IEO vs. XES

Last updated Apr 1, 2026

Compare and contrast key facts about iShares U.S. Oil & Gas Exploration & Production ETF (IEO) and SPDR S&P Oil & Gas Equipment & Services ETF (XES).

IEO and XES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IEO is a passively managed fund by iShares that tracks the performance of the Dow Jones U.S. Select Oil Exploration & Production Index. It was launched on May 5, 2006. XES is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. It was launched on Jun 19, 2006. Both IEO and XES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

IEO vs. XES - Performance Comparison

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

IEO vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
IEO iShares U.S. Oil & Gas Exploration & Production ETF	40.59%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%
XES SPDR S&P Oil & Gas Equipment & Services ETF	42.33%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Returns By Period

The year-to-date returns for both investments are quite close, with IEO having a 40.59% return and XES slightly higher at 42.33%. Over the past 10 years, IEO has outperformed XES with an annualized return of 12.05%, while XES has yielded a comparatively lower -2.35% annualized return.

IEO

• 1D: -1.57%
• 1M: 15.77%
• YTD: 40.59%
• 6M: 36.46%
• 1Y: 35.31%
• 3Y*: 16.25%
• 5Y*: 23.38%
• 10Y*: 12.05%

XES

• 1D: 0.91%
• 1M: 3.20%
• YTD: 42.33%
• 6M: 61.87%
• 1Y: 65.92%
• 3Y*: 17.22%
• 5Y*: 17.28%
• 10Y*: -2.35%

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

IEO vs. XES - Expense Ratio Comparison

IEO has a 0.42% expense ratio, which is higher than XES's 0.35% expense ratio.

IEO

iShares U.S. Oil & Gas Exploration & Production ETF

XES

SPDR S&P Oil & Gas Equipment & Services ETF

Return for Risk

IEO vs. XES — Risk / Return Rank

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

IEO

IEO Risk / Return Rank: 65
IEO Sharpe Ratio Rank: 68
IEO Sortino Ratio Rank: 65
IEO Omega Ratio Rank: 65
IEO Calmar Ratio Rank: 69
IEO Martin Ratio Rank: 56

XES

XES Risk / Return Rank: 81
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 82
XES Omega Ratio Rank: 82
XES Calmar Ratio Rank: 84
XES Martin Ratio Rank: 73

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.

IEO vs. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Oil & Gas Exploration & Production ETF (IEO) 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.

	IEO	XES	Difference
Sharpe ratio Return per unit of total volatility	1.16	1.66	-0.49
Sortino ratio Return per unit of downside risk	1.58	2.11	-0.52
Omega ratio Gain probability vs. loss probability	1.23	1.31	-0.08
Calmar ratio Return relative to maximum drawdown	1.70	2.40	-0.70
Martin ratio Return relative to average drawdown	5.28	7.21	-1.94
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IEO vs. XES - Sharpe Ratio Comparison

The current IEO Sharpe Ratio is 1.16, which is comparable to the XES Sharpe Ratio of 1.66. The chart below compares the historical Sharpe Ratios of IEO and XES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IEO	XES	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.16	1.66	-0.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.44	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.35	-0.05	+0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	-0.08	+0.26

Correlation

The correlation between IEO and XES is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

IEO vs. XES - Dividend Comparison

IEO's dividend yield for the trailing twelve months is around 1.88%, more than XES's 1.19% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.88%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.19%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Drawdowns

IEO vs. XES - Drawdown Comparison

The maximum IEO drawdown since its inception was -79.17%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for IEO and XES.

Drawdown Indicators

	IEO	XES	Difference
Max Drawdown Largest peak-to-trough decline	-79.17%	-95.65%	+16.48%
Max Drawdown (1Y) Largest decline over 1 year	-21.95%	-27.52%	+5.57%
Max Drawdown (5Y) Largest decline over 5 years	-31.46%	-45.95%	+14.49%
Max Drawdown (10Y) Largest decline over 10 years	-75.00%	-91.23%	+16.23%
Current Drawdown Current decline from peak	-3.17%	-72.51%	+69.34%
Average Drawdown Average peak-to-trough decline	-26.43%	-54.22%	+27.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.06%	9.14%	-2.08%

Volatility

IEO vs. XES - Volatility Comparison

The current volatility for iShares U.S. Oil & Gas Exploration & Production ETF (IEO) is 6.23%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 7.76%. This indicates that IEO 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

	IEO	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.23%	7.76%	-1.53%
Volatility (6M) Calculated over the trailing 6-month period	17.31%	22.14%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	30.50%	40.03%	-9.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.65%	39.84%	-9.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	45.20%	-10.27%