OIH vs. XES

Last updated Jun 24, 2026

OIH (VanEck Oil Services ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds - OIH tracks the MVIS US Listed Oil Services 25 Index while XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, OIH returned -2.32%/yr vs -3.65%/yr for XES. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

OIH vs. XES - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Oil Services ETF (OIH) and SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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 lower than XES's 39.22% return. Over the past 10 years, OIH has outperformed XES with an annualized return of -2.32%, while XES has yielded a comparatively lower -3.65% annualized return.

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%

XES

• 1D: -1.07%
• 1M: -12.19%
• YTD: 39.22%
• 6M: 40.00%
• 1Y: 79.49%
• 3Y*: 17.82%
• 5Y*: 12.58%
• 10Y*: -3.65%

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

OIH vs. XES - 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%
XES SPDR S&P Oil & Gas Equipment & Services ETF	39.22%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between OIH and XES is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.97

The correlation between OIH and XES has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

OIH vs. XES - Sectors Allocation Comparison

Sectors	OIH	XES
Energy	97.6%	97.1%
Utilities	1.9%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	2.9%
Real Estate	-	-
Technology	-	-

Return for Risk

OIH vs. XES — 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

XES

XES Risk / Return Rank: 82
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 71
XES Calmar Ratio Rank: 90
XES Martin Ratio Rank: 89

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. XES - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) 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.

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	XES	Difference
Sharpe ratio: Return per unit of total volatility	2.30	2.59	-0.29
Sortino ratio: Return per unit of downside risk	2.97	3.23	-0.26
Omega ratio: Gain probability vs. loss probability	1.36	1.40	-0.03
Calmar ratio: Return relative to maximum drawdown	4.51	5.32	-0.80
Martin ratio: Return relative to average drawdown	16.04	18.76	-2.72

OIH vs. XES - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 2.30, which is comparable to the XES Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of OIH and XES, 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. XES - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, roughly equal to the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for OIH and XES.

Drawdown Indicators

	OIH	XES	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-95.65%	+1.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.29%	-15.03%	-0.26%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	-45.95%	+2.15%
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	-45.95%	+2.15%
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	-91.23%	+1.61%
Current Drawdown Current decline from peak	-65.76%	-73.11%	+7.35%
Average Drawdown Average peak-to-trough decline	-48.87%	-54.40%	+5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	4.25%	+0.04%

Volatility

OIH vs. XES - Volatility Comparison

VanEck Oil Services ETF (OIH) and SPDR S&P Oil & Gas Equipment & Services ETF (XES) have volatilities of 10.14% and 10.30%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIH	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	10.30%	-0.16%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	20.80%	+0.34%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	31.19%	-0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	39.02%	-2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.38%	44.96%	-2.58%

OIH vs. XES - Expense Ratio Comparison

Both OIH and XES have an expense ratio of 0.35%.

Dividends

OIH vs. XES - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.27%, more than XES's 1.15% 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%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.15%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%

Frequently Asked Questions

Can I hold both OIH and XES in my portfolio?

With a correlation of 0.97, OIH and XES move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, OIH or XES?

XES has higher volatility (10.30%) compared to OIH (10.14%). In terms of maximum drawdown, OIH dropped -94.45% vs XES's -95.65%.

Which ETF is better, OIH or XES?

On 10-year performance, OIH leads with -2.32% vs -3.65% for XES. Both ETFs have the same 0.35% expense ratio. On volatility, OIH has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or XES?

Over the 10-year period, OIH has performed better with a -2.32% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or XES?

OIH and XES have the same expense ratio: 0.35% per year.

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

OIH has the higher dividend yield at 1.27%, compared with 1.15% for XES.

What is the main difference between OIH and XES?

OIH tracks MVIS US Listed Oil Services 25 Index, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index. They also come from different issuers: VanEck and State Street.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.59 vs 2.30), 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.