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OIH vs. XLE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

OIH vs. XLE

Last updated Jun 23, 2026

OIH (VanEck Oil Services ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both Energy Equities funds - OIH tracks the MVIS US Listed Oil Services 25 Index while XLE tracks the Energy Select Sector Index. Both are passively managed. Over the past 10 years, OIH returned -2.21%/yr vs 9.29%/yr for XLE. Their correlation of 0.88 suggests significant overlap in exposure. OIH charges 0.35%/yr vs 0.08%/yr for XLE.

Performance

OIH vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Oil Services ETF (OIH) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, OIH achieves a 36.57% return, which is significantly higher than XLE's 22.58% return. Over the past 10 years, OIH has underperformed XLE with an annualized return of -2.21%, while XLE has yielded a comparatively higher 9.29% annualized return.

OIH

1D
0.89%
1M
-12.40%
YTD
36.57%
6M
36.72%
1Y
62.91%
3Y*
15.27%
5Y*
12.92%
10Y*
-2.21%

XLE

1D
1.26%
1M
-8.47%
YTD
22.58%
6M
23.97%
1Y
26.32%
3Y*
15.44%
5Y*
18.90%
10Y*
9.29%
*Multi-year figures are annualized to reflect compound growth (CAGR)

OIH vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
OIH
VanEck Oil Services ETF		36.57%6.81%-10.53%3.20%66.17%21.22%-41.19%-3.54%-45.03%-19.66%
XLE
State Street Energy Select Sector SPDR ETF		22.58%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Correlation

The correlation between OIH and XLE is 0.73, 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

0.73

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2001

0.88

The correlation between OIH and XLE shifts across timeframes, from 0.73 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

OIH vs. XLE - Sectors Allocation Comparison

Sectors
OIH
XLE

Energy

97.6%
100.0%

Utilities

1.9%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Energy

OIH
97.6%
XLE
100.0%

Utilities

OIH
1.9%
XLE

-

Basic Materials

OIH

-

XLE

-

Communication Services

OIH

-

XLE

-

Consumer Cyclical

OIH

-

XLE

-

Consumer Defensive

OIH

-

XLE

-

Financial Services

OIH

-

XLE

-

Healthcare

OIH

-

XLE

-

Industrials

OIH

-

XLE

-

Real Estate

OIH

-

XLE

-

Technology

OIH

-

XLE

-

Compare stocks, funds, or ETFs

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VanEck Oil Services ETF

State Street Energy Select Sector SPDR ETF

Often compared with OIH:
OIH vs. XOPOIH vs. XESOIH vs. IXCOIH vs. IYEOIH vs. BZ=FOIH vs. DIGOIH vs. DBO
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

Return for Risk

OIH vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
OIH
OIH Risk / Return Rank: 6868
Overall Rank
OIH Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
OIH Sortino Ratio Rank: 5959
Sortino Ratio Rank
OIH Omega Ratio Rank: 5555
Omega Ratio Rank
OIH Calmar Ratio Rank: 8282
Calmar Ratio Rank
OIH Martin Ratio Rank: 8080
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 3636
Overall Rank
XLE Sharpe Ratio Rank: 3636
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 3434
Sortino Ratio Rank
XLE Omega Ratio Rank: 3232
Omega Ratio Rank
XLE Calmar Ratio Rank: 3939
Calmar Ratio Rank
XLE Martin Ratio Rank: 3838
Martin Ratio Rank
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. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Oil Services ETF (OIH) and State Street Energy Select Sector SPDR ETF (XLE). 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.

OIHXLEDifference
Sharpe ratioReturn per unit of total volatility
2.08
1.26

+0.82

Sortino ratioReturn per unit of downside risk
2.72
1.75

+0.97

Omega ratioGain probability vs. loss probability

1.33

1.21

+0.12

Calmar ratioReturn relative to maximum drawdown

4.19

1.88

+2.31

Martin ratioReturn relative to average drawdown

15.08

5.70

+9.38

OIH vs. XLE - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 2.08, which is higher than the XLE Sharpe Ratio of 1.26. The chart below compares the historical Sharpe Ratios of OIH and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

OIH vs. XLE - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for OIH and XLE.

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Drawdown Indicators

OIHXLEDifference

Max Drawdown

Largest peak-to-trough decline

-94.45%

-71.26%

-23.19%

Max Drawdown (1Y)

Largest decline over 1 year

-15.08%

-14.05%

-1.03%

Max Drawdown (3Y)

Largest decline over 3 years

-43.80%

-20.14%

-23.66%

Max Drawdown (5Y)

Largest decline over 5 years

-43.80%

-26.04%

-17.76%

Max Drawdown (10Y)

Largest decline over 10 years

-89.62%

-66.81%

-22.81%

Current Drawdown

Current decline from peak

-65.37%

-12.96%

-52.41%

Average Drawdown

Average peak-to-trough decline

-48.86%

-17.97%

-30.89%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.26%

4.66%

-0.40%

Volatility

OIH vs. XLE - Volatility Comparison

VanEck Oil Services ETF (OIH) has a higher volatility of 10.15% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.06%. This indicates that OIH's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

OIHXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.15%

7.06%

+3.09%

Volatility (6M)

Calculated over the trailing 6-month period

21.17%

16.89%

+4.28%

Volatility (1Y)

Calculated over the trailing 1-year period

30.42%

20.96%

+9.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

36.79%

25.98%

+10.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

42.42%

29.62%

+12.80%

OIH vs. XLE - Expense Ratio Comparison

OIH has a 0.35% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

OIH vs. XLE - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.25%, less than XLE's 3.47% yield.

PositionTTM20252024202320222021202020192018201720162015
OIH
VanEck Oil Services ETF		1.25%1.71%2.01%1.36%0.95%0.98%1.23%2.10%2.13%2.60%1.40%2.39%
XLE
State Street Energy Select Sector SPDR ETF		3.47%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

OIH and XLE have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OIH has higher volatility (10.15%) compared to XLE (7.06%). In terms of maximum drawdown, OIH dropped -94.45% vs XLE's -71.26%.

On 10-year performance, XLE leads with 9.29% vs -2.21% for OIH. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLE has performed better with a 9.29% return vs -2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.35% for OIH.

XLE has the higher dividend yield at 3.47%, compared with 1.25% for OIH.

OIH tracks MVIS US Listed Oil Services 25 Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: VanEck and State Street. Their fees differ too: 0.35% for OIH and 0.08% for XLE.

OIH currently has the higher Sharpe Ratio (2.08 vs 1.26), 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.

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