OILT vs. SPY

Last updated Jun 23, 2026

OILT (Texas Capital Texas Oil Index ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - OILT is a Energy Equities fund tracking the Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past year, OILT returned 23.29% vs 26.65% for SPY. At a 0.10 correlation, their price movements are largely independent. OILT charges 0.35%/yr vs 0.09%/yr for SPY.

Performance

OILT vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Texas Capital Texas Oil Index ETF (OILT) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILT achieves a 23.24% return, which is significantly higher than SPY's 9.74% return.

OILT

• 1D: 1.90%
• 1M: -9.61%
• YTD: 23.24%
• 6M: 24.93%
• 1Y: 23.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SPY

• 1D: -0.31%
• 1M: 0.09%
• YTD: 9.74%
• 6M: 9.27%
• 1Y: 26.65%
• 3Y*: 21.27%
• 5Y*: 13.51%
• 10Y*: 15.70%

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

OILT vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
OILT Texas Capital Texas Oil Index ETF	23.24%	-3.30%	0.87%	0.13%
SPY State Street SPDR S&P 500 ETF	9.74%	17.72%	24.89%	1.51%

Correlation

The correlation between OILT and SPY is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (All Time) Calculated using the full available price history since Dec 21, 2023	0.10

The correlation between OILT and SPY shifts across timeframes, from -0.14 (1 year) to 0.10 (all time), reflecting how their relationship changes across market environments.

OILT vs. SPY - Sectors Allocation Comparison

Sectors	OILT	SPY
Energy	94.1%	3.1%
Utilities	5.9%	2.1%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Financial Services	-	11.1%
Healthcare	-	8.3%
Industrials	-	7.8%
Real Estate	-	1.8%
Technology	-	39.0%

Return for Risk

OILT vs. SPY — Risk / Return Rank

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

OILT

OILT Risk / Return Rank: 25
OILT Sharpe Ratio Rank: 24
OILT Sortino Ratio Rank: 23
OILT Omega Ratio Rank: 22
OILT Calmar Ratio Rank: 27
OILT Martin Ratio Rank: 28

SPY

SPY Risk / Return Rank: 68
SPY Sharpe Ratio Rank: 69
SPY Sortino Ratio Rank: 66
SPY Omega Ratio Rank: 68
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 74

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.

OILT vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Texas Capital Texas Oil Index ETF (OILT) and State Street SPDR S&P 500 ETF (SPY). 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.

	OILT	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.83	2.16	-1.33
Sortino ratio: Return per unit of downside risk	1.26	2.91	-1.65
Omega ratio: Gain probability vs. loss probability	1.15	1.39	-0.24
Calmar ratio: Return relative to maximum drawdown	1.27	3.01	-1.74
Martin ratio: Return relative to average drawdown	3.75	13.54	-9.79

OILT vs. SPY - Sharpe Ratio Comparison

The current OILT Sharpe Ratio is 0.83, which is lower than the SPY Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of OILT and SPY, 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

OILT vs. SPY - Drawdown Comparison

The maximum OILT drawdown since its inception was -35.21%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for OILT and SPY.

Drawdown Indicators

	OILT	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-35.21%	-55.19%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	-18.38%	-8.88%	-9.50%
Max Drawdown (3Y) Largest decline over 3 years	—	-18.76%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-16.83%	-1.75%	-15.08%
Average Drawdown Average peak-to-trough decline	-12.92%	-9.04%	-3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.34%	1.97%	+4.37%

Volatility

OILT vs. SPY - Volatility Comparison

Texas Capital Texas Oil Index ETF (OILT) has a higher volatility of 8.93% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that OILT's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILT	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.93%	4.64%	+4.29%
Volatility (6M) Calculated over the trailing 6-month period	21.49%	9.75%	+11.74%
Volatility (1Y) Calculated over the trailing 1-year period	28.33%	12.43%	+15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.79%	17.14%	+11.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.79%	17.99%	+10.80%

OILT vs. SPY - Expense Ratio Comparison

OILT has a 0.35% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

OILT vs. SPY - Dividend Comparison

OILT's dividend yield for the trailing twelve months is around 2.67%, more than SPY's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OILT Texas Capital Texas Oil Index ETF	2.67%	3.12%	2.63%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	1.01%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both OILT and SPY in my portfolio?

OILT and SPY have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILT or SPY?

OILT has higher volatility (8.93%) compared to SPY (4.64%). In terms of maximum drawdown, OILT dropped -35.21% vs SPY's -55.19%.

Which ETF is better, OILT or SPY?

On 1-year performance, SPY leads with 26.65% vs 23.29% for OILT. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILT or SPY?

Over the 1-year period, SPY has performed better with a 26.65% return vs 23.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILT or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.35% for OILT.

Which ETF pays a higher dividend yield, OILT or SPY?

OILT has the higher dividend yield at 2.67%, compared with 1.01% for SPY.

What is the main difference between OILT and SPY?

OILT is categorized as Energy Equities, while SPY is S&P 500. OILT tracks Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross, while SPY tracks S&P 500 Index. They also come from different issuers: Texas Capital and State Street. Their fees differ too: 0.35% for OILT and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.16 vs 0.83), 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.