PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
XES vs. RAVI
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XES vs. RAVI

Last updated Jun 4, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and RAVI (FlexShares Ultra-Short Income ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while RAVI is a Ultrashort Bond fund actively managed by FlexShares. XES is passively managed, while RAVI is actively managed. Over the past 10 years, XES returned -2.47%/yr vs 2.67%/yr for RAVI. At a correlation of -0.02, they often move in opposite directions. XES charges 0.35%/yr vs 0.25%/yr for RAVI.

Performance

XES vs. RAVI - 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 FlexShares Ultra-Short Income ETF (RAVI). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, XES achieves a 50.69% return, which is significantly higher than RAVI's 1.53% return. Over the past 10 years, XES has underperformed RAVI with an annualized return of -2.47%, while RAVI has yielded a comparatively higher 2.67% annualized 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%

RAVI

1D
0.02%
1M
0.39%
YTD
1.53%
6M
1.92%
1Y
4.50%
3Y*
5.21%
5Y*
3.50%
10Y*
2.67%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XES vs. RAVI - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		50.69%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
RAVI
FlexShares Ultra-Short Income ETF		1.53%4.98%5.67%5.55%0.15%-0.04%2.06%3.49%1.65%1.22%

Correlation

The correlation between XES and RAVI is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.18

Correlation (3Y)
Calculated over the trailing 3-year period

-0.03

Correlation (5Y)
Calculated over the trailing 5-year period

0.01

Correlation (10Y)
Calculated over the trailing 10-year period

-0.01

Correlation (All Time)
Calculated using the full available price history since Jan 5, 2016

-0.02

The correlation between XES and RAVI shifts across timeframes, from -0.18 (1 year) to 0.01 (5 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Oil & Gas Equipment & Services ETF

FlexShares Ultra-Short Income ETF

Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. VDEXES vs. FENY
Often compared with RAVI:
RAVI vs. GSSTRAVI vs. USTBRAVI vs. SPYRAVI vs. ICSHRAVI vs. FIBRRAVI vs. SGOVRAVI vs. MINT

Return for Risk

XES vs. RAVI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XES
XES Risk / Return Rank: 8989
Overall Rank
XES Sharpe Ratio Rank: 9191
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8585
Sortino Ratio Rank
XES Omega Ratio Rank: 7979
Omega Ratio Rank
XES Calmar Ratio Rank: 9696
Calmar Ratio Rank
XES Martin Ratio Rank: 9494
Martin Ratio Rank
RAVI
RAVI Risk / Return Rank: 9999
Overall Rank
RAVI Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
RAVI Sortino Ratio Rank: 9999
Sortino Ratio Rank
RAVI Omega Ratio Rank: 9999
Omega Ratio Rank
RAVI Calmar Ratio Rank: 9999
Calmar Ratio Rank
RAVI Martin Ratio Rank: 9999
Martin Ratio Rank
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. RAVI - 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 FlexShares Ultra-Short Income ETF (RAVI). 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.

XESRAVIDifference

Sharpe ratio

Return per unit of total volatility

3.23

11.02

-7.79

Sortino ratio

Return per unit of downside risk

3.86

23.68

-19.82

Omega ratio

Gain probability vs. loss probability

1.48

5.39

-3.91

Calmar ratio

Return relative to maximum drawdown

9.93

38.66

-28.73

Martin ratio

Return relative to average drawdown

26.79

225.58

-198.79

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XES vs. RAVI - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.23, which is lower than the RAVI Sharpe Ratio of 11.02. The chart below compares the historical Sharpe Ratios of XES and RAVI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Loading charts...

Sharpe Ratios by Period

XESRAVIDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.23

11.02

-7.79

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.35

2.49

-2.13

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

2.09

-2.14

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.07

2.03

-2.10

Drawdowns

XES vs. RAVI - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than RAVI's maximum drawdown of -3.72%. Use the drawdown chart below to compare losses from any high point for XES and RAVI.

Loading charts...

Drawdown Indicators

XESRAVIDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-3.72%

-91.93%

Max Drawdown (1Y)

Largest decline over 1 year

-9.84%

-0.12%

-9.72%

Max Drawdown (3Y)

Largest decline over 3 years

-45.95%

-0.36%

-45.59%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-3.28%

-42.67%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-3.72%

-87.51%

Current Drawdown

Current decline from peak

-70.90%

0.00%

-70.90%

Average Drawdown

Average peak-to-trough decline

-54.36%

-0.17%

-54.19%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.64%

0.02%

+3.62%

Volatility

XES vs. RAVI - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 8.22% compared to FlexShares Ultra-Short Income ETF (RAVI) at 0.15%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than RAVI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Loading charts...

Volatility by Period

XESRAVIDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.22%

0.15%

+8.07%

Volatility (6M)

Calculated over the trailing 6-month period

20.52%

0.30%

+20.22%

Volatility (1Y)

Calculated over the trailing 1-year period

30.50%

0.41%

+30.09%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.04%

1.41%

+37.63%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.04%

1.28%

+43.76%

XES vs. RAVI - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is higher than RAVI's 0.25% expense ratio.

Dividends

XES vs. RAVI - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than RAVI's 4.38% yield.

PositionTTM20252024202320222021202020192018201720162015
RAVI
FlexShares Ultra-Short Income ETF		4.38%4.59%5.34%4.55%1.70%0.90%1.29%2.53%2.22%1.28%0.90%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

XES and RAVI have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

XES has higher volatility (8.22%) compared to RAVI (0.15%). In terms of maximum drawdown, XES dropped -95.65% vs RAVI's -3.72%.

On 10-year performance, RAVI leads with 2.67% vs -2.47% for XES. On fees, RAVI is cheaper at 0.25% per year. On volatility, RAVI has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, RAVI has performed better with a 2.67% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RAVI is cheaper with a 0.25% expense ratio, compared with 0.35% for XES.

RAVI has the higher dividend yield at 4.38%, compared with 1.12% for XES.

XES is categorized as Energy Equities, while RAVI is Ultrashort Bond. They also come from different issuers: State Street and FlexShares. Their fees differ too: 0.35% for XES and 0.25% for RAVI.

RAVI currently has the higher Sharpe Ratio (11.02 vs 3.23), 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.

Portfolio Optimizer

Find the right allocation for XES and RAVI

Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.

Open Portfolio Optimizer