XES vs. RAYS

Last updated Aug 2, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and RAYS (Global X Solar ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while RAYS is a Alternative Energy Equities fund tracking the Solactive Solar Index. Both are passively managed. XES charges 0.35%/yr vs 0.50%/yr for RAYS.

Performance

XES vs. RAYS - 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 Global X Solar ETF (RAYS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

XES

• 1D: 3.09%
• 1M: 4.23%
• 6M: 12.93%
• YTD: 36.38%
• 1Y: 76.64%
• 3Y*: 7.20%
• 5Y*: 17.17%
• 10Y*: -2.88%
• ALL TIME*: -3.56%

RAYS

• 1D: 0.00%
• 1M: 0.00%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
RAYS Global X Solar ETF	$0.00	$0.00	$0.00
XES SPDR S&P Oil & Gas Equipment & Services ETF	$5.46M	$8.52M	$12.51M

XES vs. RAYS - Yearly Performance Comparison

	2026 (YTD)
XES SPDR S&P Oil & Gas Equipment & Services ETF	12.36%
RAYS Global X Solar ETF	0.00%

XES vs. RAYS - Sectors Allocation Comparison

Sectors	XES	RAYS
Energy	97.7%	-
Industrials	2.3%	21.4%
Basic Materials	-	0.9%
Communication Services	-	-
Consumer Cyclical	-	4.0%
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	66.9%
Utilities	-	6.8%

Return for Risk

XES vs. RAYS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XES

XES Risk / Return Rank: 85
XES Sharpe Ratio Rank: 90
XES Sortino Ratio Rank: 86
XES Omega Ratio Rank: 83
XES Calmar Ratio Rank: 85
XES Martin Ratio Rank: 80

RAYS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XES vs. RAYS - 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 Global X Solar ETF (RAYS). 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	RAYS	Difference
Sharpe ratio: Return per unit of total volatility	2.26	—	—
Sortino ratio: Return per unit of downside risk	2.86	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.23	—	—
Martin ratio: Return relative to average drawdown	10.31	—	—

Drawdowns

XES vs. RAYS - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than RAYS's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for XES and RAYS.

Drawdown Indicators

	XES	RAYS	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	0.00%	-95.65%
Max Drawdown (1Y) Largest decline over 1 year	-21.48%	—	—
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	-73.66%	0.00%	-73.66%
Average Drawdown Average peak-to-trough decline	-54.50%	0.00%	-54.50%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.73%	—	—

Volatility

Volatility by Period

	XES	RAYS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.34%	—	—
Volatility (6M) Calculated over the trailing 6-month period	21.60%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	30.74%	0.00%	+30.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.63%	0.00%	+38.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.85%	0.00%	+44.85%

XES vs. RAYS - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than RAYS's 0.50% expense ratio.

Dividends

XES vs. RAYS - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.17%, while RAYS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
RAYS Global X Solar ETF	0.00%	0.00%	0.00%	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	1.17%	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

Which ETF is better, XES or RAYS?

On fees, XES is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XES or RAYS?

XES is cheaper with a 0.35% expense ratio, compared with 0.50% for RAYS.

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

XES has the higher dividend yield at 1.17%, compared with 0.00% for RAYS.

What is the main difference between XES and RAYS?

XES is categorized as Energy Equities, while RAYS is Alternative Energy Equities. XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while RAYS tracks Solactive Solar Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.35% for XES and 0.50% for RAYS.