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 3.73%/yr vs -42.30%/yr for DRIP. At a correlation of -0.99, they often move in opposite directions. 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 32.53% return, which is significantly higher than DRIP's -48.42% return. Over the past 10 years, XOP has outperformed DRIP with an annualized return of 3.73%, while DRIP has yielded a comparatively lower -42.30% annualized return.
XOP
- 1D
- 0.40%
- 1M
- 0.80%
- 6M
- 28.97%
- YTD
- 32.53%
- 1Y
- 28.88%
- 3Y*
- 11.31%
- 5Y*
- 16.88%
- 10Y*
- 3.73%
DRIP
- 1D
- -0.65%
- 1M
- -2.28%
- 6M
- -45.20%
- YTD
- -48.42%
- 1Y
- -47.19%
- 3Y*
- -27.53%
- 5Y*
- -43.20%
- 10Y*
- -42.30%
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 | 32.53% | -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 | -48.42% | -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 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 | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -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 | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +2.68 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.87 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | -0.76 | +2.33 |
| Martin ratioReturn relative to average drawdown | 3.85 | -1.32 | +5.17 |
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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 | -38.06% | -99.94% | +61.88% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -90.51% | +47.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 35.66% | -28.12% |
Volatility
XOP vs. DRIP - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 8.13%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 16.32%. 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 | 8.13% | 16.32% | -8.19% |
Volatility (6M)Calculated over the trailing 6-month period | 22.13% | 44.01% | -21.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.30% | 56.73% | -28.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.71% | 68.02% | -34.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 95.90% | -55.73% |
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 1.96%, less than DRIP's 3.44% 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 | 3.44% | 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 | 1.96% | 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 (16.32%) compared to XOP (8.13%). In terms of maximum drawdown, XOP dropped -90.27% vs DRIP's -99.95%.
On 10-year performance, XOP leads with 3.73% vs -42.30% for DRIP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 8.13%. 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 3.73% return vs -42.30%. 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 3.44%, compared with 1.96% 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 (1.03 vs -0.83), 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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