ENPH vs. XOP

Last updated Aug 5, 2026

ENPH (Enphase Energy, Inc.) 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, ENPH returned 36.28%/yr vs 4.04%/yr for XOP. Their 0.24 correlation means their historical movements had little consistent relationship.

Performance

ENPH vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Enphase Energy, Inc. (ENPH) and SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ENPH achieves a 30.33% return, which is significantly lower than XOP's 37.40% return. Over the past 10 years, ENPH has outperformed XOP with an annualized return of 36.28%, while XOP has yielded a comparatively lower 4.04% annualized return.

ENPH

• 1D: 6.15%
• 1M: -3.02%
• 6M: 12.04%
• YTD: 30.33%
• 1Y: 31.81%
• 3Y*: -33.18%
• 5Y*: -25.62%
• 10Y*: 36.28%
• ALL TIME*: 12.72%

XOP

• 1D: -1.34%
• 1M: 11.19%
• 6M: 24.11%
• YTD: 37.40%
• 1Y: 41.79%
• 3Y*: 8.56%
• 5Y*: 19.01%
• 10Y*: 4.04%
• ALL TIME*: 2.52%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ENPH Enphase Energy, Inc.	$215.04M	$189.99M	$371.15M
XOP SPDR S&P Oil & Gas Exploration & Production ETF	$562.15M	$553.78M	$583.97M

ENPH vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ENPH Enphase Energy, Inc.	30.33%	-53.33%	-48.02%	-50.13%	44.83%	4.26%	571.53%	452.43%	96.27%	138.61%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	37.40%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between ENPH and XOP is -0.10, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.10
Correlation (3Y) Balances recent behavior with more history.	0.16
Correlation (5Y) Shows whether the relationship held over a longer period.	0.21
Correlation (10Y) Provides a long-term view across more market conditions.	0.21
Correlation (All Time) Calculated using the full available price history since Mar 30, 2012	0.24

The correlation between ENPH and XOP shifts across timeframes, from -0.10 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ENPH vs. XOP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ENPH

ENPH Risk / Return Rank: 59
ENPH Sharpe Ratio Rank: 57
ENPH Sortino Ratio Rank: 63
ENPH Omega Ratio Rank: 60
ENPH Calmar Ratio Rank: 58
ENPH Martin Ratio Rank: 58

XOP

XOP Risk / Return Rank: 50
XOP Sharpe Ratio Rank: 55
XOP Sortino Ratio Rank: 49
XOP Omega Ratio Rank: 47
XOP Calmar Ratio Rank: 57
XOP Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ENPH vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Enphase Energy, Inc. (ENPH) 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.

	ENPH	XOP	Difference
Sharpe ratio: Return per unit of total volatility	0.38	1.48	-1.10
Sortino ratio: Return per unit of downside risk	1.24	1.98	-0.74
Omega ratio: Gain probability vs. loss probability	1.15	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	0.62	2.27	-1.65
Martin ratio: Return relative to average drawdown	1.36	5.47	-4.11

ENPH vs. XOP - Sharpe Ratio Comparison

The current ENPH Sharpe Ratio is 0.38, which is lower than the XOP Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of ENPH and XOP, 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

ENPH vs. XOP - Drawdown Comparison

The maximum ENPH drawdown since its inception was -95.97%, which is greater than XOP's maximum drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for ENPH and XOP.

Drawdown Indicators

	ENPH	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-95.97%	-90.27%	-5.70%
Max Drawdown (1Y) Largest decline over 1 year	-51.51%	-18.50%	-33.01%
Max Drawdown (3Y) Largest decline over 3 years	-81.34%	-34.98%	-46.36%
Max Drawdown (5Y) Largest decline over 5 years	-92.23%	-34.98%	-57.25%
Max Drawdown (10Y) Largest decline over 10 years	-92.23%	-82.61%	-9.62%
Current Drawdown Current decline from peak	-87.57%	-35.78%	-51.79%
Average Drawdown Average peak-to-trough decline	-50.92%	-42.55%	-8.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.44%	7.66%	+15.78%

Volatility

ENPH vs. XOP - Volatility Comparison

Enphase Energy, Inc. (ENPH) has a higher volatility of 18.58% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 8.79%. This indicates that ENPH's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ENPH	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.58%	8.79%	+9.79%
Volatility (6M) Calculated over the trailing 6-month period	69.14%	22.39%	+46.75%
Volatility (1Y) Calculated over the trailing 1-year period	83.03%	28.33%	+54.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.74%	33.48%	+37.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	78.47%	40.15%	+38.32%

Dividends

ENPH vs. XOP - Dividend Comparison

ENPH has not paid dividends to shareholders, while XOP's dividend yield for the trailing twelve months is around 1.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENPH Enphase Energy, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.89%	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

Can I hold both ENPH and XOP in my portfolio?

ENPH and XOP have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ENPH or XOP?

ENPH has higher volatility (18.58%) compared to XOP (8.79%). In terms of maximum drawdown, ENPH dropped -95.97% vs XOP's -90.27%.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (1.48 vs 0.38), 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.