CF vs. XES

Last updated Jun 4, 2026

CF (CF Industries Holdings, Inc.) is a stock, while XES (SPDR S&P Oil & Gas Equipment & Services ETF) is Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. Over the past 10 years, CF returned 18.28%/yr vs -2.47%/yr for XES. At a 0.49 correlation, their price movements are largely independent.

Performance

CF vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CF Industries Holdings, Inc. (CF) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with CF having a 52.19% return and XES slightly lower at 50.69%. Over the past 10 years, CF has outperformed XES with an annualized return of 18.28%, while XES has yielded a comparatively lower -2.47% annualized return.

CF

• 1D: 2.75%
• 1M: -7.00%
• YTD: 52.19%
• 6M: 48.44%
• 1Y: 29.01%
• 3Y*: 25.68%
• 5Y*: 18.55%
• 10Y*: 18.28%

XES

• 1D: -0.56%
• 1M: -4.59%
• YTD: 50.69%
• 6M: 43.67%
• 1Y: 97.14%
• 3Y*: 19.81%
• 5Y*: 13.75%
• 10Y*: -2.47%

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

CF vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CF CF Industries Holdings, Inc.	52.19%	-7.17%	10.08%	-4.75%	22.29%	87.18%	-15.76%	12.73%	5.13%	40.24%
XES SPDR S&P Oil & Gas Equipment & Services ETF	50.69%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between CF and XES is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.49

The correlation between CF and XES shifts across timeframes, from 0.31 (1 year) to 0.49 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CF vs. XES — Risk / Return Rank

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

CF

CF Risk / Return Rank: 60
CF Sharpe Ratio Rank: 63
CF Sortino Ratio Rank: 58
CF Omega Ratio Rank: 57
CF Calmar Ratio Rank: 64
CF Martin Ratio Rank: 60

XES

XES Risk / Return Rank: 89
XES Sharpe Ratio Rank: 91
XES Sortino Ratio Rank: 85
XES Omega Ratio Rank: 79
XES Calmar Ratio Rank: 96
XES Martin Ratio Rank: 94

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.

CF vs. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CF Industries Holdings, Inc. (CF) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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.

	CF	XES	Difference
Sharpe ratio: Return per unit of total volatility	0.70	3.23	-2.53
Sortino ratio: Return per unit of downside risk	1.23	3.86	-2.62
Omega ratio: Gain probability vs. loss probability	1.15	1.48	-0.33
Calmar ratio: Return relative to maximum drawdown	1.17	9.93	-8.76
Martin ratio: Return relative to average drawdown	2.09	26.79	-24.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CF vs. XES - Sharpe Ratio Comparison

The current CF Sharpe Ratio is 0.70, which is lower than the XES Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of CF and XES, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CF	XES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.70	3.23	-2.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.35	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	-0.05	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.47	-0.07	+0.54

Drawdowns

CF vs. XES - Drawdown Comparison

The maximum CF drawdown since its inception was -76.73%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for CF and XES.

Drawdown Indicators

	CF	XES	Difference
Max Drawdown Largest peak-to-trough decline	-76.73%	-95.65%	+18.92%
Max Drawdown (1Y) Largest decline over 1 year	-24.87%	-9.84%	-15.03%
Max Drawdown (3Y) Largest decline over 3 years	-29.16%	-45.95%	+16.79%
Max Drawdown (5Y) Largest decline over 5 years	-48.36%	-45.95%	-2.41%
Max Drawdown (10Y) Largest decline over 10 years	-60.74%	-91.23%	+30.49%
Current Drawdown Current decline from peak	-14.92%	-70.90%	+55.98%
Average Drawdown Average peak-to-trough decline	-24.94%	-54.36%	+29.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.92%	3.64%	+10.28%

Volatility

CF vs. XES - Volatility Comparison

CF Industries Holdings, Inc. (CF) has a higher volatility of 15.00% compared to SPDR S&P Oil & Gas Equipment & Services ETF (XES) at 8.22%. This indicates that CF's price experiences larger fluctuations and is considered to be riskier than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CF	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.00%	8.22%	+6.78%
Volatility (6M) Calculated over the trailing 6-month period	35.09%	20.52%	+14.57%
Volatility (1Y) Calculated over the trailing 1-year period	41.88%	30.50%	+11.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.16%	39.04%	-0.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.41%	45.04%	-4.63%

Dividends

CF vs. XES - Dividend Comparison

CF's dividend yield for the trailing twelve months is around 1.72%, more than XES's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CF CF Industries Holdings, Inc.	1.72%	2.59%	2.34%	2.01%	1.76%	1.70%	3.10%	2.51%	2.76%	2.82%	3.81%	2.94%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.12%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Frequently Asked Questions

Can I hold both CF and XES in my portfolio?

CF and XES have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CF or XES?

CF has higher volatility (15.00%) compared to XES (8.22%). In terms of maximum drawdown, CF dropped -76.73% vs XES's -95.65%.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.23 vs 0.70), 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.