdown of -99.95%. Use the drawdown chart below to compare losses from any high point for XOP and DRIP.
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Drawdown Indicators
| XOP | DRIP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -99.95% | +9.68% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -62.18% | +43.68% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -76.02% | +41.04% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -96.24% | +61.26% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -99.92% | +17.31% |
Current DrawdownCurrent decline from peak | -34.91% | -99.94% | +65.03% |
Average DrawdownAverage peak-to-trough decline | -42.55% | -90.56% | +48.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.64% | 38.17% | -30.53% |
Volatility
XOP vs. DRIP - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 8.64%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 17.47%. This indicates that XOP 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
| XOP | DRIP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 17.47% | -8.83% |
Volatility (6M)Calculated over the trailing 6-month period | 22.60% | 44.98% | -22.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.35% | 56.84% | -28.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.53% | 67.64% | -34.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.15% | 95.72% | -55.57% |
XOP vs. DRIP - Expense Ratio Comparison
XOP has a 0.35% expense ratio, which is lower than DRIP's 1.07% expense ratio.
Dividends
XOP vs. DRIP - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 1.86%, less than DRIP's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares | 3.84% | 2.86% | 4.38% | 5.09% | 0.00% | 0.00% | 0.01% | 0.96% | 0.58% | 0.00% | 0.00% | 0.00% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 1.86% | 2.62% | 2.45% | 2.63% | 2.47% | 1.61% | 2.34% | 1.47% | 0.99% | 0.76% | 0.76% | 2.21% |
Frequently Asked Questions
XOP and DRIP have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DRIP has higher volatility (17.47%) compared to XOP (8.64%). In terms of maximum drawdown, XOP dropped -90.27% vs DRIP's -99.95%.
On 10-year performance, XOP leads with 4.18% vs -42.61% for DRIP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 8.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XOP has performed better with a 4.18% return vs -42.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XOP is cheaper with a 0.35% expense ratio, compared with 1.07% for DRIP.
DRIP has the higher dividend yield at 3.84%, compared with 1.86% for XOP.
XOP is categorized as Energy Equities, while DRIP is Leveraged Equities. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while DRIP tracks S&P Oil & Gas Exploration & Production Select Industry Index (-300%). They also come from different issuers: State Street and Direxion. Their fees differ too: 0.35% for XOP and 1.07% for DRIP.
XOP currently has the higher Sharpe Ratio (1.57 vs -1.02), 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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