XES vs. IEO

Last updated Jun 3, 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 -2.41%/yr vs 10.24%/yr for IEO. Their correlation of 0.86 suggests significant overlap in exposure. XES charges 0.35%/yr vs 0.42%/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 51.54% return, which is significantly higher than IEO's 32.40% return. Over the past 10 years, XES has underperformed IEO with an annualized return of -2.41%, while IEO has yielded a comparatively higher 10.24% annualized 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%

IEO

• 1D: 0.81%
• 1M: -2.99%
• YTD: 32.40%
• 6M: 27.24%
• 1Y: 40.19%
• 3Y*: 15.37%
• 5Y*: 18.79%
• 10Y*: 10.24%

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

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	51.54%	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	32.40%	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 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (10Y) Calculated over the trailing 10-year period	0.84
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.86

The correlation between XES and IEO shifts across timeframes, from 0.69 (1 year) to 0.86 (all time), reflecting how their relationship changes across market environments.

XES vs. IEO - Sectors Allocation Comparison

Sectors	XES	IEO
Energy	97.5%	99.3%
Industrials	2.5%	-
Basic Materials	-	0.7%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XES vs. IEO — 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

IEO

IEO Risk / Return Rank: 47
IEO Sharpe Ratio Rank: 46
IEO Sortino Ratio Rank: 41
IEO Omega Ratio Rank: 40
IEO Calmar Ratio Rank: 59
IEO Martin Ratio Rank: 48

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. 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.

	XES	IEO	Difference
Sharpe ratio Return per unit of total volatility	3.52	1.61	+1.91
Sortino ratio Return per unit of downside risk	4.12	2.12	+2.00
Omega ratio Gain probability vs. loss probability	1.51	1.26	+0.25
Calmar ratio Return relative to maximum drawdown	11.21	2.95	+8.26
Martin ratio Return relative to average drawdown	30.56	8.02	+22.54
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. IEO - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is higher than the IEO Sharpe Ratio of 1.61. 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.

Sharpe Ratios by Period

	XES	IEO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.61	+1.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.62	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	0.29	-0.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.17	-0.24

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	-9.84%	-14.30%	+4.46%
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	-70.73%	-8.81%	-61.92%
Average Drawdown Average peak-to-trough decline	-54.36%	-26.28%	-28.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	5.26%	-1.65%

Volatility

XES vs. IEO - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 8.25%, while iShares U.S. Oil & Gas Exploration & Production ETF (IEO) has a volatility of 9.37%. This indicates that XES experiences smaller price fluctuations and is considered to be less risky 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	8.25%	9.37%	-1.12%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	19.82%	+0.69%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	25.14%	+5.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	30.53%	+8.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.05%	35.00%	+10.05%

XES vs. IEO - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than IEO's 0.42% expense ratio.

Dividends

XES vs. IEO - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than IEO's 2.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEO iShares U.S. Oil & Gas Exploration & Production ETF	2.00%	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	1.12%	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 IEO in my portfolio?

XES and IEO have a correlation of 0.69, 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?

IEO has higher volatility (9.37%) compared to XES (8.25%). 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 10.24% vs -2.41% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, XES has been the lower-risk option at 8.25%. 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 10.24% return vs -2.41%. 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 0.42% for IEO.

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

IEO has the higher dividend yield at 2.00%, compared with 1.12% 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 0.42% for IEO.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 1.61), 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.