CRAK vs. XES

Last updated Jun 4, 2026

CRAK (VanEck Oil Refiners ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds - CRAK tracks the MVIS Global Oil Refiners Index while XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, CRAK returned 13.28%/yr vs -2.47%/yr for XES. A 0.62 correlation means they provide meaningful diversification when combined. CRAK charges 0.62%/yr vs 0.35%/yr for XES.

Performance

CRAK vs. XES - Performance Comparison

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

Returns By Period

In the year-to-date period, CRAK achieves a 33.23% return, which is significantly lower than XES's 50.69% return. Over the past 10 years, CRAK has outperformed XES with an annualized return of 13.28%, while XES has yielded a comparatively lower -2.47% annualized return.

CRAK

• 1D: 0.56%
• 1M: -1.83%
• YTD: 33.23%
• 6M: 27.96%
• 1Y: 67.58%
• 3Y*: 22.78%
• 5Y*: 13.54%
• 10Y*: 13.28%

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)

CRAK vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CRAK VanEck Oil Refiners ETF	33.23%	39.11%	-15.05%	13.73%	19.10%	10.90%	-11.22%	9.15%	-10.46%	49.86%
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 CRAK and XES is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.68
Correlation (10Y) Calculated over the trailing 10-year period	0.63
Correlation (All Time) Calculated using the full available price history since Aug 20, 2015	0.62

The correlation between CRAK and XES shifts across timeframes, from 0.52 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

CRAK vs. XES - Sectors Allocation Comparison

Sectors	CRAK	XES
Energy	98.9%	97.5%
Industrials	4.0%	2.5%
Basic Materials	1.1%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

CRAK vs. XES — Risk / Return Rank

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

CRAK

CRAK Risk / Return Rank: 93
CRAK Sharpe Ratio Rank: 94
CRAK Sortino Ratio Rank: 93
CRAK Omega Ratio Rank: 91
CRAK Calmar Ratio Rank: 95
CRAK Martin Ratio Rank: 92

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.

CRAK vs. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Refiners ETF (CRAK) 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.

	CRAK	XES	Difference
Sharpe ratio: Return per unit of total volatility	3.70	3.23	+0.47
Sortino ratio: Return per unit of downside risk	4.76	3.86	+0.91
Omega ratio: Gain probability vs. loss probability	1.62	1.48	+0.14
Calmar ratio: Return relative to maximum drawdown	7.93	9.93	-2.00
Martin ratio: Return relative to average drawdown	22.48	26.79	-4.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CRAK vs. XES - Sharpe Ratio Comparison

The current CRAK Sharpe Ratio is 3.70, which is comparable to the XES Sharpe Ratio of 3.23. The chart below compares the historical Sharpe Ratios of CRAK 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

	CRAK	XES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.70	3.23	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.66	0.35	+0.31
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	-0.05	+0.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.54	-0.07	+0.61

Drawdowns

CRAK vs. XES - Drawdown Comparison

The maximum CRAK drawdown since its inception was -58.80%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for CRAK and XES.

Drawdown Indicators

	CRAK	XES	Difference
Max Drawdown Largest peak-to-trough decline	-58.80%	-95.65%	+36.85%
Max Drawdown (1Y) Largest decline over 1 year	-8.57%	-9.84%	+1.27%
Max Drawdown (3Y) Largest decline over 3 years	-35.61%	-45.95%	+10.34%
Max Drawdown (5Y) Largest decline over 5 years	-35.61%	-45.95%	+10.34%
Max Drawdown (10Y) Largest decline over 10 years	-58.80%	-91.23%	+32.43%
Current Drawdown Current decline from peak	-3.81%	-70.90%	+67.09%
Average Drawdown Average peak-to-trough decline	-12.50%	-54.36%	+41.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.02%	3.64%	-0.62%

Volatility

CRAK vs. XES - Volatility Comparison

The current volatility for VanEck Oil Refiners ETF (CRAK) is 6.74%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 8.22%. This indicates that CRAK experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CRAK	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.74%	8.22%	-1.48%
Volatility (6M) Calculated over the trailing 6-month period	14.27%	20.52%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	30.50%	-12.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	39.04%	-18.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.16%	45.04%	-22.88%

CRAK vs. XES - Expense Ratio Comparison

CRAK has a 0.62% expense ratio, which is higher than XES's 0.35% expense ratio.

Dividends

CRAK vs. XES - Dividend Comparison

CRAK's dividend yield for the trailing twelve months is around 1.51%, more than XES's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CRAK VanEck Oil Refiners ETF	1.51%	2.02%	5.60%	3.65%	3.08%	2.40%	2.64%	1.49%	2.42%	1.66%	3.42%	0.47%
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 CRAK and XES in my portfolio?

CRAK and XES have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CRAK or XES?

XES has higher volatility (8.22%) compared to CRAK (6.74%). In terms of maximum drawdown, CRAK dropped -58.80% vs XES's -95.65%.

Which ETF is better, CRAK or XES?

On 10-year performance, CRAK leads with 13.28% vs -2.47% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, CRAK has been the lower-risk option at 6.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CRAK or XES?

Over the 10-year period, CRAK has performed better with a 13.28% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CRAK or XES?

XES is cheaper with a 0.35% expense ratio, compared with 0.62% for CRAK.

Which ETF pays a higher dividend yield, CRAK or XES?

CRAK has the higher dividend yield at 1.51%, compared with 1.12% for XES.

What is the main difference between CRAK and XES?

CRAK tracks MVIS Global Oil Refiners Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.62% for CRAK and 0.35% for XES.

Which has better risk-adjusted returns?

CRAK currently has the higher Sharpe Ratio (3.70 vs 3.23), 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.