XES vs. VDE

Last updated Jun 23, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and VDE (Vanguard Energy ETF) are both Energy Equities funds - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while VDE tracks the MSCI US Investable Market Energy 25/50 Index. Both are passively managed. Over the past 10 years, XES returned -3.54%/yr vs 8.84%/yr for VDE. Their correlation of 0.89 suggests significant overlap in exposure. XES charges 0.35%/yr vs 0.09%/yr for VDE.

Performance

XES vs. VDE - 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 Vanguard Energy ETF (VDE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 40.73% return, which is significantly higher than VDE's 22.80% return. Over the past 10 years, XES has underperformed VDE with an annualized return of -3.54%, while VDE has yielded a comparatively higher 8.84% annualized return.

XES

• 1D: 1.32%
• 1M: -11.23%
• YTD: 40.73%
• 6M: 41.57%
• 1Y: 73.41%
• 3Y*: 18.25%
• 5Y*: 13.23%
• 10Y*: -3.54%

VDE

• 1D: 1.27%
• 1M: -8.49%
• YTD: 22.80%
• 6M: 24.09%
• 1Y: 26.80%
• 3Y*: 15.90%
• 5Y*: 18.82%
• 10Y*: 8.84%

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

XES vs. VDE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XES SPDR S&P Oil & Gas Equipment & Services ETF	40.73%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%
VDE Vanguard Energy ETF	22.80%	7.11%	6.75%	0.03%	62.89%	56.31%	-33.02%	9.28%	-19.95%	-2.50%

Correlation

The correlation between XES and VDE is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.87
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.89

The correlation between XES and VDE shifts across timeframes, from 0.75 (1 year) to 0.89 (all time), reflecting how their relationship changes across market environments.

XES vs. VDE - Sectors Allocation Comparison

Sectors	XES	VDE
Energy	97.1%	99.5%
Industrials	2.9%	0.1%
Basic Materials	-	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XES vs. VDE — 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: 77
XES Sortino Ratio Rank: 68
XES Omega Ratio Rank: 63
XES Calmar Ratio Rank: 88
XES Martin Ratio Rank: 87

VDE

VDE Risk / Return Rank: 36
VDE Sharpe Ratio Rank: 37
VDE Sortino Ratio Rank: 35
VDE Omega Ratio Rank: 33
VDE Calmar Ratio Rank: 39
VDE Martin Ratio Rank: 39

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. VDE - 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 Vanguard Energy ETF (VDE). 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	VDE	Difference
Sharpe ratio: Return per unit of total volatility	2.37	1.29	+1.07
Sortino ratio: Return per unit of downside risk	2.99	1.78	+1.21
Omega ratio: Gain probability vs. loss probability	1.37	1.22	+0.15
Calmar ratio: Return relative to maximum drawdown	4.91	1.90	+3.01
Martin ratio: Return relative to average drawdown	17.76	5.92	+11.84

XES vs. VDE - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.37, which is higher than the VDE Sharpe Ratio of 1.29. The chart below compares the historical Sharpe Ratios of XES and VDE, 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. VDE - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than VDE's maximum drawdown of -74.20%. Use the drawdown chart below to compare losses from any high point for XES and VDE.

Drawdown Indicators

	XES	VDE	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-74.20%	-21.45%
Max Drawdown (1Y) Largest decline over 1 year	-15.03%	-14.20%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-21.41%	-24.54%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-26.58%	-19.37%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-69.29%	-21.94%
Current Drawdown Current decline from peak	-72.82%	-13.11%	-59.71%
Average Drawdown Average peak-to-trough decline	-54.39%	-19.94%	-34.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	4.57%	-0.35%

Volatility

XES vs. VDE - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 10.34% compared to Vanguard Energy ETF (VDE) at 7.02%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than VDE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	VDE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.34%	7.02%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	20.79%	16.69%	+4.10%
Volatility (1Y) Calculated over the trailing 1-year period	31.22%	20.84%	+10.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.01%	26.37%	+12.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.00%	29.96%	+15.04%

XES vs. VDE - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is higher than VDE's 0.09% expense ratio.

Dividends

XES vs. VDE - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.48%, less than VDE's 2.56% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VDE Vanguard Energy ETF	2.56%	3.11%	3.23%	3.34%	3.65%	4.13%	4.76%	3.42%	3.35%	2.90%	2.31%	3.17%
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.48%	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 VDE in my portfolio?

XES and VDE have a correlation of 0.75, 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 VDE?

XES has higher volatility (10.34%) compared to VDE (7.02%). In terms of maximum drawdown, XES dropped -95.65% vs VDE's -74.20%.

Which ETF is better, XES or VDE?

On 10-year performance, VDE leads with 8.84% vs -3.54% for XES. On fees, VDE is cheaper at 0.09% per year. On volatility, VDE has been the lower-risk option at 7.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or VDE?

Over the 10-year period, VDE has performed better with a 8.84% return vs -3.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or VDE?

VDE is cheaper with a 0.09% expense ratio, compared with 0.35% for XES.

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

VDE has the higher dividend yield at 2.56%, compared with 1.48% for XES.

What is the main difference between XES and VDE?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while VDE tracks MSCI US Investable Market Energy 25/50 Index. They also come from different issuers: State Street and Vanguard. Their fees differ too: 0.35% for XES and 0.09% for VDE.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.37 vs 1.29), 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.