OIH vs. PSCE

Last updated Jun 24, 2026

OIH (VanEck Oil Services ETF) and PSCE (Invesco S&P SmallCap Energy ETF) are both Energy Equities funds - OIH tracks the MVIS US Listed Oil Services 25 Index while PSCE tracks the S&P SmallCap 600 Energy Index. Both are passively managed. Over the past 10 years, OIH returned -2.32%/yr vs -2.41%/yr for PSCE. Their correlation of 0.89 suggests significant overlap in exposure. OIH charges 0.35%/yr vs 0.29%/yr for PSCE.

Performance

OIH vs. PSCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Oil Services ETF (OIH) and Invesco S&P SmallCap Energy ETF (PSCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OIH achieves a 35.03% return, which is significantly higher than PSCE's 32.36% return. Both investments have delivered pretty close results over the past 10 years, with OIH having a -2.32% annualized return and PSCE not far behind at -2.41%.

OIH

• 1D: -1.13%
• 1M: -13.39%
• YTD: 35.03%
• 6M: 35.52%
• 1Y: 68.64%
• 3Y*: 14.83%
• 5Y*: 12.26%
• 10Y*: -2.32%

PSCE

• 1D: -0.07%
• 1M: -9.83%
• YTD: 32.36%
• 6M: 31.96%
• 1Y: 45.44%
• 3Y*: 10.31%
• 5Y*: 8.34%
• 10Y*: -2.41%

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

OIH vs. PSCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OIH VanEck Oil Services ETF	35.03%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%
PSCE Invesco S&P SmallCap Energy ETF	32.36%	-9.00%	-5.47%	5.07%	48.45%	59.85%	-40.31%	-14.93%	-42.98%	-26.70%

Correlation

The correlation between OIH and PSCE is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.88
Correlation (5Y) Calculated over the trailing 5-year period	0.90
Correlation (10Y) Calculated over the trailing 10-year period	0.90
Correlation (All Time) Calculated using the full available price history since Apr 7, 2010	0.89

The correlation between OIH and PSCE has been stable across timeframes, ranging from 0.84 to 0.90 - a consistent structural relationship.

OIH vs. PSCE - Sectors Allocation Comparison

Sectors	OIH	PSCE
Energy	97.6%	98.5%
Utilities	1.9%	-
Basic Materials	-	1.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.2%
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

OIH vs. PSCE — Risk / Return Rank

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

OIH

OIH Risk / Return Rank: 75
OIH Sharpe Ratio Rank: 75
OIH Sortino Ratio Rank: 69
OIH Omega Ratio Rank: 63
OIH Calmar Ratio Rank: 85
OIH Martin Ratio Rank: 83

PSCE

PSCE Risk / Return Rank: 57
PSCE Sharpe Ratio Rank: 52
PSCE Sortino Ratio Rank: 47
PSCE Omega Ratio Rank: 45
PSCE Calmar Ratio Rank: 74
PSCE Martin Ratio Rank: 65

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.

OIH vs. PSCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) and Invesco S&P SmallCap Energy ETF (PSCE). 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.

	OIH	PSCE	Difference
Sharpe ratio: Return per unit of total volatility	2.30	1.67	+0.62
Sortino ratio: Return per unit of downside risk	2.97	2.23	+0.73
Omega ratio: Gain probability vs. loss probability	1.36	1.27	+0.09
Calmar ratio: Return relative to maximum drawdown	4.51	3.59	+0.92
Martin ratio: Return relative to average drawdown	16.04	11.00	+5.04

OIH vs. PSCE - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 2.30, which is higher than the PSCE Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of OIH and PSCE, 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

OIH vs. PSCE - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, roughly equal to the maximum PSCE drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for OIH and PSCE.

Drawdown Indicators

	OIH	PSCE	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-96.21%	+1.76%
Max Drawdown (1Y) Largest decline over 1 year	-15.29%	-12.70%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	-44.57%	+0.77%
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	-45.42%	+1.62%
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	-90.70%	+1.08%
Current Drawdown Current decline from peak	-65.76%	-76.48%	+10.72%
Average Drawdown Average peak-to-trough decline	-48.87%	-58.87%	+10.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	4.15%	+0.14%

Volatility

OIH vs. PSCE - Volatility Comparison

VanEck Oil Services ETF (OIH) has a higher volatility of 10.14% compared to Invesco S&P SmallCap Energy ETF (PSCE) at 8.83%. This indicates that OIH's price experiences larger fluctuations and is considered to be riskier than PSCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIH	PSCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	8.83%	+1.31%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	18.94%	+2.20%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	27.51%	+2.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	37.39%	-0.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.38%	43.20%	-0.82%

OIH vs. PSCE - Expense Ratio Comparison

OIH has a 0.35% expense ratio, which is higher than PSCE's 0.29% expense ratio.

Dividends

OIH vs. PSCE - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.27%, less than PSCE's 2.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIH VanEck Oil Services ETF	1.27%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%
PSCE Invesco S&P SmallCap Energy ETF	2.28%	2.39%	1.70%	2.57%	1.70%	0.46%	0.87%	0.14%	0.22%	0.04%	0.22%	0.82%

Frequently Asked Questions

Can I hold both OIH and PSCE in my portfolio?

OIH and PSCE have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OIH or PSCE?

OIH has higher volatility (10.14%) compared to PSCE (8.83%). In terms of maximum drawdown, OIH dropped -94.45% vs PSCE's -96.21%.

Which ETF is better, OIH or PSCE?

On 10-year performance, OIH leads with -2.32% vs -2.41% for PSCE. On fees, PSCE is cheaper at 0.29% per year. On volatility, PSCE has been the lower-risk option at 8.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or PSCE?

Over the 10-year period, OIH has performed better with a -2.32% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or PSCE?

PSCE is cheaper with a 0.29% expense ratio, compared with 0.35% for OIH.

Which ETF pays a higher dividend yield, OIH or PSCE?

PSCE has the higher dividend yield at 2.28%, compared with 1.27% for OIH.

What is the main difference between OIH and PSCE?

OIH tracks MVIS US Listed Oil Services 25 Index, while PSCE tracks S&P SmallCap 600 Energy Index. They also come from different issuers: VanEck and Invesco. Their fees differ too: 0.35% for OIH and 0.29% for PSCE.

Which has better risk-adjusted returns?

OIH currently has the higher Sharpe Ratio (2.30 vs 1.67), 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.