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XES vs. IEZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. IEZ

Last updated Jun 24, 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 -3.65%/yr vs -1.46%/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.

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Returns By Period

In the year-to-date period, XES achieves a 39.22% return, which is significantly higher than IEZ's 33.32% return. Over the past 10 years, XES has underperformed IEZ with an annualized return of -3.65%, while IEZ has yielded a comparatively higher -1.46% 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%

IEZ

1D
-0.72%
1M
-12.99%
YTD
33.32%
6M
33.77%
1Y
64.80%
3Y*
15.70%
5Y*
12.80%
10Y*
-1.46%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XES vs. IEZ - 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%
IEZ
iShares U.S. Oil Equipment & Services ETF		33.32%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 22, 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

97.1%
99.3%

Industrials

2.9%
0.7%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

1.0%

Energy

XES
97.1%
IEZ
99.3%

Industrials

XES
2.9%
IEZ
0.7%

Basic Materials

XES

-

IEZ

-

Communication Services

XES

-

IEZ

-

Consumer Cyclical

XES

-

IEZ

-

Consumer Defensive

XES

-

IEZ

-

Financial Services

XES

-

IEZ

-

Healthcare

XES

-

IEZ

-

Real Estate

XES

-

IEZ

-

Technology

XES

-

IEZ

-

Utilities

XES

-

IEZ
1.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Oil & Gas Equipment & Services ETF

iShares U.S. Oil Equipment & Services ETF

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENYXES vs. USO
Often compared with IEZ:
IEZ vs. XOPIEZ vs. FCGIEZ vs. EZUIEZ vs. IEOIEZ vs. IBBQIEZ vs. USOIEZ vs. VDE

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: 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
IEZ
IEZ Risk / Return Rank: 7474
Overall Rank
IEZ Sharpe Ratio Rank: 7474
Sharpe Ratio Rank
IEZ Sortino Ratio Rank: 6767
Sortino Ratio Rank
IEZ Omega Ratio Rank: 6363
Omega Ratio Rank
IEZ Calmar Ratio Rank: 8484
Calmar Ratio Rank
IEZ Martin Ratio Rank: 8181
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. 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.

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.

XESIEZDifference
Sharpe ratioReturn per unit of total volatility
2.59
2.23

+0.36

Sortino ratioReturn per unit of downside risk
3.23
2.91

+0.32

Omega ratioGain probability vs. loss probability

1.40

1.36

+0.04

Calmar ratioReturn relative to maximum drawdown

5.32

4.35

+0.97

Martin ratioReturn relative to average drawdown

18.76

15.22

+3.54

XES vs. IEZ - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.59, which is comparable to the IEZ Sharpe Ratio of 2.23. 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.

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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.

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Drawdown Indicators

XESIEZDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-92.52%

-3.13%

Max Drawdown (1Y)

Largest decline over 1 year

-15.03%

-14.97%

-0.06%

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

-73.11%

-56.00%

-17.11%

Average Drawdown

Average peak-to-trough decline

-54.40%

-48.26%

-6.14%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.25%

4.27%

-0.02%

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 10.30% and 9.89%, 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.

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Volatility by Period

XESIEZDifference

Volatility (1M)

Calculated over the trailing 1-month period

10.30%

9.89%

+0.41%

Volatility (6M)

Calculated over the trailing 6-month period

20.80%

20.84%

-0.04%

Volatility (1Y)

Calculated over the trailing 1-year period

31.19%

29.51%

+1.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.02%

36.32%

+2.70%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

44.96%

41.52%

+3.44%

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 1.15%, less than IEZ's 1.24% yield.

PositionTTM20252024202320222021202020192018201720162015
IEZ
iShares U.S. Oil Equipment & Services ETF		1.24%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		1.15%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

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.

XES has higher volatility (10.30%) compared to IEZ (9.89%). In terms of maximum drawdown, XES dropped -95.65% vs IEZ's -92.52%.

On 10-year performance, IEZ leads with -1.46% vs -3.65% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, IEZ has been the lower-risk option at 9.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IEZ has performed better with a -1.46% 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 0.42% for IEZ.

IEZ has the higher dividend yield at 1.24%, compared with 1.15% for XES.

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.

XES currently has the higher Sharpe Ratio (2.59 vs 2.23), 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.

Portfolio Optimizer

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