CVX vs. XES

Last updated Jul 11, 2026

CVX (Chevron Corporation) 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, CVX returned 9.70%/yr vs -4.13%/yr for XES. A 0.71 correlation means they provide meaningful diversification when combined.

Performance

CVX vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chevron Corporation (CVX) 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, CVX achieves a 17.94% return, which is significantly lower than XES's 37.45% return. Over the past 10 years, CVX has outperformed XES with an annualized return of 9.70%, while XES has yielded a comparatively lower -4.13% annualized return.

CVX

• 1D: 1.35%
• 1M: -5.07%
• 6M: 10.89%
• YTD: 17.94%
• 1Y: 18.34%
• 3Y*: 8.17%
• 5Y*: 15.79%
• 10Y*: 9.70%

XES

• 1D: 1.64%
• 1M: -8.57%
• 6M: 26.49%
• YTD: 37.45%
• 1Y: 65.04%
• 3Y*: 10.31%
• 5Y*: 14.19%
• 10Y*: -4.13%

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

CVX vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVX Chevron Corporation	17.94%	10.10%	1.29%	-13.63%	58.46%	46.24%	-25.95%	15.27%	-9.75%	10.59%
XES SPDR S&P Oil & Gas Equipment & Services ETF	37.45%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between CVX and XES is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.71
Correlation (10Y) Calculated over the trailing 10-year period	0.71
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.71

The correlation between CVX and XES shifts across timeframes, from 0.56 (1 year) to 0.71 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVX vs. XES — Risk / Return Rank

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

CVX

CVX Risk / Return Rank: 67
CVX Sharpe Ratio Rank: 72
CVX Sortino Ratio Rank: 66
CVX Omega Ratio Rank: 64
CVX Calmar Ratio Rank: 65
CVX Martin Ratio Rank: 69

XES

XES Risk / Return Rank: 77
XES Sharpe Ratio Rank: 84
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 72
XES Calmar Ratio Rank: 77
XES Martin Ratio Rank: 77

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.

CVX vs. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) 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.

	CVX	XES	Difference
Sharpe ratio: Return per unit of total volatility	0.86	2.13	-1.27
Sortino ratio: Return per unit of downside risk	1.26	2.75	-1.48
Omega ratio: Gain probability vs. loss probability	1.16	1.34	-0.18
Calmar ratio: Return relative to maximum drawdown	0.93	3.18	-2.25
Martin ratio: Return relative to average drawdown	2.63	11.53	-8.90

CVX vs. XES - Sharpe Ratio Comparison

The current CVX Sharpe Ratio is 0.86, which is lower than the XES Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of CVX 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.

Drawdowns

CVX vs. XES - Drawdown Comparison

The maximum CVX drawdown since its inception was -55.77%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for CVX and XES.

Drawdown Indicators

	CVX	XES	Difference
Max Drawdown Largest peak-to-trough decline	-55.77%	-95.65%	+39.88%
Max Drawdown (1Y) Largest decline over 1 year	-20.81%	-20.69%	-0.12%
Max Drawdown (3Y) Largest decline over 3 years	-20.81%	-45.95%	+25.14%
Max Drawdown (5Y) Largest decline over 5 years	-24.95%	-45.95%	+21.00%
Max Drawdown (10Y) Largest decline over 10 years	-55.77%	-91.23%	+35.46%
Current Drawdown Current decline from peak	-15.69%	-73.46%	+57.77%
Average Drawdown Average peak-to-trough decline	-11.40%	-54.44%	+43.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.32%	5.70%	+1.62%

Volatility

CVX vs. XES - Volatility Comparison

The current volatility for Chevron Corporation (CVX) is 8.03%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 9.22%. This indicates that CVX 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

	CVX	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.03%	9.22%	-1.19%
Volatility (6M) Calculated over the trailing 6-month period	17.67%	21.50%	-3.83%
Volatility (1Y) Calculated over the trailing 1-year period	22.53%	30.96%	-8.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.16%	38.85%	-13.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.21%	44.88%	-15.67%

Dividends

CVX vs. XES - Dividend Comparison

CVX's dividend yield for the trailing twelve months is around 3.96%, more than XES's 1.16% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVX Chevron Corporation	3.96%	4.49%	4.50%	4.05%	3.16%	4.52%	6.11%	3.95%	4.12%	3.45%	3.64%	4.76%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.16%	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 CVX and XES in my portfolio?

CVX and XES have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVX or XES?

XES has higher volatility (9.22%) compared to CVX (8.03%). In terms of maximum drawdown, CVX dropped -55.77% vs XES's -95.65%.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.13 vs 0.86), 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.