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XES vs. CRAK
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. CRAK

Last updated Jun 24, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and CRAK (VanEck Oil Refiners ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while CRAK tracks the MVIS Global Oil Refiners Index. Both are passively managed. Over the past 10 years, XES returned -3.65%/yr vs 12.77%/yr for CRAK. A 0.62 correlation means they provide meaningful diversification when combined. XES charges 0.35%/yr vs 0.62%/yr for CRAK.

Performance

XES vs. CRAK - 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 VanEck Oil Refiners ETF (CRAK). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XES achieves a 39.22% return, which is significantly higher than CRAK's 20.86% return. Over the past 10 years, XES has underperformed CRAK with an annualized return of -3.65%, while CRAK has yielded a comparatively higher 12.77% annualized return.

XES

1D
-1.07%
1M
-12.19%
YTD
39.22%
6M
40.00%
1Y
79.49%
3Y*
17.82%
5Y*
12.58%
10Y*
-3.65%

CRAK

1D
-0.83%
1M
-6.54%
YTD
20.86%
6M
20.73%
1Y
42.08%
3Y*
19.31%
5Y*
12.08%
10Y*
12.77%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XES vs. CRAK - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		39.22%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
CRAK
VanEck Oil Refiners ETF		20.86%39.11%-15.05%13.73%19.10%10.90%-11.22%9.15%-10.46%49.86%

Correlation

The correlation between XES and CRAK is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.54

Correlation (3Y)
Calculated over the trailing 3-year period

0.61

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

Correlation (10Y)
Calculated over the trailing 10-year period

0.63

Correlation (All Time)
Calculated using the full available price history since Aug 19, 2015

0.62

The correlation between XES and CRAK shifts across timeframes, from 0.54 (1 year) to 0.68 (5 years), reflecting how their relationship changes across market environments.

XES vs. CRAK - Sectors Allocation Comparison

Sectors
XES
CRAK

Energy

97.1%
98.8%

Industrials

2.9%
4.0%

Basic Materials

-

1.2%

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Energy

XES
97.1%
CRAK
98.8%

Industrials

XES
2.9%
CRAK
4.0%

Basic Materials

XES

-

CRAK
1.2%

Communication Services

XES

-

CRAK

-

Consumer Cyclical

XES

-

CRAK

-

Consumer Defensive

XES

-

CRAK

-

Financial Services

XES

-

CRAK

-

Healthcare

XES

-

CRAK

-

Real Estate

XES

-

CRAK

-

Technology

XES

-

CRAK

-

Utilities

XES

-

CRAK

-

Compare stocks, funds, or ETFs

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SPDR S&P Oil & Gas Equipment & Services ETF

VanEck Oil Refiners ETF

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENY
Often compared with CRAK:
CRAK vs. XLECRAK vs. OIHCRAK vs. VDECRAK vs. IEOCRAK vs. USAICRAK vs. SCHDCRAK vs. AMLP

Return for Risk

XES vs. CRAK — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XES
XES Risk / Return Rank: 8282
Overall Rank
XES Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XES Sortino Ratio Rank: 7777
Sortino Ratio Rank
XES Omega Ratio Rank: 7171
Omega Ratio Rank
XES Calmar Ratio Rank: 9090
Calmar Ratio Rank
XES Martin Ratio Rank: 8989
Martin Ratio Rank
CRAK
CRAK Risk / Return Rank: 6969
Overall Rank
CRAK Sharpe Ratio Rank: 7373
Sharpe Ratio Rank
CRAK Sortino Ratio Rank: 7070
Sortino Ratio Rank
CRAK Omega Ratio Rank: 6666
Omega Ratio Rank
CRAK Calmar Ratio Rank: 6969
Calmar Ratio Rank
CRAK Martin Ratio Rank: 6666
Martin Ratio Rank
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. CRAK - 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 VanEck Oil Refiners ETF (CRAK). 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.

XESCRAKDifference
Sharpe ratioReturn per unit of total volatility
2.59
2.21

+0.38

Sortino ratioReturn per unit of downside risk
3.23
2.98

+0.25

Omega ratioGain probability vs. loss probability

1.40

1.37

+0.02

Calmar ratioReturn relative to maximum drawdown

5.32

3.29

+2.02

Martin ratioReturn relative to average drawdown

18.76

11.53

+7.24

XES vs. CRAK - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.59, which is comparable to the CRAK Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of XES and CRAK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XES vs. CRAK - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than CRAK's maximum drawdown of -58.80%. Use the drawdown chart below to compare losses from any high point for XES and CRAK.

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Drawdown Indicators

XESCRAKDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-58.80%

-36.85%

Max Drawdown (1Y)

Largest decline over 1 year

-15.03%

-12.84%

-2.19%

Max Drawdown (3Y)

Largest decline over 3 years

-45.95%

-35.61%

-10.34%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-35.61%

-10.34%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-58.80%

-32.43%

Current Drawdown

Current decline from peak

-73.11%

-12.74%

-60.37%

Average Drawdown

Average peak-to-trough decline

-54.40%

-12.47%

-41.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

3.66%

+0.59%

Volatility

XES vs. CRAK - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 10.30% compared to VanEck Oil Refiners ETF (CRAK) at 6.42%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than CRAK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XESCRAKDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.30%

6.42%

+3.88%

Volatility (6M)

Calculated over the trailing 6-month period

20.80%

15.00%

+5.80%

Volatility (1Y)

Calculated over the trailing 1-year period

31.19%

19.11%

+12.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.02%

20.67%

+18.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.96%

22.17%

+22.79%

XES vs. CRAK - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than CRAK's 0.62% expense ratio.

Dividends

XES vs. CRAK - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.15%, less than CRAK's 1.67% yield.

PositionTTM20252024202320222021202020192018201720162015
CRAK
VanEck Oil Refiners ETF		1.67%2.02%5.60%3.65%3.08%2.40%2.64%1.49%2.42%1.66%3.42%0.47%
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

XES and CRAK have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XES has higher volatility (10.30%) compared to CRAK (6.42%). In terms of maximum drawdown, XES dropped -95.65% vs CRAK's -58.80%.

On 10-year performance, CRAK leads with 12.77% vs -3.65% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, CRAK has been the lower-risk option at 6.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, CRAK has performed better with a 12.77% return vs -3.65%. 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 0.62% for CRAK.

CRAK has the higher dividend yield at 1.67%, compared with 1.15% for XES.

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while CRAK tracks MVIS Global Oil Refiners Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for XES and 0.62% for CRAK.

XES currently has the higher Sharpe Ratio (2.59 vs 2.21), 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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