XES vs. VOLT

Last updated Jun 24, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and VOLT (Tema Electrification ETF) are both exchange-traded funds - XES is a Energy Equities fund tracking the S&P Oil & Gas Equipment & Services Select Industry Index, while VOLT is a Global Equities fund actively managed by Tema. XES is passively managed, while VOLT is actively managed. Over the past year, XES returned 79.49% vs 64.69% for VOLT. At a 0.37 correlation, their price movements are largely independent. XES charges 0.35%/yr vs 0.75%/yr for VOLT.

Performance

XES vs. VOLT - 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 Tema Electrification ETF (VOLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XES having a 39.22% return and VOLT slightly higher at 40.29%.

XES

• 1D: -1.07%
• 1M: -12.19%
• YTD: 39.22%
• 6M: 40.00%
• 1Y: 79.49%
• 3Y*: 17.82%
• 5Y*: 12.58%
• 10Y*: -3.65%

VOLT

• 1D: -3.50%
• 1M: 2.50%
• YTD: 40.29%
• 6M: 38.12%
• 1Y: 64.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

XES vs. VOLT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
XES SPDR S&P Oil & Gas Equipment & Services ETF	39.22%	5.89%	-7.85%
VOLT Tema Electrification ETF	40.29%	25.92%	-8.98%

Correlation

The correlation between XES and VOLT is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.37

XES vs. VOLT - Sectors Allocation Comparison

Sectors	XES	VOLT
Energy	97.1%	4.7%
Industrials	2.9%	47.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	3.4%
Consumer Defensive	-	-
Financial Services	-	0.5%
Healthcare	-	-
Real Estate	-	-
Technology	-	12.9%
Utilities	-	31.0%

Return for Risk

XES vs. VOLT — Risk / Return Rank

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

XES

XES Risk / Return Rank: 82
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 71
XES Calmar Ratio Rank: 90
XES Martin Ratio Rank: 89

VOLT

VOLT Risk / Return Rank: 89
VOLT Sharpe Ratio Rank: 91
VOLT Sortino Ratio Rank: 86
VOLT Omega Ratio Rank: 85
VOLT Calmar Ratio Rank: 94
VOLT Martin Ratio Rank: 89

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. VOLT - 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 Tema Electrification ETF (VOLT). 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	VOLT	Difference
Sharpe ratio: Return per unit of total volatility	2.59	2.99	-0.40
Sortino ratio: Return per unit of downside risk	3.23	3.71	-0.47
Omega ratio: Gain probability vs. loss probability	1.40	1.49	-0.09
Calmar ratio: Return relative to maximum drawdown	5.32	6.78	-1.46
Martin ratio: Return relative to average drawdown	18.76	18.99	-0.23

XES vs. VOLT - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 2.59, which is comparable to the VOLT Sharpe Ratio of 2.99. The chart below compares the historical Sharpe Ratios of XES and VOLT, 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. VOLT - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than VOLT's maximum drawdown of -23.40%. Use the drawdown chart below to compare losses from any high point for XES and VOLT.

Drawdown Indicators

	XES	VOLT	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-23.40%	-72.25%
Max Drawdown (1Y) Largest decline over 1 year	-15.03%	-9.59%	-5.44%
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	-73.11%	-3.50%	-69.61%
Average Drawdown Average peak-to-trough decline	-54.40%	-5.14%	-49.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.25%	3.42%	+0.83%

Volatility

XES vs. VOLT - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 10.30% compared to Tema Electrification ETF (VOLT) at 9.40%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than VOLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	VOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.30%	9.40%	+0.90%
Volatility (6M) Calculated over the trailing 6-month period	20.80%	18.29%	+2.51%
Volatility (1Y) Calculated over the trailing 1-year period	31.19%	21.75%	+9.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.02%	24.55%	+14.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.96%	24.55%	+20.41%

XES vs. VOLT - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is lower than VOLT's 0.75% expense ratio.

Dividends

XES vs. VOLT - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.15%, more than VOLT's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VOLT Tema Electrification ETF	0.32%	0.46%	0.01%	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	1.15%	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 VOLT in my portfolio?

XES and VOLT have a correlation of 0.31, 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 VOLT?

XES has higher volatility (10.30%) compared to VOLT (9.40%). In terms of maximum drawdown, XES dropped -95.65% vs VOLT's -23.40%.

Which ETF is better, XES or VOLT?

On 1-year performance, XES leads with 79.49% vs 64.69% for VOLT. On fees, XES is cheaper at 0.35% per year. On volatility, VOLT has been the lower-risk option at 9.40%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or VOLT?

Over the 1-year period, XES has performed better with a 79.49% return vs 64.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or VOLT?

XES is cheaper with a 0.35% expense ratio, compared with 0.75% for VOLT.

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

XES has the higher dividend yield at 1.15%, compared with 0.32% for VOLT.

What is the main difference between XES and VOLT?

XES is categorized as Energy Equities, while VOLT is Global Equities. They also come from different issuers: State Street and Tema. Their fees differ too: 0.35% for XES and 0.75% for VOLT.

Which has better risk-adjusted returns?

VOLT currently has the higher Sharpe Ratio (2.99 vs 2.59), 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.