TPZ vs. XES
TPZ (Tortoise Electrification Infrastructure ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds. TPZ is actively managed, while XES is passively managed. Over the past 10 years, TPZ returned 8.71%/yr vs -3.78%/yr for XES. At a 0.49 correlation, their price movements are largely independent. TPZ charges 0.85%/yr vs 0.35%/yr for XES.
Performance
TPZ vs. XES - Performance Comparison
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Returns By Period
In the year-to-date period, TPZ achieves a 10.26% return, which is significantly lower than XES's 38.79% return. Over the past 10 years, TPZ has outperformed XES with an annualized return of 8.71%, while XES has yielded a comparatively lower -3.78% annualized return.
TPZ
- 1D
- -0.81%
- 1M
- 2.31%
- 6M
- 8.81%
- YTD
- 10.26%
- 1Y
- 12.99%
- 3Y*
- 25.29%
- 5Y*
- 17.99%
- 10Y*
- 8.71%
XES
- 1D
- -1.07%
- 1M
- -5.62%
- 6M
- 24.12%
- YTD
- 38.79%
- 1Y
- 77.42%
- 3Y*
- 10.80%
- 5Y*
- 17.51%
- 10Y*
- -3.78%
TPZ vs. XES - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TPZ Tortoise Electrification Infrastructure ETF | 10.26% | 5.67% | 53.88% | 20.72% | 2.44% | 29.31% | -27.84% | 15.61% | -16.12% | -0.30% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 38.79% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
Correlation
The correlation between TPZ and XES is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.44 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jul 29, 2009 | 0.49 |
The correlation between TPZ and XES shifts across timeframes, from 0.35 (1 year) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
TPZ vs. XES — Risk / Return Rank
TPZ
XES
TPZ vs. XES - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tortoise Electrification Infrastructure ETF (TPZ) 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.
| TPZ | XES | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.59 | ||
| Sortino ratioReturn per unit of downside risk | -1.76 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 1.39 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 2.07 | 3.76 | -1.69 |
| Martin ratioReturn relative to average drawdown | 4.58 | 13.33 | -8.75 |
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Drawdowns
TPZ vs. XES - Drawdown Comparison
The maximum TPZ drawdown since its inception was -78.17%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for TPZ and XES.
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Drawdown Indicators
| TPZ | XES | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.17% | -95.65% | +17.48% |
Max Drawdown (1Y)Largest decline over 1 year | -6.29% | -20.69% | +14.40% |
Max Drawdown (3Y)Largest decline over 3 years | -17.78% | -45.95% | +28.17% |
Max Drawdown (5Y)Largest decline over 5 years | -17.78% | -45.95% | +28.17% |
Max Drawdown (10Y)Largest decline over 10 years | -77.04% | -91.23% | +14.19% |
Current DrawdownCurrent decline from peak | -2.62% | -73.20% | +70.58% |
Average DrawdownAverage peak-to-trough decline | -11.88% | -54.45% | +42.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.84% | 5.83% | -2.99% |
Volatility
TPZ vs. XES - Volatility Comparison
The current volatility for Tortoise Electrification Infrastructure ETF (TPZ) is 3.93%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 9.19%. This indicates that TPZ 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.
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Volatility by Period
| TPZ | XES | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.93% | 9.19% | -5.26% |
Volatility (6M)Calculated over the trailing 6-month period | 10.82% | 21.31% | -10.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.79% | 30.84% | -17.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.69% | 38.77% | -21.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.70% | 44.84% | -17.14% |
TPZ vs. XES - Expense Ratio Comparison
TPZ has a 0.85% expense ratio, which is higher than XES's 0.35% expense ratio.
Dividends
TPZ vs. XES - Dividend Comparison
TPZ's dividend yield for the trailing twelve months is around 3.69%, more than XES's 1.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
TPZ Tortoise Electrification Infrastructure ETF | 3.69% | 3.99% | 5.88% | 8.99% | 9.52% | 4.77% | 8.80% | 8.84% | 9.41% | 7.28% | 6.88% | 9.68% |
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
TPZ and XES have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.19%) compared to TPZ (3.93%). In terms of maximum drawdown, TPZ dropped -78.17% vs XES's -95.65%.
On 10-year performance, TPZ leads with 8.71% vs -3.78% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, TPZ has been the lower-risk option at 3.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TPZ has performed better with a 8.71% return vs -3.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XES is cheaper with a 0.35% expense ratio, compared with 0.85% for TPZ.
TPZ has the higher dividend yield at 3.69%, compared with 1.15% for XES.
They also come from different issuers: Tortoise and State Street. Their fees differ too: 0.85% for TPZ and 0.35% for XES.
XES currently has the higher Sharpe Ratio (2.54 vs 0.95), 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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