HAP vs. XOP

Last updated Jun 4, 2026

HAP (VanEck Natural Resources ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both Energy Equities funds - HAP tracks the MarketVector Global Natural Resources Index while XOP tracks the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, HAP returned 11.99%/yr vs 3.80%/yr for XOP. A 0.74 correlation means they provide meaningful diversification when combined. HAP charges 0.42%/yr vs 0.35%/yr for XOP.

Performance

HAP vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Natural Resources ETF (HAP) 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, HAP achieves a 21.49% return, which is significantly lower than XOP's 36.08% return. Over the past 10 years, HAP has outperformed XOP with an annualized return of 11.99%, while XOP has yielded a comparatively lower 3.80% annualized return.

HAP

• 1D: -0.36%
• 1M: 0.64%
• YTD: 21.49%
• 6M: 23.70%
• 1Y: 46.66%
• 3Y*: 18.93%
• 5Y*: 11.51%
• 10Y*: 11.99%

XOP

• 1D: 1.35%
• 1M: -5.46%
• YTD: 36.08%
• 6M: 26.81%
• 1Y: 41.73%
• 3Y*: 14.10%
• 5Y*: 14.86%
• 10Y*: 3.80%

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

HAP vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HAP VanEck Natural Resources ETF	21.49%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	36.08%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between HAP and XOP is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.70
Correlation (10Y) Calculated over the trailing 10-year period	0.70
Correlation (All Time) Calculated using the full available price history since Sep 4, 2008	0.74

Over the past year, the correlation between HAP and XOP has dropped to 0.38 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

HAP vs. XOP - Sectors Allocation Comparison

Sectors	HAP	XOP
Basic Materials	36.7%	2.9%
Energy	32.3%	97.2%
Industrials	10.2%	-
Utilities	9.8%	-
Consumer Defensive	6.5%	-
Healthcare	2.8%	-
Technology	0.9%	-
Real Estate	0.4%	-
Consumer Cyclical	0.2%	-
Communication Services	-	-
Financial Services	-	-

Return for Risk

HAP vs. XOP — Risk / Return Rank

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

HAP

HAP Risk / Return Rank: 89
HAP Sharpe Ratio Rank: 90
HAP Sortino Ratio Rank: 87
HAP Omega Ratio Rank: 88
HAP Calmar Ratio Rank: 90
HAP Martin Ratio Rank: 92

XOP

XOP Risk / Return Rank: 43
XOP Sharpe Ratio Rank: 42
XOP Sortino Ratio Rank: 38
XOP Omega Ratio Rank: 37
XOP Calmar Ratio Rank: 55
XOP Martin Ratio Rank: 43

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.

HAP vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Natural Resources ETF (HAP) 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.

	HAP	XOP	Difference
Sharpe ratio: Return per unit of total volatility	3.14	1.51	+1.63
Sortino ratio: Return per unit of downside risk	4.01	2.00	+2.01
Omega ratio: Gain probability vs. loss probability	1.56	1.25	+0.31
Calmar ratio: Return relative to maximum drawdown	5.65	2.77	+2.88
Martin ratio: Return relative to average drawdown	23.05	7.10	+15.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HAP vs. XOP - Sharpe Ratio Comparison

The current HAP Sharpe Ratio is 3.14, which is higher than the XOP Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of HAP 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.

Sharpe Ratios by Period

	HAP	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.14	1.51	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	0.44	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.09	+0.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.26	0.06	+0.20

Drawdowns

HAP vs. XOP - Drawdown Comparison

The maximum HAP drawdown since its inception was -50.73%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for HAP and XOP.

Drawdown Indicators

	HAP	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-50.73%	-90.27%	+39.54%
Max Drawdown (1Y) Largest decline over 1 year	-8.31%	-15.14%	+6.83%
Max Drawdown (3Y) Largest decline over 3 years	-16.92%	-34.98%	+18.06%
Max Drawdown (5Y) Largest decline over 5 years	-25.66%	-34.98%	+9.32%
Max Drawdown (10Y) Largest decline over 10 years	-44.07%	-82.61%	+38.54%
Current Drawdown Current decline from peak	-1.95%	-36.40%	+34.45%
Average Drawdown Average peak-to-trough decline	-12.03%	-42.59%	+30.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.03%	5.90%	-3.87%

Volatility

HAP vs. XOP - Volatility Comparison

The current volatility for VanEck Natural Resources ETF (HAP) is 4.37%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 10.03%. This indicates that HAP experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HAP	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.37%	10.03%	-5.66%
Volatility (6M) Calculated over the trailing 6-month period	12.24%	21.64%	-9.40%
Volatility (1Y) Calculated over the trailing 1-year period	14.91%	27.81%	-12.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.24%	33.88%	-15.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.74%	40.28%	-20.54%

HAP vs. XOP - Expense Ratio Comparison

HAP has a 0.42% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

HAP vs. XOP - Dividend Comparison

HAP's dividend yield for the trailing twelve months is around 1.87%, less than XOP's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.87%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.90%	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 HAP and XOP in my portfolio?

HAP and XOP have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HAP or XOP?

XOP has higher volatility (10.03%) compared to HAP (4.37%). In terms of maximum drawdown, HAP dropped -50.73% vs XOP's -90.27%.

Which ETF is better, HAP or XOP?

On 10-year performance, HAP leads with 11.99% vs 3.80% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, HAP has been the lower-risk option at 4.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HAP or XOP?

Over the 10-year period, HAP has performed better with a 11.99% return vs 3.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HAP or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 0.42% for HAP.

Which ETF pays a higher dividend yield, HAP or XOP?

XOP has the higher dividend yield at 1.90%, compared with 1.87% for HAP.

What is the main difference between HAP and XOP?

HAP tracks MarketVector Global Natural Resources Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.42% for HAP and 0.35% for XOP.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (3.14 vs 1.51), 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.