XES vs. PIT

Last updated Jul 12, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and PIT (VanEck Commodity Strategy ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while PIT is a Commodities fund actively managed by VanEck. XES is passively managed, while PIT is actively managed. Over the past 3 years, XES returned 10.31%/yr vs 19.03%/yr for PIT. A 0.52 correlation means they provide meaningful diversification when combined. XES charges 0.35%/yr vs 0.55%/yr for PIT.

Performance

XES vs. PIT - 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 Commodity Strategy ETF (PIT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 37.45% return, which is significantly higher than PIT's 29.50% return.

XES

• 1D: 1.64%
• 1M: -8.57%
• 6M: 26.49%
• YTD: 37.45%
• 1Y: 65.04%
• 3Y*: 10.31%
• 5Y*: 14.19%
• 10Y*: -4.13%

PIT

• 1D: -0.32%
• 1M: -3.23%
• 6M: 25.36%
• YTD: 29.50%
• 1Y: 40.55%
• 3Y*: 19.03%
• 5Y*: —
• 10Y*: —

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

XES vs. PIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
XES SPDR S&P Oil & Gas Equipment & Services ETF	37.45%	5.89%	-5.44%	6.68%	2.66%
PIT VanEck Commodity Strategy ETF	29.50%	21.63%	6.77%	-4.54%	1.67%

Correlation

The correlation between XES and PIT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Dec 22, 2022	0.52

The correlation between XES and PIT shifts across timeframes, from 0.42 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

XES vs. PIT — Risk / Return Rank

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

XES

XES Risk / Return Rank: 77
XES Sharpe Ratio Rank: 84
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 72
XES Calmar Ratio Rank: 77
XES Martin Ratio Rank: 77

PIT

PIT Risk / Return Rank: 69
PIT Sharpe Ratio Rank: 77
PIT Sortino Ratio Rank: 69
PIT Omega Ratio Rank: 73
PIT Calmar Ratio Rank: 62
PIT Martin Ratio Rank: 61

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. PIT - 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 Commodity Strategy ETF (PIT). 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	PIT	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.95	+0.18
Sortino ratio: Return per unit of downside risk	2.75	2.52	+0.23
Omega ratio: Gain probability vs. loss probability	1.34	1.34	-0.01
Calmar ratio: Return relative to maximum drawdown	3.18	2.48	+0.71
Martin ratio: Return relative to average drawdown	11.53	8.70	+2.83

XES vs. PIT - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.13, which is comparable to the PIT Sharpe Ratio of 1.95. The chart below compares the historical Sharpe Ratios of XES and PIT, 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. PIT - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than PIT's maximum drawdown of -17.20%. Use the drawdown chart below to compare losses from any high point for XES and PIT.

Drawdown Indicators

	XES	PIT	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-17.20%	-78.45%
Max Drawdown (1Y) Largest decline over 1 year	-20.69%	-17.20%	-3.49%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-17.20%	-28.75%
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	-73.46%	-12.57%	-60.89%
Average Drawdown Average peak-to-trough decline	-54.44%	-4.23%	-50.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.70%	4.88%	+0.82%

Volatility

XES vs. PIT - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.22% compared to VanEck Commodity Strategy ETF (PIT) at 5.78%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than PIT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	PIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.22%	5.78%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	21.50%	19.58%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	30.96%	21.84%	+9.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.85%	17.58%	+21.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.88%	17.58%	+27.30%

XES vs. PIT - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than PIT's 0.55% expense ratio.

Dividends

XES vs. PIT - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.16%, less than PIT's 6.88% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PIT VanEck Commodity Strategy ETF	6.88%	8.92%	3.59%	6.44%	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	1.16%	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 PIT in my portfolio?

XES and PIT have a correlation of 0.42, 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 PIT?

XES has higher volatility (9.22%) compared to PIT (5.78%). In terms of maximum drawdown, XES dropped -95.65% vs PIT's -17.20%.

Which ETF is better, XES or PIT?

On 3-year performance, PIT leads with 19.03% vs 10.31% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, PIT has been the lower-risk option at 5.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or PIT?

Over the 3-year period, PIT has performed better with a 19.03% return vs 10.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or PIT?

XES is cheaper with a 0.35% expense ratio, compared with 0.55% for PIT.

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

PIT has the higher dividend yield at 6.88%, compared with 1.16% for XES.

What is the main difference between XES and PIT?

XES is categorized as Energy Equities, while PIT is Commodities. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for XES and 0.55% for PIT.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.13 vs 1.95), 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.