XES vs. CF
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 CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, XES returned -2.88%/yr vs 20.99%/yr for CF. Their 0.49 correlation means their historical movements had little consistent relationship.
Performance
XES vs. CF - Performance Comparison
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Returns By Period
In the year-to-date period, XES achieves a 36.38% return, which is significantly lower than CF's 63.40% return. Over the past 10 years, XES has underperformed CF with an annualized return of -2.88%, while CF has yielded a comparatively higher 20.99% annualized return.
XES
- 1D
- 3.09%
- 1M
- 2.89%
- 6M
- 12.93%
- YTD
- 36.38%
- 1Y
- 68.96%
- 3Y*
- 7.20%
- 5Y*
- 17.17%
- 10Y*
- -2.88%
- ALL TIME*
- -3.56%
CF
- 1D
- -0.46%
- 1M
- 15.75%
- 6M
- 35.55%
- YTD
- 63.40%
- 1Y
- 37.75%
- 3Y*
- 18.16%
- 5Y*
- 24.12%
- 10Y*
- 20.99%
- ALL TIME*
- 21.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $259.19M | $278.77M | $321.72M | |
| $5.46M | $8.52M | $12.51M |
XES vs. CF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XES SPDR S&P Oil & Gas Equipment & Services ETF | 36.38% | 5.89% | -5.44% | 6.68% | 62.03% | 12.00% | -43.38% | -9.00% | -46.99% | -21.93% |
CF CF Industries Holdings, Inc. | 63.40% | -7.17% | 10.08% | -4.75% | 22.29% | 87.18% | -15.76% | 12.73% | 5.13% | 40.24% |
Correlation
The correlation between XES and CF is 0.27, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.27 |
Correlation (3Y) Balances recent behavior with more history. | 0.35 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.42 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.46 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.49 |
Over the past year, the correlation between XES and CF has dropped to 0.27 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
XES vs. CF — Risk / Return Rank
XES
CF
XES vs. CF - 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 CF Industries Holdings, Inc. (CF). 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 | CF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.36 | ||
| Sortino ratioReturn per unit of downside risk | +1.40 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.18 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 1.49 | +1.74 |
| Martin ratioReturn relative to average drawdown | 10.31 | 3.31 | +7.00 |
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Drawdowns
XES vs. CF - Drawdown Comparison
The maximum XES drawdown since its inception was -95.65%, which is greater than CF's maximum drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for XES and CF.
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Drawdown Indicators
| XES | CF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.65% | -76.73% | -18.92% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -25.45% | +3.97% |
Max Drawdown (3Y)Largest decline over 3 years | -45.95% | -29.16% | -16.79% |
Max Drawdown (5Y)Largest decline over 5 years | -45.95% | -48.36% | +2.41% |
Max Drawdown (10Y)Largest decline over 10 years | -91.23% | -60.74% | -30.49% |
Current DrawdownCurrent decline from peak | -73.66% | -8.65% | -65.01% |
Average DrawdownAverage peak-to-trough decline | -54.50% | -24.87% | -29.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.73% | 11.44% | -4.71% |
Volatility
XES vs. CF - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 9.34%, while CF Industries Holdings, Inc. (CF) has a volatility of 10.07%. This indicates that XES experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XES | CF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.34% | 10.07% | -0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 21.60% | 35.61% | -14.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.74% | 42.03% | -11.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.63% | 38.14% | +0.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.85% | 40.08% | +4.77% |
Dividends
XES vs. CF - Dividend Comparison
XES's dividend yield for the trailing twelve months is around 1.17%, less than CF's 1.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CF CF Industries Holdings, Inc. | 1.60% | 2.59% | 2.34% | 2.01% | 1.76% | 1.70% | 3.10% | 2.51% | 2.76% | 2.82% | 3.81% | 2.94% |
XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.17% | 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
XES and CF have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CF has higher volatility (10.07%) compared to XES (9.34%). In terms of maximum drawdown, XES dropped -95.65% vs CF's -76.73%.
XES currently has the higher Sharpe Ratio (2.26 vs 0.90), 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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