OIH vs. XOP

Last updated Jun 24, 2026

OIH (VanEck Oil Services ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both Energy Equities funds - OIH tracks the MVIS US Listed Oil Services 25 Index while XOP tracks the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, OIH returned -2.32%/yr vs 3.09%/yr for XOP. Their correlation of 0.85 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

OIH vs. XOP - 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 Exploration & Production ETF (XOP). 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 XOP's 23.89% return. Over the past 10 years, OIH has underperformed XOP with an annualized return of -2.32%, while XOP has yielded a comparatively higher 3.09% 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%

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

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

OIH vs. XOP - 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between OIH and XOP is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.76
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.85

Over the past year, the correlation between OIH and XOP has dropped to 0.64 - well below their long-term average of 0.85, suggesting their price drivers have been diverging.

OIH vs. XOP - Sectors Allocation Comparison

Sectors	OIH	XOP
Energy	97.6%	96.8%
Utilities	1.9%	-
Basic Materials	-	3.2%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Technology	-	-

Return for Risk

OIH vs. XOP — 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

XOP

XOP Risk / Return Rank: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

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. XOP - 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 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.

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	XOP	Difference
Sharpe ratio: Return per unit of total volatility	2.30	0.82	+1.47
Sortino ratio: Return per unit of downside risk	2.97	1.23	+1.74
Omega ratio: Gain probability vs. loss probability	1.36	1.15	+0.21
Calmar ratio: Return relative to maximum drawdown	4.51	1.25	+3.26
Martin ratio: Return relative to average drawdown	16.04	3.50	+12.55

OIH vs. XOP - Sharpe Ratio Comparison

The current OIH Sharpe Ratio is 2.30, which is higher than the XOP Sharpe Ratio of 0.82. The chart below compares the historical Sharpe Ratios of OIH 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.

Drawdowns

OIH vs. XOP - Drawdown Comparison

The maximum OIH drawdown since its inception was -94.45%, roughly equal to the maximum XOP drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for OIH and XOP.

Drawdown Indicators

	OIH	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-94.45%	-90.27%	-4.18%
Max Drawdown (1Y) Largest decline over 1 year	-15.29%	-18.50%	+3.21%
Max Drawdown (3Y) Largest decline over 3 years	-43.80%	-34.98%	-8.82%
Max Drawdown (5Y) Largest decline over 5 years	-43.80%	-34.98%	-8.82%
Max Drawdown (10Y) Largest decline over 10 years	-89.62%	-82.61%	-7.01%
Current Drawdown Current decline from peak	-65.76%	-42.09%	-23.67%
Average Drawdown Average peak-to-trough decline	-48.87%	-42.58%	-6.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.29%	6.60%	-2.31%

Volatility

OIH vs. XOP - Volatility Comparison

VanEck Oil Services ETF (OIH) has a higher volatility of 10.14% compared to SPDR S&P Oil & Gas Exploration & Production ETF (XOP) at 9.01%. This indicates that OIH's price experiences larger fluctuations and is considered to be riskier than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OIH	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	9.01%	+1.13%
Volatility (6M) Calculated over the trailing 6-month period	21.14%	21.96%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	30.39%	28.30%	+2.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	36.79%	33.88%	+2.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.38%	40.25%	+2.13%

OIH vs. XOP - Expense Ratio Comparison

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

Dividends

OIH vs. XOP - Dividend Comparison

OIH's dividend yield for the trailing twelve months is around 1.27%, less than XOP's 2.10% 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%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	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 OIH and XOP in my portfolio?

OIH and XOP have a correlation of 0.64, 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 XOP?

OIH has higher volatility (10.14%) compared to XOP (9.01%). In terms of maximum drawdown, OIH dropped -94.45% vs XOP's -90.27%.

Which ETF is better, OIH or XOP?

On 10-year performance, XOP leads with 3.09% vs -2.32% for OIH. Both ETFs have the same 0.35% expense ratio. On volatility, XOP has been the lower-risk option at 9.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OIH or XOP?

Over the 10-year period, XOP has performed better with a 3.09% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OIH or XOP?

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

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

XOP has the higher dividend yield at 2.10%, compared with 1.27% for OIH.

What is the main difference between OIH and XOP?

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

Which has better risk-adjusted returns?

OIH currently has the higher Sharpe Ratio (2.30 vs 0.82), 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.