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XES vs. XLE
Performance
Return for Risk
Dividends
Drawdowns
Volatility

XES vs. XLE

Last updated Apr 1, 2026

Compare and contrast key facts about SPDR S&P Oil & Gas Equipment & Services ETF (XES) and State Street Energy Select Sector SPDR ETF (XLE).

XES and XLE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XES is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. It was launched on Jun 19, 2006. XLE is a passively managed fund by State Street that tracks the performance of the Energy Select Sector Index. It was launched on Dec 16, 1998. Both XES and XLE are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XES vs. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

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XES vs. XLE - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XES
SPDR S&P Oil & Gas Equipment & Services ETF		42.33%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%
XLE
State Street Energy Select Sector SPDR ETF		37.91%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%

Returns By Period

In the year-to-date period, XES achieves a 42.33% return, which is significantly higher than XLE's 37.91% return. Over the past 10 years, XES has underperformed XLE with an annualized return of -2.35%, while XLE has yielded a comparatively higher 11.65% annualized return.

XES

1D
0.91%
1M
3.20%
YTD
42.33%
6M
61.87%
1Y
65.92%
3Y*
17.22%
5Y*
17.28%
10Y*
-2.35%

XLE

1D
-1.13%
1M
10.27%
YTD
37.91%
6M
39.21%
1Y
35.32%
3Y*
17.71%
5Y*
23.99%
10Y*
11.65%
*Multi-year figures are annualized to reflect compound growth (CAGR)

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

State Street Energy Select Sector SPDR ETF

Often compared with XES:
XES vs. OIHXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. FENYXES vs. USOXES vs. XPRO
Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY

XES vs. XLE - Expense Ratio Comparison

XES has a 0.35% expense ratio, which is higher than XLE's 0.08% expense ratio.

XES
SPDR S&P Oil & Gas Equipment & Services ETF
XLE
State Street Energy Select Sector SPDR ETF

Return for Risk

XES vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XES
XES Risk / Return Rank: 8181
Overall Rank
XES Sharpe Ratio Rank: 8585
Sharpe Ratio Rank
XES Sortino Ratio Rank: 8282
Sortino Ratio Rank
XES Omega Ratio Rank: 8282
Omega Ratio Rank
XES Calmar Ratio Rank: 8484
Calmar Ratio Rank
XES Martin Ratio Rank: 7373
Martin Ratio Rank
XLE
XLE Risk / Return Rank: 7373
Overall Rank
XLE Sharpe Ratio Rank: 7979
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 7676
Sortino Ratio Rank
XLE Omega Ratio Rank: 7777
Omega Ratio Rank
XLE Calmar Ratio Rank: 7878
Calmar Ratio Rank
XLE Martin Ratio Rank: 5858
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. XLE - 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 State Street Energy Select Sector SPDR ETF (XLE). 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.

XESXLEDifference

Sharpe ratio

Return per unit of total volatility

1.66

1.42

+0.23

Sortino ratio

Return per unit of downside risk

2.11

1.84

+0.27

Omega ratio

Gain probability vs. loss probability

1.31

1.28

+0.04

Calmar ratio

Return relative to maximum drawdown

2.40

1.96

+0.44

Martin ratio

Return relative to average drawdown

7.21

5.16

+2.06

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. XLE - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 1.66, which is comparable to the XLE Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of XES and XLE, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XESXLEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.66

1.42

+0.23

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.44

0.93

-0.49

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.05

0.40

-0.45

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.08

0.32

-0.40

Correlation

The correlation between XES and XLE is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XES vs. XLE - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.19%, less than XLE's 2.44% yield.

TTM20252024202320222021202020192018201720162015
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.19%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%
XLE
State Street Energy Select Sector SPDR ETF		2.44%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Drawdowns

XES vs. XLE - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for XES and XLE.

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Drawdown Indicators

XESXLEDifference

Max Drawdown

Largest peak-to-trough decline

-95.65%

-71.26%

-24.39%

Max Drawdown (1Y)

Largest decline over 1 year

-27.52%

-18.79%

-8.73%

Max Drawdown (5Y)

Largest decline over 5 years

-45.95%

-26.04%

-19.91%

Max Drawdown (10Y)

Largest decline over 10 years

-91.23%

-66.81%

-24.42%

Current Drawdown

Current decline from peak

-72.51%

-2.08%

-70.43%

Average Drawdown

Average peak-to-trough decline

-54.22%

-18.05%

-36.17%

Ulcer Index

Depth and duration of drawdowns from previous peaks

9.14%

7.14%

+2.00%

Volatility

XES vs. XLE - Volatility Comparison

SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a higher volatility of 7.76% compared to State Street Energy Select Sector SPDR ETF (XLE) at 5.05%. This indicates that XES's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XESXLEDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.76%

5.05%

+2.71%

Volatility (6M)

Calculated over the trailing 6-month period

22.14%

13.94%

+8.20%

Volatility (1Y)

Calculated over the trailing 1-year period

40.03%

24.93%

+15.10%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

39.84%

26.06%

+13.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

45.20%

29.48%

+15.72%