CVX vs. XOP
CVX (Chevron Corporation) is a stock, while XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry. Over the past 10 years, CVX returned 9.70%/yr vs 2.97%/yr for XOP. A 0.75 correlation means they provide meaningful diversification when combined.
Performance
CVX vs. XOP - Performance Comparison
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Returns By Period
In the year-to-date period, CVX achieves a 17.94% return, which is significantly lower than XOP's 26.71% return. Over the past 10 years, CVX has outperformed XOP with an annualized return of 9.70%, while XOP has yielded a comparatively lower 2.97% 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%
XOP
- 1D
- -0.56%
- 1M
- -2.49%
- 6M
- 25.57%
- YTD
- 26.71%
- 1Y
- 21.93%
- 3Y*
- 8.56%
- 5Y*
- 13.75%
- 10Y*
- 2.97%
CVX vs. XOP - 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 26.71% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
Correlation
The correlation between CVX and XOP is 0.76, 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 | 0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.75 |
The correlation between CVX and XOP has been stable across timeframes, ranging from 0.75 to 0.80 - a consistent structural relationship.
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Return for Risk
CVX vs. XOP — Risk / Return Rank
CVX
XOP
CVX vs. XOP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Chevron Corporation (CVX) 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.
| CVX | XOP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 1.16 | 1.15 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | 1.23 | -0.30 |
| Martin ratioReturn relative to average drawdown | 2.63 | 3.01 | -0.38 |
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Drawdowns
CVX vs. XOP - Drawdown Comparison
The maximum CVX drawdown since its inception was -55.77%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for CVX and XOP.
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Drawdown Indicators
| CVX | XOP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.77% | -90.27% | +34.50% |
Max Drawdown (1Y)Largest decline over 1 year | -20.81% | -18.50% | -2.31% |
Max Drawdown (3Y)Largest decline over 3 years | -20.81% | -34.98% | +14.17% |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | -34.98% | +10.03% |
Max Drawdown (10Y)Largest decline over 10 years | -55.77% | -82.61% | +26.84% |
Current DrawdownCurrent decline from peak | -15.69% | -40.77% | +25.08% |
Average DrawdownAverage peak-to-trough decline | -11.40% | -42.57% | +31.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.32% | 7.54% | -0.22% |
Volatility
CVX vs. XOP - Volatility Comparison
Chevron Corporation (CVX) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP) have volatilities of 8.03% and 7.88%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CVX | XOP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.03% | 7.88% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 17.67% | 22.07% | -4.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.53% | 28.03% | -5.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.16% | 33.73% | -8.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 29.21% | 40.17% | -10.96% |
Dividends
CVX vs. XOP - Dividend Comparison
CVX's dividend yield for the trailing twelve months is around 3.96%, more than XOP's 2.05% 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% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 2.05% | 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
CVX and XOP have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CVX has higher volatility (8.03%) compared to XOP (7.88%). In terms of maximum drawdown, CVX dropped -55.77% vs XOP's -90.27%.
CVX currently has the higher Sharpe Ratio (0.86 vs 0.81), 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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