XES vs. AGRO

Last updated Jul 12, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) is Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while AGRO (Adecoagro S.A.) is a stock. Over the past 10 years, XES returned -4.13%/yr vs 0.95%/yr for AGRO. At a 0.33 correlation, their price movements are largely independent.

Performance

XES vs. AGRO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Equipment & Services ETF (XES) and Adecoagro S.A. (AGRO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 37.45% return, which is significantly higher than AGRO's 31.16% return. Over the past 10 years, XES has underperformed AGRO with an annualized return of -4.13%, while AGRO has yielded a comparatively higher 0.95% annualized return.

XES

• 1D: 1.64%
• 1M: -8.57%
• 6M: 26.49%
• YTD: 37.45%
• 1Y: 65.04%
• 3Y*: 10.31%
• 5Y*: 14.19%
• 10Y*: -4.13%

AGRO

• 1D: 3.10%
• 1M: -11.80%
• 6M: 24.56%
• YTD: 31.16%
• 1Y: 12.50%
• 3Y*: 5.30%
• 5Y*: 4.61%
• 10Y*: 0.95%

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

XES vs. AGRO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XES SPDR S&P Oil & Gas Equipment & Services ETF	37.45%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%
AGRO Adecoagro S.A.	31.16%	-12.37%	-12.39%	38.60%	11.50%	12.94%	-18.76%	20.26%	-32.69%	-0.39%

Correlation

The correlation between XES and AGRO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	0.33

Return for Risk

XES vs. AGRO — Risk / Return Rank

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

XES

XES Risk / Return Rank: 77
XES Sharpe Ratio Rank: 84
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 72
XES Calmar Ratio Rank: 77
XES Martin Ratio Rank: 77

AGRO

AGRO Risk / Return Rank: 56
AGRO Sharpe Ratio Rank: 58
AGRO Sortino Ratio Rank: 55
AGRO Omega Ratio Rank: 54
AGRO Calmar Ratio Rank: 56
AGRO Martin Ratio Rank: 57

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.

XES vs. AGRO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Equipment & Services ETF (XES) and Adecoagro S.A. (AGRO). 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.

	XES	AGRO	Difference
Sharpe ratio: Return per unit of total volatility	2.13	0.34	+1.79
Sortino ratio: Return per unit of downside risk	2.75	0.85	+1.90
Omega ratio: Gain probability vs. loss probability	1.34	1.10	+0.24
Calmar ratio: Return relative to maximum drawdown	3.18	0.41	+2.77
Martin ratio: Return relative to average drawdown	11.53	1.04	+10.49

XES vs. AGRO - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.13, which is higher than the AGRO Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of XES and AGRO, 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

XES vs. AGRO - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than AGRO's maximum drawdown of -73.70%. Use the drawdown chart below to compare losses from any high point for XES and AGRO.

Drawdown Indicators

	XES	AGRO	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-73.70%	-21.95%
Max Drawdown (1Y) Largest decline over 1 year	-20.69%	-39.99%	+19.30%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-39.99%	-5.96%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-45.34%	-0.61%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-72.07%	-19.16%
Current Drawdown Current decline from peak	-73.46%	-32.08%	-41.38%
Average Drawdown Average peak-to-trough decline	-54.44%	-31.48%	-22.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	15.75%	-10.05%

Volatility

XES vs. AGRO - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 9.22%, while Adecoagro S.A. (AGRO) has a volatility of 16.23%. This indicates that XES experiences smaller price fluctuations and is considered to be less risky than AGRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	AGRO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	16.23%	-7.01%
Volatility (6M) Calculated over the trailing 6-month period	21.50%	40.67%	-19.17%
Volatility (1Y) Calculated over the trailing 1-year period	30.96%	48.55%	-17.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.85%	42.03%	-3.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.88%	39.97%	+4.91%

Dividends

XES vs. AGRO - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.16%, less than AGRO's 2.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGRO Adecoagro S.A.	2.87%	4.41%	3.63%	2.95%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.16%	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

Can I hold both XES and AGRO in my portfolio?

XES and AGRO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XES or AGRO?

AGRO has higher volatility (16.23%) compared to XES (9.22%). In terms of maximum drawdown, XES dropped -95.65% vs AGRO's -73.70%.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.13 vs 0.34), 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.