XES vs. PIT
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 7.20%/yr vs 19.64%/yr for PIT. Their 0.52 correlation means they have sometimes moved together and sometimes differently. XES charges 0.35%/yr vs 0.55%/yr for PIT.
Performance
XES vs. PIT - Performance Comparison
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Returns By Period
In the year-to-date period, XES achieves a 36.38% return, which is significantly lower than PIT's 39.56% return.
XES
- 1D
- 3.09%
- 1M
- 2.89%
- 6M
- 12.93%
- YTD
- 36.38%
- 1Y
- 68.96%
- 3Y*
- 7.20%
- 5Y*
- 17.17%
- 10Y*
- -2.88%
- ALL TIME*
- -3.56%
PIT
- 1D
- -0.05%
- 1M
- 12.38%
- 6M
- 25.04%
- YTD
- 39.56%
- 1Y
- 54.64%
- 3Y*
- 19.64%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 16.95%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.38M | $2.80M | $3.76M | |
| $5.46M | $8.52M | $12.51M |
XES vs. PIT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
XES SPDR S&P Oil & Gas Equipment & Services ETF | 36.38% | 5.89% | -5.44% | 6.68% | 2.66% |
PIT VanEck Commodity Strategy ETF | 39.56% | 21.63% | 6.77% | -4.54% | 1.67% |
Correlation
The correlation between XES and PIT is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 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 0.40 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
XES vs. PIT — Risk / Return Rank
XES
PIT
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 ratioReturn per unit of total volatility | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.42 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | 3.23 | 3.19 | +0.04 |
| Martin ratioReturn relative to average drawdown | 10.31 | 10.87 | -0.56 |
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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.
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Drawdown Indicators
| XES | PIT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.65% | -17.20% | -78.45% |
Max Drawdown (1Y)Largest decline over 1 year | -21.48% | -17.20% | -4.28% |
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 DrawdownCurrent decline from peak | -73.66% | -5.78% | -67.88% |
Average DrawdownAverage peak-to-trough decline | -54.50% | -4.27% | -50.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.73% | 5.05% | +1.68% |
Volatility
XES vs. PIT - Volatility Comparison
SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 9.34% compared to VanEck Commodity Strategy ETF (PIT) at 6.47%. 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.
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Volatility by Period
| XES | PIT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.34% | 6.47% | +2.87% |
Volatility (6M)Calculated over the trailing 6-month period | 21.60% | 19.93% | +1.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 30.74% | 22.30% | +8.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.63% | 17.70% | +20.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 44.85% | 17.70% | +27.15% |
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 1.17%, less than PIT's 6.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PIT VanEck Commodity Strategy ETF | 6.39% | 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 | 1.17% | 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
XES and PIT have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
XES has higher volatility (9.34%) compared to PIT (6.47%). In terms of maximum drawdown, XES dropped -95.65% vs PIT's -17.20%.
On 3-year performance, PIT leads with 19.64% vs 7.20% for XES. On fees, XES is cheaper at 0.35% per year. On volatility, PIT has been the lower-risk option at 6.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, PIT has performed better with a 19.64% return vs 7.20%. 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 0.55% for PIT.
PIT has the higher dividend yield at 6.39%, compared with 1.17% for XES.
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.
PIT currently has the higher Sharpe Ratio (2.47 vs 2.26), 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.
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