XES vs. XOP

Last updated Jun 3, 2026

XES (SPDR S&P Oil & Gas Equipment & Services ETF) and XOP (SPDR S&P Oil & Gas Exploration & Production ETF) are both Energy Equities funds from State Street - XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index while XOP tracks the S&P Oil & Gas Exploration & Production Select Industry. Both are passively managed. Over the past 10 years, XES returned -2.41%/yr vs 3.80%/yr for XOP. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

Performance

XES vs. XOP - 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 SPDR S&P Oil & Gas Exploration & Production ETF (XOP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XES achieves a 51.54% return, which is significantly higher than XOP's 36.08% return. Over the past 10 years, XES has underperformed XOP with an annualized return of -2.41%, while XOP has yielded a comparatively higher 3.80% annualized return.

XES

• 1D: 2.58%
• 1M: -3.51%
• YTD: 51.54%
• 6M: 51.49%
• 1Y: 106.77%
• 3Y*: 20.03%
• 5Y*: 14.11%
• 10Y*: -2.41%

XOP

• 1D: 1.35%
• 1M: -5.46%
• YTD: 36.08%
• 6M: 26.81%
• 1Y: 41.73%
• 3Y*: 14.10%
• 5Y*: 14.86%
• 10Y*: 3.80%

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

XES vs. XOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XES SPDR S&P Oil & Gas Equipment & Services ETF	51.54%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	36.08%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%

Correlation

The correlation between XES and XOP is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 23, 2006	0.86

Over the past year, the correlation between XES and XOP has dropped to 0.66 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

XES vs. XOP - Sectors Allocation Comparison

Sectors	XES	XOP
Energy	97.5%	97.2%
Industrials	2.5%	-
Basic Materials	-	2.9%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Technology	-	-
Utilities	-	-

Return for Risk

XES vs. XOP — Risk / Return Rank

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

XES

XES Risk / Return Rank: 92
XES Sharpe Ratio Rank: 93
XES Sortino Ratio Rank: 89
XES Omega Ratio Rank: 84
XES Calmar Ratio Rank: 97
XES Martin Ratio Rank: 95

XOP

XOP Risk / Return Rank: 43
XOP Sharpe Ratio Rank: 42
XOP Sortino Ratio Rank: 38
XOP Omega Ratio Rank: 37
XOP Calmar Ratio Rank: 55
XOP Martin Ratio Rank: 43

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. XOP - 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 SPDR S&P Oil & Gas Exploration & Production ETF (XOP). 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.

	XES	XOP	Difference
Sharpe ratio Return per unit of total volatility	3.52	1.51	+2.01
Sortino ratio Return per unit of downside risk	4.12	2.00	+2.12
Omega ratio Gain probability vs. loss probability	1.51	1.25	+0.27
Calmar ratio Return relative to maximum drawdown	11.21	2.77	+8.44
Martin ratio Return relative to average drawdown	30.56	7.10	+23.46
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. XOP - Sharpe Ratio Comparison

The current XES Sharpe Ratio is 3.52, which is higher than the XOP Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of XES and XOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	XES	XOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.52	1.51	+2.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.44	-0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.05	0.09	-0.15
Sharpe Ratio (All Time) Calculated using the full available price history	-0.07	0.06	-0.13

Drawdowns

XES vs. XOP - Drawdown Comparison

The maximum XES drawdown since its inception was -95.65%, which is greater than XOP's maximum drawdown of -90.27%. Use the drawdown chart below to compare losses from any high point for XES and XOP.

Drawdown Indicators

	XES	XOP	Difference
Max Drawdown Largest peak-to-trough decline	-95.65%	-90.27%	-5.38%
Max Drawdown (1Y) Largest decline over 1 year	-9.84%	-15.14%	+5.30%
Max Drawdown (3Y) Largest decline over 3 years	-45.95%	-34.98%	-10.97%
Max Drawdown (5Y) Largest decline over 5 years	-45.95%	-34.98%	-10.97%
Max Drawdown (10Y) Largest decline over 10 years	-91.23%	-82.61%	-8.62%
Current Drawdown Current decline from peak	-70.73%	-36.40%	-34.33%
Average Drawdown Average peak-to-trough decline	-54.36%	-42.59%	-11.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	5.90%	-2.29%

Volatility

XES vs. XOP - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Equipment & Services ETF (XES) is 8.25%, while SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a volatility of 10.03%. This indicates that XES experiences smaller price fluctuations and is considered to be less risky than XOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XES	XOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.25%	10.03%	-1.78%
Volatility (6M) Calculated over the trailing 6-month period	20.51%	21.64%	-1.13%
Volatility (1Y) Calculated over the trailing 1-year period	30.52%	27.81%	+2.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.04%	33.88%	+5.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.05%	40.28%	+4.77%

XES vs. XOP - Expense Ratio Comparison

Both XES and XOP have an expense ratio of 0.35%.

Dividends

XES vs. XOP - Dividend Comparison

XES's dividend yield for the trailing twelve months is around 1.12%, less than XOP's 1.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.12%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	1.90%	2.62%	2.45%	2.63%	2.47%	1.61%	2.34%	1.47%	0.99%	0.76%	0.76%	2.21%

Frequently Asked Questions

Can I hold both XES and XOP in my portfolio?

XES and XOP have a correlation of 0.66, 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 XOP?

XOP has higher volatility (10.03%) compared to XES (8.25%). In terms of maximum drawdown, XES dropped -95.65% vs XOP's -90.27%.

Which ETF is better, XES or XOP?

On 10-year performance, XOP leads with 3.80% vs -2.41% for XES. Both ETFs have the same 0.35% expense ratio. On volatility, XES has been the lower-risk option at 8.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XES or XOP?

Over the 10-year period, XOP has performed better with a 3.80% return vs -2.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XES or XOP?

XES and XOP have the same expense ratio: 0.35% per year.

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

XOP has the higher dividend yield at 1.90%, compared with 1.12% for XES.

What is the main difference between XES and XOP?

XES tracks S&P Oil & Gas Equipment & Services Select Industry Index, while XOP tracks S&P Oil & Gas Exploration & Production Select Industry.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (3.52 vs 1.51), 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.