From Fangraphs (http://www.fangraphs.com/blogs/index...d-dips-theory/)
Last year, Josh Beckett posted a 5.78 ERA in 21 starts, and his struggles were one of the main reasons the Red Sox missed the playoffs. This year, Josh Beckett has a 1.86 ERA in 14 starts, and his dominance is one of the reasons that the Red Sox have the best record in the American League. A look beyond ERA, however, shows that Beckett is the poster boy for why metrics like xFIP were created in the first place.
Games are won on run differential -- scoring more than your opponent. Runs are runs, scored or prevented they all count the same. Worry about scoring more and allowing fewer, not which positions contribute to which side of the equation or how "consistent" you are at your current level of performance.
James Shields was another guy who's stats screamed out for being much better this year than last. His ERA (5.18) was a run higher than his FIP and closer to two runs than his xFIP.
Sure enough, he's carrying a 2.60 ERA.
"No matter how good you are, you're going to lose one-third of your games. No matter how bad you are you're going to win one-third of your games. It's the other third that makes the difference." ~Tommy Lasorda
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