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 3.09%/yr vs -42.06%/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 23.89% return, which is significantly higher than DRIP's -41.20% return. Over the past 10 years, XOP has outperformed DRIP with an annualized return of 3.09%, while DRIP has yielded a comparatively lower -42.06% annualized return.
XOP
- 1D
- 0.09%
- 1M
- -9.39%
- YTD
- 23.89%
- 6M
- 23.68%
- 1Y
- 23.02%
- 3Y*
- 11.00%
- 5Y*
- 12.14%
- 10Y*
- 3.09%
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%
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 | 23.89% | -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 | -41.20% | -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 | +1.58 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.90 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 1.25 | -0.68 | +1.93 |
| Martin ratioReturn relative to average drawdown | 3.50 | -1.25 | +4.75 |
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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 | -42.09% | -99.93% | +57.84% |
Average DrawdownAverage peak-to-trough decline | -42.58% | -90.46% | +47.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.60% | 33.75% | -27.15% |
Volatility
XOP vs. DRIP - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 9.01%, while Direxion Daily S&P Oil & Gas Exploration & Production Bear 2x Shares (DRIP) has a volatility of 18.04%. 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 | 9.01% | 18.04% | -9.03% |
Volatility (6M)Calculated over the trailing 6-month period | 21.96% | 43.68% | -21.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.30% | 56.75% | -28.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.88% | 68.37% | -34.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.25% | 96.33% | -56.08% |
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 2.10%, less than DRIP's 3.36% 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 | 2.30% | 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 | 2.10% | 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 (18.04%) compared to XOP (9.01%). In terms of maximum drawdown, XOP dropped -90.27% vs DRIP's -99.95%.
On 10-year performance, XOP leads with 3.09% vs -42.06% for DRIP. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 9.01%. 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 3.09% return vs -42.06%. 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 3.36%, compared with 2.10% 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 (0.82 vs -0.75), 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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