XES vs. OILT

Last updated Jun 3, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and OILT (Texas Capital Texas Oil Index ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while OILT tracks the Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross. Both are passively managed. Over the past year, XES returned 106.77% vs 49.18% for OILT. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

XES vs. OILT - 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 Texas Capital Texas Oil Index ETF (OILT). 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 OILT's 33.02% 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%

OILT

• 1D: 0.90%
• 1M: -4.61%
• YTD: 33.02%
• 6M: 30.50%
• 1Y: 49.18%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XES vs. OILT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
XES SPDR S&P Oil & Gas Equipment & Services ETF	51.54%	5.89%	-5.44%	-0.96%
OILT Texas Capital Texas Oil Index ETF	33.02%	-3.30%	0.87%	-0.16%

Correlation

The correlation between XES and OILT 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 (All Time) Calculated using the full available price history since Dec 22, 2023	0.76

The correlation between XES and OILT has been stable across timeframes, ranging from 0.69 to 0.76 - a consistent structural relationship.

XES vs. OILT - Sectors Allocation Comparison

Sectors	XES	OILT
Energy	97.5%	94.2%
Industrials	2.5%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	5.8%

Return for Risk

XES vs. OILT — 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

OILT

OILT Risk / Return Rank: 53
OILT Sharpe Ratio Rank: 50
OILT Sortino Ratio Rank: 46
OILT Omega Ratio Rank: 43
OILT Calmar Ratio Rank: 73
OILT Martin Ratio Rank: 52

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. OILT - 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 Texas Capital Texas Oil Index ETF (OILT). 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	OILT	Difference
Sharpe ratio Return per unit of total volatility	3.52	1.76	+1.76
Sortino ratio Return per unit of downside risk	4.12	2.32	+1.79
Omega ratio Gain probability vs. loss probability	1.51	1.28	+0.24
Calmar ratio Return relative to maximum drawdown	11.21	3.74	+7.47
Martin ratio Return relative to average drawdown	30.56	9.16	+21.40
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. OILT - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is higher than the OILT Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of XES and OILT, 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	OILT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.76	+1.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	—	—
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	0.39	-0.46

Drawdowns

XES vs. OILT - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than OILT's maximum drawdown of -35.21%. Use the drawdown chart below to compare losses from any high point for XES and OILT.

Drawdown Indicators

	XES	OILT	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-35.21%	-60.44%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-13.79%	+3.95%
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	-70.73%	-10.23%	-60.50%
Average Drawdown Average peak-to-trough decline	-54.36%	-12.94%	-41.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	5.64%	-2.03%

Volatility

XES vs. OILT - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 8.25%, while Texas Capital Texas Oil Index ETF (OILT) has a volatility of 9.97%. This indicates that XES experiences smaller price fluctuations and is considered to be less risky than OILT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	OILT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	9.97%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	21.09%	-0.58%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	28.08%	+2.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	28.73%	+10.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.05%	28.73%	+16.32%

XES vs. OILT - Expense Ratio Comparison

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

Dividends

XES vs. OILT - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than OILT's 2.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OILT Texas Capital Texas Oil Index ETF	2.48%	3.12%	2.63%	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 OILT in my portfolio?

XES and OILT 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 OILT?

OILT has higher volatility (9.97%) compared to XES (8.25%). In terms of maximum drawdown, XES dropped -95.65% vs OILT's -35.21%.

Which ETF is better, XES or OILT?

On 1-year performance, XES leads with 106.77% vs 49.18% for OILT. Both ETFs have the same 0.35% expense ratio. 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 OILT?

Over the 1-year period, XES has performed better with a 106.77% return vs 49.18%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or OILT?

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

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

OILT has the higher dividend yield at 2.48%, compared with 1.12% for XES.

What is the main difference between XES and OILT?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while OILT tracks Alerian Texas Weighted Oil and Gas Index - Benchmark TR Gross. They also come from different issuers: State Street and Texas Capital.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 1.76), 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.