XES vs. BKGI

Last updated Jun 3, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and BKGI (Bny Mellon Global Infrastructure Income ETF) are both Energy Equities funds. XES is passively managed, while BKGI is actively managed. Over the past 3 years, XES returned 20.03%/yr vs 22.31%/yr for BKGI. At a 0.37 correlation, their price movements are largely independent. XES charges 0.35%/yr vs 0.65%/yr for BKGI.

Performance

XES vs. BKGI - 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 Bny Mellon Global Infrastructure Income ETF (BKGI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 51.54% return, which is significantly higher than BKGI's 12.69% return.

XES

• 1D: 2.58%
• 1M: -3.51%
• YTD: 51.54%
• 6M: 51.49%
• 1Y: 106.77%
• 3Y*: 20.03%
• 5Y*: 14.11%
• 10Y*: -2.41%

BKGI

• 1D: 0.63%
• 1M: -0.23%
• YTD: 12.69%
• 6M: 12.56%
• 1Y: 21.83%
• 3Y*: 22.31%
• 5Y*: —
• 10Y*: —

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

XES vs. BKGI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XES SPDR S&P Oil & Gas Equipment & Services ETF	51.54%	5.89%	-5.44%	6.68%	1.60%
BKGI Bny Mellon Global Infrastructure Income ETF	12.69%	37.53%	12.35%	9.72%	8.54%

Correlation

The correlation between XES and BKGI is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 4, 2022	0.37

The correlation between XES and BKGI shifts across timeframes, from 0.23 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

XES vs. BKGI - Sectors Allocation Comparison

Sectors	XES	BKGI
Energy	97.5%	21.6%
Industrials	2.5%	14.0%
Basic Materials	-	-
Communication Services	-	3.5%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	11.5%
Technology	-	-
Utilities	-	49.3%

Return for Risk

XES vs. BKGI — Risk / Return Rank

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

XES

XES Risk / Return Rank: 92
XES Sharpe Ratio Rank: 93
XES Sortino Ratio Rank: 89
XES Omega Ratio Rank: 84
XES Calmar Ratio Rank: 97
XES Martin Ratio Rank: 95

BKGI

BKGI Risk / Return Rank: 61
BKGI Sharpe Ratio Rank: 55
BKGI Sortino Ratio Rank: 54
BKGI Omega Ratio Rank: 55
BKGI Calmar Ratio Rank: 74
BKGI Martin Ratio Rank: 67

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. BKGI - 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 Bny Mellon Global Infrastructure Income ETF (BKGI). 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.

	XES	BKGI	Difference
Sharpe ratio Return per unit of total volatility	3.52	1.89	+1.63
Sortino ratio Return per unit of downside risk	4.12	2.64	+1.48
Omega ratio Gain probability vs. loss probability	1.51	1.34	+0.17
Calmar ratio Return relative to maximum drawdown	11.21	3.78	+7.43
Martin ratio Return relative to average drawdown	30.56	12.47	+18.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XES vs. BKGI - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is higher than the BKGI Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of XES and BKGI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XES	BKGI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.89	+1.63
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	1.62	-1.69

Drawdowns

XES vs. BKGI - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than BKGI's maximum drawdown of -14.79%. Use the drawdown chart below to compare losses from any high point for XES and BKGI.

Drawdown Indicators

	XES	BKGI	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-14.79%	-80.86%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-6.16%	-3.68%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-14.16%	-31.79%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	—	—
Current Drawdown Current decline from peak	-70.73%	-2.72%	-68.01%
Average Drawdown Average peak-to-trough decline	-54.36%	-2.56%	-51.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	1.87%	+1.74%

Volatility

XES vs. BKGI - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 8.25% compared to Bny Mellon Global Infrastructure Income ETF (BKGI) at 4.23%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than BKGI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	BKGI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	4.23%	+4.02%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	9.08%	+11.43%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	11.63%	+18.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	14.08%	+24.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.05%	14.08%	+30.97%

XES vs. BKGI - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than BKGI's 0.65% expense ratio.

Dividends

XES vs. BKGI - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than BKGI's 2.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKGI Bny Mellon Global Infrastructure Income ETF	2.68%	2.65%	4.55%	4.55%	0.53%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.12%	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 BKGI in my portfolio?

XES and BKGI have a correlation of 0.23, 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 BKGI?

XES has higher volatility (8.25%) compared to BKGI (4.23%). In terms of maximum drawdown, XES dropped -95.65% vs BKGI's -14.79%.

Which ETF is better, XES or BKGI?

On 3-year performance, BKGI leads with 22.31% vs 20.03% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, BKGI has been the lower-risk option at 4.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or BKGI?

Over the 3-year period, BKGI has performed better with a 22.31% return vs 20.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or BKGI?

XES is cheaper with a 0.35% expense ratio, compared with 0.65% for BKGI.

Which ETF pays a higher dividend yield, XES or BKGI?

BKGI has the higher dividend yield at 2.68%, compared with 1.12% for XES.

What is the main difference between XES and BKGI?

They also come from different issuers: State Street and BNY Mellon. Their fees differ too: 0.35% for XES and 0.65% for BKGI.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 1.89), 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.