NBET vs. XOP

Last updated Jun 3, 2026

NBET (Neuberger Berman Energy Transition & Infrastructure ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both Energy Equities funds. NBET is actively managed, while XOP is passively managed. Over the past 3 years, NBET returned 20.50%/yr vs 13.59%/yr for XOP. A 0.59 correlation means they provide meaningful diversification when combined. NBET charges 0.65%/yr vs 0.35%/yr for XOP.

Performance

NBET vs. XOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Neuberger Berman Energy Transition & Infrastructure ETF (NBET) 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, NBET achieves a 23.49% return, which is significantly lower than XOP's 34.27% return.

NBET

• 1D: 1.28%
• 1M: -2.73%
• YTD: 23.49%
• 6M: 22.85%
• 1Y: 27.83%
• 3Y*: 20.50%
• 5Y*: —
• 10Y*: —

XOP

• 1D: 0.58%
• 1M: -4.43%
• YTD: 34.27%
• 6M: 28.35%
• 1Y: 42.75%
• 3Y*: 13.59%
• 5Y*: 14.54%
• 10Y*: 3.66%

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

NBET vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
NBET Neuberger Berman Energy Transition & Infrastructure ETF	23.49%	5.87%	30.30%	7.48%	-6.09%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	34.27%	-2.15%	-1.00%	3.56%	1.50%

Correlation

The correlation between NBET 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	0.61
Correlation (All Time) Calculated using the full available price history since Apr 8, 2022	0.59

The correlation between NBET and XOP shifts across timeframes, from 0.59 (all time) to 0.76 (1 year), reflecting how their relationship changes across market environments.

NBET vs. XOP - Sectors Allocation Comparison

Sectors	NBET	XOP
Energy	89.0%	97.2%
Utilities	8.4%	-
Industrials	2.6%	-
Basic Materials	0.9%	2.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

NBET vs. XOP — Risk / Return Rank

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

NBET

NBET Risk / Return Rank: 60
NBET Sharpe Ratio Rank: 55
NBET Sortino Ratio Rank: 51
NBET Omega Ratio Rank: 49
NBET Calmar Ratio Rank: 81
NBET Martin Ratio Rank: 62

XOP

XOP Risk / Return Rank: 45
XOP Sharpe Ratio Rank: 44
XOP Sortino Ratio Rank: 40
XOP Omega Ratio Rank: 38
XOP Calmar Ratio Rank: 59
XOP Martin Ratio Rank: 46

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.

NBET vs. XOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Neuberger Berman Energy Transition & Infrastructure ETF (NBET) 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.

	NBET	XOP	Difference
Sharpe ratio Return per unit of total volatility	1.91	1.55	+0.37
Sortino ratio Return per unit of downside risk	2.54	2.03	+0.51
Omega ratio Gain probability vs. loss probability	1.31	1.25	+0.06
Calmar ratio Return relative to maximum drawdown	4.31	2.95	+1.37
Martin ratio Return relative to average drawdown	11.44	7.60	+3.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NBET vs. XOP - Sharpe Ratio Comparison

The current NBET Sharpe Ratio is 1.91, which is comparable to the XOP Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of NBET 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

	NBET	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.91	1.55	+0.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.43	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.72	0.06	+0.66

Drawdowns

NBET vs. XOP - Drawdown Comparison

The maximum NBET drawdown since its inception was -18.72%, smaller than the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for NBET and XOP.

Drawdown Indicators

	NBET	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-18.72%	-90.27%	+71.55%
Max Drawdown (1Y) Largest decline over 1 year	-6.84%	-15.14%	+8.30%
Max Drawdown (3Y) Largest decline over 3 years	-18.72%	-34.98%	+16.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-34.98%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.61%	—
Current Drawdown Current decline from peak	-4.90%	-37.24%	+32.34%
Average Drawdown Average peak-to-trough decline	-5.06%	-42.59%	+37.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.58%	5.87%	-3.29%

Volatility

NBET vs. XOP - Volatility Comparison

The current volatility for Neuberger Berman Energy Transition & Infrastructure ETF (NBET) is 5.83%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 10.26%. This indicates that NBET 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

	NBET	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.83%	10.26%	-4.43%
Volatility (6M) Calculated over the trailing 6-month period	11.12%	21.61%	-10.49%
Volatility (1Y) Calculated over the trailing 1-year period	14.66%	27.80%	-13.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.55%	33.88%	-14.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.55%	40.29%	-20.74%

NBET vs. XOP - Expense Ratio Comparison

NBET has a 0.65% expense ratio, which is higher than XOP's 0.35% expense ratio.

Dividends

NBET vs. XOP - Dividend Comparison

NBET's dividend yield for the trailing twelve months is around 2.35%, more than XOP's 1.93% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NBET Neuberger Berman Energy Transition & Infrastructure ETF	2.35%	2.70%	2.43%	1.22%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.93%	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 NBET and XOP in my portfolio?

NBET 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.

Which is riskier, NBET or XOP?

XOP has higher volatility (10.26%) compared to NBET (5.83%). In terms of maximum drawdown, NBET dropped -18.72% vs XOP's -90.27%.

Which ETF is better, NBET or XOP?

On 3-year performance, NBET leads with 20.50% vs 13.59% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, NBET has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NBET or XOP?

Over the 3-year period, NBET has performed better with a 20.50% return vs 13.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NBET or XOP?

XOP is cheaper with a 0.35% expense ratio, compared with 0.65% for NBET.

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

NBET has the higher dividend yield at 2.35%, compared with 1.93% for XOP.

What is the main difference between NBET and XOP?

They also come from different issuers: Neuberger Berman and State Street. Their fees differ too: 0.65% for NBET and 0.35% for XOP.

Which has better risk-adjusted returns?

NBET currently has the higher Sharpe Ratio (1.91 vs 1.55), 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.