XES vs. MLPI

Last updated Jun 4, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and MLPI (Neos MLP & Energy Infrastructure High Income ETF) are both Energy Equities funds. XES is passively managed, while MLPI is actively managed. A 0.50 correlation means they provide meaningful diversification when combined. XES charges 0.35%/yr vs 0.68%/yr for MLPI.

Performance

XES vs. MLPI - 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 Neos MLP & Energy Infrastructure High Income ETF (MLPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 50.69% return, which is significantly higher than MLPI's 17.58% return.

XES

• 1D: -0.56%
• 1M: -4.59%
• YTD: 50.69%
• 6M: 43.67%
• 1Y: 97.14%
• 3Y*: 19.81%
• 5Y*: 13.75%
• 10Y*: -2.47%

MLPI

• 1D: 0.04%
• 1M: -3.13%
• YTD: 17.58%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XES vs. MLPI - Yearly Performance Comparison

	2026 (YTD)	2025
XES SPDR S&P Oil & Gas Equipment & Services ETF	50.69%	3.69%
MLPI Neos MLP & Energy Infrastructure High Income ETF	17.58%	0.56%

Correlation

The correlation between XES and MLPI is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 19, 2025	0.50

Return for Risk

XES vs. MLPI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XES

XES Risk / Return Rank: 89
XES Sharpe Ratio Rank: 91
XES Sortino Ratio Rank: 85
XES Omega Ratio Rank: 79
XES Calmar Ratio Rank: 96
XES Martin Ratio Rank: 94

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. MLPI - 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 Neos MLP & Energy Infrastructure High Income ETF (MLPI). 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	MLPI	Difference
Sharpe ratio Return per unit of total volatility	3.23	—	—
Sortino ratio Return per unit of downside risk	3.86	—	—
Omega ratio Gain probability vs. loss probability	1.48	—	—
Calmar ratio Return relative to maximum drawdown	9.93	—	—
Martin ratio Return relative to average drawdown	26.79	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	XES	MLPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.23	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	3.49	-3.56

Drawdowns

XES vs. MLPI - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than MLPI's maximum drawdown of -5.38%. Use the drawdown chart below to compare losses from any high point for XES and MLPI.

Drawdown Indicators

	XES	MLPI	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-5.38%	-90.27%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	—	—
Current Drawdown Current decline from peak	-70.90%	-3.84%	-67.06%
Average Drawdown Average peak-to-trough decline	-54.36%	-1.27%	-53.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.64%	—	—

Volatility

Volatility by Period

	XES	MLPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.22%	—	—
Volatility (6M) Calculated over the trailing 6-month period	20.52%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	30.50%	13.05%	+17.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	13.05%	+25.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.04%	13.05%	+31.99%

XES vs. MLPI - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than MLPI's 0.68% expense ratio.

Dividends

XES vs. MLPI - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than MLPI's 6.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MLPI Neos MLP & Energy Infrastructure High Income ETF	6.04%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 MLPI in my portfolio?

XES and MLPI have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XES or MLPI?

On fees, XES is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XES or MLPI?

XES is cheaper with a 0.35% expense ratio, compared with 0.68% for MLPI.

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

MLPI has the higher dividend yield at 6.04%, compared with 1.12% for XES.

What is the main difference between XES and MLPI?

They also come from different issuers: State Street and Neos. Their fees differ too: 0.35% for XES and 0.68% for MLPI.