BKMI vs. XOP

Last updated Jul 17, 2026

BKMI (BNY Mellon Municipal Intermediate ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both exchange-traded funds - BKMI is a Municipal Bonds fund actively managed by BNY Mellon, while XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. BKMI is actively managed, while XOP is passively managed. At a correlation of -0.33, they often move in opposite directions. Both charge a 0.35% expense ratio.

Performance

BKMI vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BNY Mellon Municipal Intermediate ETF (BKMI) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

BKMI

• 1D: -0.42%
• 1M: -0.32%
• 6M: -0.01%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

XOP

• 1D: 0.96%
• 1M: 6.42%
• 6M: 28.90%
• YTD: 33.00%
• 1Y: 34.38%
• 3Y*: 11.29%
• 5Y*: 17.91%
• 10Y*: 3.71%

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

BKMI vs. XOP - Yearly Performance Comparison

	2026 (YTD)
BKMI BNY Mellon Municipal Intermediate ETF	-0.01%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	31.80%

Correlation

The correlation between BKMI and XOP is -0.33, 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 (All Time) Calculated using the full available price history since Jan 12, 2026	-0.33

Return for Risk

BKMI vs. XOP — Risk / Return Rank

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

BKMI

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

XOP

XOP Risk / Return Rank: 40
XOP Sharpe Ratio Rank: 41
XOP Sortino Ratio Rank: 39
XOP Omega Ratio Rank: 37
XOP Calmar Ratio Rank: 45
XOP Martin Ratio Rank: 36

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.

BKMI vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BNY Mellon Municipal Intermediate ETF (BKMI) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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.

	BKMI	XOP	Difference
Sharpe ratio: Return per unit of total volatility	—	1.23	—
Sortino ratio: Return per unit of downside risk	—	1.69	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.87	—
Martin ratio: Return relative to average drawdown	—	4.54	—

Drawdowns

BKMI vs. XOP - Drawdown Comparison

The maximum BKMI drawdown since its inception was -2.99%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for BKMI and XOP.

Drawdown Indicators

	BKMI	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-2.99%	-90.27%	+87.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-18.50%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-34.98%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.61%	—
Current Drawdown Current decline from peak	-1.49%	-37.84%	+36.35%
Average Drawdown Average peak-to-trough decline	-1.14%	-42.57%	+41.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.59%	—

Volatility

Volatility by Period

	BKMI	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.72%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.11%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.86%	28.20%	-25.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.86%	33.66%	-30.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.86%	40.15%	-37.29%

BKMI vs. XOP - Expense Ratio Comparison

Both BKMI and XOP have an expense ratio of 0.35%.

Dividends

BKMI vs. XOP - Dividend Comparison

BKMI's dividend yield for the trailing twelve months is around 1.28%, less than XOP's 1.95% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKMI BNY Mellon Municipal Intermediate ETF	1.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.95%	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

Can I hold both BKMI and XOP in my portfolio?

BKMI and XOP have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BKMI or XOP?

Both ETFs have the same 0.35% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BKMI or XOP?

BKMI and XOP have the same expense ratio: 0.35% per year.

Which ETF pays a higher dividend yield, BKMI or XOP?

XOP has the higher dividend yield at 1.95%, compared with 1.28% for BKMI.

What is the main difference between BKMI and XOP?

BKMI is categorized as Municipal Bonds, while XOP is Energy Equities. They also come from different issuers: BNY Mellon and State Street.