XOP vs. DRIP

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP).

XOP and DRIP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XOP is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry. It was launched on Jun 19, 2006. DRIP is a passively managed fund by Direxion that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry Index (-300%). It was launched on Apr 1, 2020. Both XOP and DRIP are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XOP vs. DRIP - Performance Comparison

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

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	44.59%	-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	-53.90%	-14.81%	1.27%	-17.24%	-73.57%	-79.74%	-42.76%	-36.11%	49.62%	-9.05%

Returns By Period

In the year-to-date period, XOP achieves a 44.59% return, which is significantly higher than DRIP's -53.90% return. Over the past 10 years, XOP has outperformed DRIP with an annualized return of 6.29%, while DRIP has yielded a comparatively lower -47.04% annualized return.

XOP

• 1D: -1.97%
• 1M: 18.76%
• YTD: 44.59%
• 6M: 39.10%
• 1Y: 41.36%
• 3Y*: 15.28%
• 5Y*: 19.07%
• 10Y*: 6.29%

DRIP

• 1D: 4.02%
• 1M: -30.07%
• YTD: -53.90%
• 6M: -51.15%
• 1Y: -60.00%
• 3Y*: -31.92%
• 5Y*: -46.13%
• 10Y*: -47.04%

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

XOP vs. DRIP - Expense Ratio Comparison

XOP has a 0.35% expense ratio, which is lower than DRIP's 1.07% expense ratio.

DRIP

Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares

XOP

SPDR S&P Oil & Gas Exploration & Production ETF

Return for Risk

XOP vs. DRIP — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 69
XOP Sharpe Ratio Rank: 73
XOP Sortino Ratio Rank: 69
XOP Omega Ratio Rank: 69
XOP Calmar Ratio Rank: 72
XOP Martin Ratio Rank: 63

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: 2

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.

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.

	XOP	DRIP	Difference
Sharpe ratio Return per unit of total volatility	1.24	-0.90	+2.15
Sortino ratio Return per unit of downside risk	1.68	-1.52	+3.20
Omega ratio Gain probability vs. loss probability	1.24	0.83	+0.41
Calmar ratio Return relative to maximum drawdown	1.78	-0.80	+2.58
Martin ratio Return relative to average drawdown	5.81	-1.30	+7.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOP vs. DRIP - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 1.24, which is higher than the DRIP Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of XOP and DRIP, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	XOP	DRIP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	-0.90	+2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	-0.67	+1.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.16	-0.49	+0.64
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	-0.43	+0.50

Correlation

The correlation between XOP and DRIP is -0.99. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

XOP vs. DRIP - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 1.79%, less than DRIP's 4.28% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.79%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%
DRIP Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares	4.28%	2.86%	4.38%	5.09%	0.00%	0.00%	0.01%	0.96%	0.58%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	XOP	DRIP	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-99.95%	+9.68%
Max Drawdown (1Y) Largest decline over 1 year	-23.81%	-76.02%	+52.21%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-96.75%	+61.77%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-99.92%	+17.31%
Current Drawdown Current decline from peak	-32.42%	-99.94%	+67.52%
Average Drawdown Average peak-to-trough decline	-42.64%	-90.30%	+47.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.32%	46.55%	-39.23%

Volatility

XOP vs. DRIP - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 7.05%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 14.57%. 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.

Volatility by Period

	XOP	DRIP	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	14.57%	-7.52%
Volatility (6M) Calculated over the trailing 6-month period	19.16%	38.68%	-19.52%
Volatility (1Y) Calculated over the trailing 1-year period	33.50%	66.53%	-33.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.15%	68.89%	-34.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.28%	97.12%	-56.84%