XES vs. IEZ

Last updated Jun 3, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and IEZ (iShares U.S. Oil Equipment & Services ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while IEZ tracks the Dow Jones U.S. Select Oil Equipment & Services Index. Both are passively managed. Over the past 10 years, XES returned -2.41%/yr vs -0.14%/yr for IEZ. With a 0.98 correlation, they move nearly in lockstep. XES charges 0.35%/yr vs 0.42%/yr for IEZ.

Performance

XES vs. IEZ - 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 Equipment & Services ETF (IEZ). 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 IEZ's 47.79% return. Over the past 10 years, XES has underperformed IEZ with an annualized return of -2.41%, while IEZ has yielded a comparatively higher -0.14% 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%

IEZ

• 1D: 2.36%
• 1M: -3.90%
• YTD: 47.79%
• 6M: 47.74%
• 1Y: 90.56%
• 3Y*: 19.16%
• 5Y*: 14.05%
• 10Y*: -0.14%

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

XES vs. IEZ - 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%
IEZ iShares U.S. Oil Equipment & Services ETF	47.79%	7.51%	-8.15%	4.43%	65.73%	15.98%	-42.98%	1.82%	-42.47%	-18.18%

Correlation

The correlation between XES and IEZ is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.96
Correlation (3Y) Calculated over the trailing 3-year period	0.97
Correlation (5Y) Calculated over the trailing 5-year period	0.98
Correlation (10Y) Calculated over the trailing 10-year period	0.98
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.98

The correlation between XES and IEZ has been stable across timeframes, ranging from 0.96 to 0.98 - a consistent structural relationship.

XES vs. IEZ - Sectors Allocation Comparison

Sectors	XES	IEZ
Energy	97.5%	98.8%
Industrials	2.5%	0.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.0%

Return for Risk

XES vs. IEZ — 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

IEZ

IEZ Risk / Return Rank: 89
IEZ Sharpe Ratio Rank: 91
IEZ Sortino Ratio Rank: 85
IEZ Omega Ratio Rank: 80
IEZ Calmar Ratio Rank: 96
IEZ Martin Ratio Rank: 93

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. IEZ - 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 Equipment & Services ETF (IEZ). 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	IEZ	Difference
Sharpe ratio Return per unit of total volatility	3.52	3.18	+0.34
Sortino ratio Return per unit of downside risk	4.12	3.88	+0.24
Omega ratio Gain probability vs. loss probability	1.51	1.48	+0.03
Calmar ratio Return relative to maximum drawdown	11.21	9.02	+2.19
Martin ratio Return relative to average drawdown	30.56	24.71	+5.85
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. IEZ - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is comparable to the IEZ Sharpe Ratio of 3.18. The chart below compares the historical Sharpe Ratios of XES and IEZ, 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	IEZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	3.18	+0.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.39	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	-0.00	-0.05
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	-0.04	-0.04

Drawdowns

XES vs. IEZ - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, roughly equal to the maximum IEZ drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for XES and IEZ.

Drawdown Indicators

	XES	IEZ	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-92.52%	-3.13%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-10.32%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-40.25%	-5.70%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-40.25%	-5.70%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-88.29%	-2.94%
Current Drawdown Current decline from peak	-70.73%	-51.22%	-19.51%
Average Drawdown Average peak-to-trough decline	-54.36%	-48.26%	-6.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	3.76%	-0.15%

Volatility

XES vs. IEZ - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) and iShares U.S. Oil Equipment & Services ETF (IEZ) have volatilities of 8.25% and 7.95%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	IEZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	7.95%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	20.12%	+0.39%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	28.64%	+1.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	36.35%	+2.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.05%	41.57%	+3.48%

XES vs. IEZ - Expense Ratio Comparison

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

Dividends

XES vs. IEZ - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than IEZ's 1.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IEZ iShares U.S. Oil Equipment & Services ETF	1.18%	1.87%	1.76%	0.97%	0.65%	1.20%	2.07%	2.28%	1.81%	3.42%	0.91%	2.40%
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 IEZ in my portfolio?

With a correlation of 0.96, XES and IEZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XES or IEZ?

XES has higher volatility (8.25%) compared to IEZ (7.95%). In terms of maximum drawdown, XES dropped -95.65% vs IEZ's -92.52%.

Which ETF is better, XES or IEZ?

On 10-year performance, IEZ leads with -0.14% vs -2.41% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, IEZ has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or IEZ?

Over the 10-year period, IEZ has performed better with a -0.14% 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 IEZ?

XES is cheaper with a 0.35% expense ratio, compared with 0.42% for IEZ.

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

IEZ has the higher dividend yield at 1.18%, compared with 1.12% for XES.

What is the main difference between XES and IEZ?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while IEZ tracks Dow Jones U.S. Select Oil Equipment & Services Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.35% for XES and 0.42% for IEZ.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 3.18), 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.