XES vs. IEO

Last updated Aug 2, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and IEO (iShares U.S. Oil & Gas Exploration & Production ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while IEO tracks the Dow Jones U.S. Select Oil Exploration & Production Index. Both are passively managed. Over the past 10 years, XES returned -2.88%/yr vs 11.48%/yr for IEO. Their correlation of 0.86 means they have usually moved in the same direction. XES charges 0.35%/yr vs 0.38%/yr for IEO.

Performance

XES vs. IEO - 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 iShares U.S. Oil & Gas Exploration & Production ETF (IEO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 36.38% return, which is significantly lower than IEO's 42.54% return. Over the past 10 years, XES has underperformed IEO with an annualized return of -2.88%, while IEO has yielded a comparatively higher 11.48% annualized return.

XES

• 1D: 3.09%
• 1M: 4.23%
• 6M: 12.93%
• YTD: 36.38%
• 1Y: 76.64%
• 3Y*: 7.20%
• 5Y*: 17.17%
• 10Y*: -2.88%
• ALL TIME*: -3.56%

IEO

• 1D: 1.37%
• 1M: 14.08%
• 6M: 29.47%
• YTD: 42.54%
• 1Y: 47.44%
• 3Y*: 12.66%
• 5Y*: 23.53%
• 10Y*: 11.48%
• ALL TIME*: 6.22%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IEO iShares U.S. Oil & Gas Exploration & Production ETF	$7.85M	$6.98M	$8.74M
XES SPDR S&P Oil & Gas Equipment & Services ETF	$5.46M	$8.52M	$12.51M

XES vs. IEO - 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%
IEO iShares U.S. Oil & Gas Exploration & Production ETF	42.54%	2.15%	-1.45%	3.57%	57.82%	75.57%	-32.77%	9.63%	-19.44%	0.33%

Correlation

The correlation between XES and IEO is 0.65, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.65
Correlation (3Y) Balances recent behavior with more history.	0.76
Correlation (5Y) Shows whether the relationship held over a longer period.	0.82
Correlation (10Y) Provides a long-term view across more market conditions.	0.84
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.86

Over the past year, the correlation between XES and IEO has dropped to 0.65 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

XES vs. IEO - Sectors Allocation Comparison

Sectors	XES	IEO
Energy	97.7%	99.1%
Industrials	2.3%	1.0%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XES vs. IEO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XES

XES Risk / Return Rank: 85
XES Sharpe Ratio Rank: 90
XES Sortino Ratio Rank: 86
XES Omega Ratio Rank: 83
XES Calmar Ratio Rank: 85
XES Martin Ratio Rank: 80

IEO

IEO Risk / Return Rank: 67
IEO Sharpe Ratio Rank: 74
IEO Sortino Ratio Rank: 66
IEO Omega Ratio Rank: 64
IEO Calmar Ratio Rank: 75
IEO Martin Ratio Rank: 56

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XES vs. IEO - 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 iShares U.S. Oil & Gas Exploration & Production ETF (IEO). 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	IEO	Difference
Sharpe ratio: Return per unit of total volatility	2.26	1.67	+0.59
Sortino ratio: Return per unit of downside risk	2.86	2.18	+0.69
Omega ratio: Gain probability vs. loss probability	1.35	1.27	+0.08
Calmar ratio: Return relative to maximum drawdown	3.23	2.64	+0.59
Martin ratio: Return relative to average drawdown	10.31	6.61	+3.70

XES vs. IEO - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.26, which is higher than the IEO Sharpe Ratio of 1.67. The chart below compares the historical Sharpe Ratios of XES and IEO, 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. IEO - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than IEO's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for XES and IEO.

Drawdown Indicators

	XES	IEO	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-79.17%	-16.48%
Max Drawdown (1Y) Largest decline over 1 year	-21.48%	-16.32%	-5.16%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-31.46%	-14.49%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-31.46%	-14.49%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-75.00%	-16.23%
Current Drawdown Current decline from peak	-73.66%	-1.83%	-71.83%
Average Drawdown Average peak-to-trough decline	-54.50%	-26.14%	-28.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	6.54%	+0.19%

Volatility

XES vs. IEO - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.34% compared to iShares U.S. Oil & Gas Exploration & Production ETF (IEO) at 7.46%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than IEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	IEO	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	7.46%	+1.88%
Volatility (6M) Calculated over the trailing 6-month period	21.60%	20.47%	+1.13%
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	25.90%	+4.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.63%	30.27%	+8.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.85%	34.91%	+9.94%

XES vs. IEO - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than IEO's 0.38% expense ratio.

Dividends

XES vs. IEO - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.17%, less than IEO's 1.85% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	1.85%	2.61%	2.63%	3.00%	3.77%	2.62%	3.17%	1.85%	1.67%	0.94%	0.98%	2.03%
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

Can I hold both XES and IEO in my portfolio?

XES and IEO have a correlation of 0.65, 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 IEO?

XES has higher volatility (9.34%) compared to IEO (7.46%). In terms of maximum drawdown, XES dropped -95.65% vs IEO's -79.17%.

Which ETF is better, XES or IEO?

On 10-year performance, IEO leads with 11.48% vs -2.88% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, IEO has been the lower-risk option at 7.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or IEO?

Over the 10-year period, IEO has performed better with a 11.48% return vs -2.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or IEO?

XES is cheaper with a 0.35% expense ratio, compared with 0.38% for IEO.

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

IEO has the higher dividend yield at 1.85%, compared with 1.17% for XES.

What is the main difference between XES and IEO?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while IEO tracks Dow Jones U.S. Select Oil Exploration & Production Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XES and 0.38% for IEO.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.26 vs 1.67), 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.