RAVI vs. XES
RAVI (FlexShares Ultra-Short Income ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both exchange-traded funds - RAVI is a Ultrashort Bond fund actively managed by FlexShares, while XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index. RAVI is actively managed, while XES is passively managed. Over the past 10 years, RAVI returned 2.67%/yr vs -3.54%/yr for XES. At a correlation of -0.02, they often move in opposite directions. RAVI charges 0.25%/yr vs 0.35%/yr for XES.
Performance
RAVI vs. XES - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, RAVI achieves a 1.64% return, which is significantly lower than XES's 40.73% return. Over the past 10 years, RAVI has outperformed XES with an annualized return of 2.67%, while XES has yielded a comparatively lower -3.54% annualized return.
RAVI
- 1D
- -0.01%
- 1M
- 0.25%
- YTD
- 1.64%
- 6M
- 1.77%
- 1Y
- 4.35%
- 3Y*
- 5.16%
- 5Y*
- 3.53%
- 10Y*
- 2.67%
XES
- 1D
- 1.32%
- 1M
- -11.23%
- YTD
- 40.73%
- 6M
- 41.57%
- 1Y
- 73.41%
- 3Y*
- 18.25%
- 5Y*
- 13.23%
- 10Y*
- -3.54%
RAVI vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 1.64% | 4.98% | 5.67% | 5.55% | 0.15% | -0.04% | 2.06% | 3.49% | 1.65% | 1.22% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 40.73% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
Correlation
The correlation between RAVI and XES is -0.18, 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 | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | -0.02 |
The correlation between RAVI and XES shifts across timeframes, from -0.18 (1 year) to 0.00 (5 years), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
RAVI vs. XES — Risk / Return Rank
RAVI
XES
RAVI vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for FlexShares Ultra-Short Income ETF (RAVI) 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.
| RAVI | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +8.35 | ||
| Sortino ratioReturn per unit of downside risk | +20.40 | ||
| Omega ratioGain probability vs. loss probability | 5.22 | 1.37 | +3.85 |
| Calmar ratioReturn relative to maximum drawdown | 37.38 | 4.91 | +32.47 |
| Martin ratioReturn relative to average drawdown | 214.13 | 17.76 | +196.37 |
Loading charts...
Drawdowns
RAVI vs. XES - Drawdown Comparison
The maximum RAVI drawdown since its inception was -3.72%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for RAVI and XES.
Loading charts...
Drawdown Indicators
| RAVI | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.72% | -95.65% | +91.93% |
Max Drawdown (1Y)Largest decline over 1 year | -0.12% | -15.03% | +14.91% |
Max Drawdown (3Y)Largest decline over 3 years | -0.36% | -45.95% | +45.59% |
Max Drawdown (5Y)Largest decline over 5 years | -3.28% | -45.95% | +42.67% |
Max Drawdown (10Y)Largest decline over 10 years | -3.72% | -91.23% | +87.51% |
Current DrawdownCurrent decline from peak | -0.03% | -72.82% | +72.79% |
Average DrawdownAverage peak-to-trough decline | -0.17% | -54.39% | +54.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.02% | 4.22% | -4.20% |
Volatility
RAVI vs. XES - Volatility Comparison
The current volatility for FlexShares Ultra-Short Income ETF (RAVI) is 0.13%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 10.34%. This indicates that RAVI experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| RAVI | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 10.34% | -10.21% |
Volatility (6M)Calculated over the trailing 6-month period | 0.31% | 20.79% | -20.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 31.22% | -30.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 1.41% | 39.01% | -37.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.28% | 45.00% | -43.72% |
RAVI vs. XES - Expense Ratio Comparison
RAVI has a 0.25% expense ratio, which is lower than XES's 0.35% expense ratio.
Dividends
RAVI vs. XES - Dividend Comparison
RAVI's dividend yield for the trailing twelve months is around 4.38%, more than XES's 1.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RAVI FlexShares Ultra-Short Income ETF | 4.38% | 4.59% | 5.34% | 4.55% | 1.70% | 0.90% | 1.29% | 2.53% | 2.22% | 1.28% | 0.90% | 0.00% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.48% | 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
RAVI and XES have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (10.34%) compared to RAVI (0.13%). In terms of maximum drawdown, RAVI dropped -3.72% vs XES's -95.65%.
On 10-year performance, RAVI leads with 2.67% vs -3.54% for XES. On fees, RAVI is cheaper at 0.25% per year. On volatility, RAVI has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, RAVI has performed better with a 2.67% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RAVI is cheaper with a 0.25% expense ratio, compared with 0.35% for XES.
RAVI has the higher dividend yield at 4.38%, compared with 1.48% for XES.
RAVI is categorized as Ultrashort Bond, while XES is Energy Equities. They also come from different issuers: FlexShares and State Street. Their fees differ too: 0.25% for RAVI and 0.35% for XES.
RAVI currently has the higher Sharpe Ratio (10.72 vs 2.37), 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.
Find the right allocation for RAVI and XES
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer