CF vs. XES
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 20.99%/yr vs -2.88%/yr for XES. Their 0.49 correlation means their historical movements had little consistent relationship.
Performance
CF vs. XES - Performance Comparison
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Returns By Period
In the year-to-date period, CF achieves a 63.40% return, which is significantly higher than XES's 36.38% return. Over the past 10 years, CF has outperformed XES with an annualized return of 20.99%, while XES has yielded a comparatively lower -2.88% annualized return.
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
XES
- 1D
- 3.09%
- 1M
- 2.89%
- 6M
- 12.93%
- YTD
- 36.38%
- 1Y
- 68.96%
- 3Y*
- 7.20%
- 5Y*
- 17.17%
- 10Y*
- -2.88%
- ALL TIME*
- -3.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $5.46M | $8.52M | $12.51M |
CF vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 63.40% | -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 | 36.38% | 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 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.49 |
Over the past year, the correlation between CF and XES has dropped to 0.27 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
CF vs. XES — Risk / Return Rank
CF
XES
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.
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.
| CF | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.36 | ||
| Sortino ratioReturn per unit of downside risk | -1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.35 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.49 | 3.23 | -1.74 |
| Martin ratioReturn relative to average drawdown | 3.31 | 10.31 | -7.00 |
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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.
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Drawdown Indicators
| CF | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.73% | -95.65% | +18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -25.45% | -21.48% | -3.97% |
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 DrawdownCurrent decline from peak | -8.65% | -73.66% | +65.01% |
Average DrawdownAverage peak-to-trough decline | -24.87% | -54.50% | +29.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.44% | 6.73% | +4.71% |
Volatility
CF vs. XES - Volatility Comparison
CF Industries Holdings, Inc. (CF) has a higher volatility of 10.07% compared to SPDR S&P Oil & Gas Equipment & Services ETF (XES) at 9.34%. 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.
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Volatility by Period
| CF | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.07% | 9.34% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 35.61% | 21.60% | +14.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 42.03% | 30.74% | +11.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.14% | 38.63% | -0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.08% | 44.85% | -4.77% |
Dividends
CF vs. XES - Dividend Comparison
CF's dividend yield for the trailing twelve months is around 1.60%, more than XES's 1.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 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 | 1.17% | 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
CF and XES have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CF has higher volatility (10.07%) compared to XES (9.34%). In terms of maximum drawdown, CF dropped -76.73% vs XES's -95.65%.
XES currently has the higher Sharpe Ratio (2.26 vs 0.90), 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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