XES vs. USNG

Last updated Jun 20, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and USNG (Amplify Samsung U.S. Natural Gas Infrastructure ETF) are both Energy Equities funds. XES is passively managed, while USNG is actively managed. Over the past year, XES returned 69.29% vs 44.88% for USNG. At a 0.50 correlation, their price movements are largely independent. XES charges 0.35%/yr vs 0.59%/yr for USNG.

Performance

XES vs. USNG - 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 Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 38.89% return, which is significantly higher than USNG's 34.48% return.

XES

• 1D: -1.76%
• 1M: -14.10%
• YTD: 38.89%
• 6M: 42.06%
• 1Y: 69.29%
• 3Y*: 16.57%
• 5Y*: 14.06%
• 10Y*: -3.86%

USNG

• 1D: 2.21%
• 1M: -0.25%
• YTD: 34.48%
• 6M: 36.58%
• 1Y: 44.88%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XES vs. USNG - Yearly Performance Comparison

	2026 (YTD)	2025
XES SPDR S&P Oil & Gas Equipment & Services ETF	38.89%	34.90%
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	34.48%	10.51%

Correlation

The correlation between XES and USNG is 0.50, 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	0.50
Correlation (All Time) Calculated using the full available price history since May 20, 2025	0.50

The correlation between XES and USNG has been stable across timeframes, ranging from 0.50 to 0.50 - a consistent structural relationship.

XES vs. USNG - Sectors Allocation Comparison

Sectors	XES	USNG
Energy	97.1%	78.9%
Industrials	2.9%	13.0%
Basic Materials	-	1.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	1.8%
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	4.7%

Return for Risk

XES vs. USNG — Risk / Return Rank

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

XES

XES Risk / Return Rank: 74
XES Sharpe Ratio Rank: 74
XES Sortino Ratio Rank: 66
XES Omega Ratio Rank: 60
XES Calmar Ratio Rank: 86
XES Martin Ratio Rank: 85

USNG

USNG Risk / Return Rank: 88
USNG Sharpe Ratio Rank: 87
USNG Sortino Ratio Rank: 86
USNG Omega Ratio Rank: 80
USNG Calmar Ratio Rank: 94
USNG Martin Ratio Rank: 90

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. USNG - 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 Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG). 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	USNG	Difference
Sharpe ratio: Return per unit of total volatility	2.23	2.72	-0.48
Sortino ratio: Return per unit of downside risk	2.87	3.67	-0.81
Omega ratio: Gain probability vs. loss probability	1.35	1.45	-0.10
Calmar ratio: Return relative to maximum drawdown	4.63	6.62	-1.98
Martin ratio: Return relative to average drawdown	16.82	19.91	-3.09

XES vs. USNG - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.23, which is comparable to the USNG Sharpe Ratio of 2.72. The chart below compares the historical Sharpe Ratios of XES and USNG, 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. USNG - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than USNG's maximum drawdown of -6.82%. Use the drawdown chart below to compare losses from any high point for XES and USNG.

Drawdown Indicators

	XES	USNG	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-6.82%	-88.83%
Max Drawdown (1Y) Largest decline over 1 year	-15.03%	-6.82%	-8.21%
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	-73.18%	-1.87%	-71.31%
Average Drawdown Average peak-to-trough decline	-54.39%	-1.52%	-52.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	2.26%	+1.91%

Volatility

XES vs. USNG - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 10.13% compared to Amplify Samsung U.S. Natural Gas Infrastructure ETF (USNG) at 6.08%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than USNG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	USNG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.13%	6.08%	+4.05%
Volatility (6M) Calculated over the trailing 6-month period	20.77%	12.41%	+8.36%
Volatility (1Y) Calculated over the trailing 1-year period	31.20%	16.60%	+14.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.07%	16.59%	+22.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.98%	16.59%	+28.39%

XES vs. USNG - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than USNG's 0.59% expense ratio.

Dividends

XES vs. USNG - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.22%, more than USNG's 1.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
USNG Amplify Samsung U.S. Natural Gas Infrastructure ETF	1.10%	1.10%	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	1.22%	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 USNG in my portfolio?

XES and USNG have a correlation of 0.50, 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 USNG?

XES has higher volatility (10.13%) compared to USNG (6.08%). In terms of maximum drawdown, XES dropped -95.65% vs USNG's -6.82%.

Which ETF is better, XES or USNG?

On 1-year performance, XES leads with 69.29% vs 44.88% for USNG. On fees, XES is cheaper at 0.35% per year. On volatility, USNG has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or USNG?

Over the 1-year period, XES has performed better with a 69.29% return vs 44.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or USNG?

XES is cheaper with a 0.35% expense ratio, compared with 0.59% for USNG.

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

XES has the higher dividend yield at 1.22%, compared with 1.10% for USNG.

What is the main difference between XES and USNG?

They also come from different issuers: State Street and Amplify. Their fees differ too: 0.35% for XES and 0.59% for USNG.

Which has better risk-adjusted returns?

USNG currently has the higher Sharpe Ratio (2.72 vs 2.23), 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.