XES vs. OIH

Last updated Jun 24, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and OIH (VanEck Oil Services ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while OIH tracks the MVIS US Listed Oil Services 25 Index. Both are passively managed. Over the past 10 years, XES returned -3.65%/yr vs -2.32%/yr for OIH. With a 0.97 correlation, they move nearly in lockstep. Both charge a 0.35% expense ratio.

Performance

XES vs. OIH - 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 VanEck Oil Services ETF (OIH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 39.22% return, which is significantly higher than OIH's 35.03% return. Over the past 10 years, XES has underperformed OIH with an annualized return of -3.65%, while OIH has yielded a comparatively higher -2.32% 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%

OIH

• 1D: -1.13%
• 1M: -13.39%
• YTD: 35.03%
• 6M: 35.52%
• 1Y: 68.64%
• 3Y*: 14.83%
• 5Y*: 12.26%
• 10Y*: -2.32%

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

XES vs. OIH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
OIH VanEck Oil Services ETF	35.03%	6.81%	-10.53%	3.20%	66.17%	21.22%	-41.19%	-3.54%	-45.03%	-19.66%

Correlation

The correlation between XES and OIH is 0.97 - 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	0.97
Correlation (3Y) Calculated over the trailing 3-year period	0.98
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	0.97

The correlation between XES and OIH has been stable across timeframes, ranging from 0.97 to 0.98 - a consistent structural relationship.

XES vs. OIH - Sectors Allocation Comparison

Sectors	XES	OIH
Energy	97.1%	97.6%
Industrials	2.9%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	1.9%

Return for Risk

XES vs. OIH — Risk / Return Rank

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

XES

XES Risk / Return Rank: 82
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 71
XES Calmar Ratio Rank: 90
XES Martin Ratio Rank: 89

OIH

OIH Risk / Return Rank: 75
OIH Sharpe Ratio Rank: 75
OIH Sortino Ratio Rank: 69
OIH Omega Ratio Rank: 63
OIH Calmar Ratio Rank: 85
OIH Martin Ratio Rank: 83

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. OIH - 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 VanEck Oil Services ETF (OIH). 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	OIH	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.30	+0.29
Sortino ratio: Return per unit of downside risk	3.23	2.97	+0.26
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.03
Calmar ratio: Return relative to maximum drawdown	5.32	4.51	+0.80
Martin ratio: Return relative to average drawdown	18.76	16.04	+2.72

XES vs. OIH - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.59, which is comparable to the OIH Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of XES and OIH, 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. OIH - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, roughly equal to the maximum OIH drawdown of -94.45%. Use the drawdown chart below to compare losses from any high point for XES and OIH.

Drawdown Indicators

	XES	OIH	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-94.45%	-1.20%
Max Drawdown (1Y) Largest decline over 1 year	-15.03%	-15.29%	+0.26%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-43.80%	-2.15%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-43.80%	-2.15%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-89.62%	-1.61%
Current Drawdown Current decline from peak	-73.11%	-65.76%	-7.35%
Average Drawdown Average peak-to-trough decline	-54.40%	-48.87%	-5.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	4.29%	-0.04%

Volatility

XES vs. OIH - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) and VanEck Oil Services ETF (OIH) have volatilities of 10.30% and 10.14%, 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	OIH	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	10.14%	+0.16%
Volatility (6M) Calculated over the trailing 6-month period	20.80%	21.14%	-0.34%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	30.39%	+0.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.02%	36.79%	+2.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.96%	42.38%	+2.58%

XES vs. OIH - Expense Ratio Comparison

Both XES and OIH have an expense ratio of 0.35%.

Dividends

XES vs. OIH - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.15%, less than OIH's 1.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OIH VanEck Oil Services ETF	1.27%	1.71%	2.01%	1.36%	0.95%	0.98%	1.23%	2.10%	2.13%	2.60%	1.40%	2.39%
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

Can I hold both XES and OIH in my portfolio?

With a correlation of 0.97, XES and OIH 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 OIH?

XES has higher volatility (10.30%) compared to OIH (10.14%). In terms of maximum drawdown, XES dropped -95.65% vs OIH's -94.45%.

Which ETF is better, XES or OIH?

On 10-year performance, OIH leads with -2.32% vs -3.65% for XES. Both ETFs have the same 0.35% expense ratio. On volatility, OIH has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or OIH?

Over the 10-year period, OIH has performed better with a -2.32% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or OIH?

XES and OIH have the same expense ratio: 0.35% per year.

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

OIH has the higher dividend yield at 1.27%, compared with 1.15% for XES.

What is the main difference between XES and OIH?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while OIH tracks MVIS US Listed Oil Services 25 Index. They also come from different issuers: State Street and VanEck.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.59 vs 2.30), 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.