On March 9, 2022, $USO dropped 11.66% and $SCO went up 20.31%, but $DRIP only went up only 1.77% – Why the divergences?

Background

– USO is United States Oil ETF, which is an exchange-traded fund that attempts to track the price of West Texas Intermediate Light Sweet Crude Oil.

– SCO is ProShares UltraShort Bloomberg Crude Oil. ProShares UltraShort Bloomberg Crude Oil seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index.

– DRIP is Direxion Daily S&P Oil & Gas Exp. & Prod. Bull (GUSH) and Bear (DRIP) 2X Shares seek daily investment results, before fees and expenses, of 200%, or 200% of the inverse (or opposite), of the performance of the S&P Oil & Gas Exploration & Production Select Industry Index.

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Both $USO and $SCO performed as expected, but I am confused about the performance of $DRIP. Why is not performing similar to $SCO? I am not familiar with these investments.