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XLE vs. OIH
Performance
Return for Risk
Drawdowns
Volatility
Dividends

XLE vs. OIH

Last updated Jun 24, 2026

XLE (State Street Energy Select Sector SPDR ETF) and OIH (VanEck Oil Services ETF) are both Energy Equities funds - XLE tracks the Energy Select Sector Index while OIH tracks the MVIS US Listed Oil Services 25 Index. Both are passively managed. Over the past 10 years, XLE returned 9.37%/yr vs -2.32%/yr for OIH. Their correlation of 0.88 suggests significant overlap in exposure. XLE charges 0.08%/yr vs 0.35%/yr for OIH.

Performance

XLE vs. OIH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Energy Select Sector SPDR ETF (XLE) and VanEck Oil Services ETF (OIH). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, XLE achieves a 23.49% return, which is significantly lower than OIH's 35.03% return. Over the past 10 years, XLE has outperformed OIH with an annualized return of 9.37%, while OIH has yielded a comparatively lower -2.32% annualized return.

XLE

1D
0.74%
1M
-7.80%
YTD
23.49%
6M
24.07%
1Y
30.55%
3Y*
15.73%
5Y*
18.87%
10Y*
9.37%

OIH

1D
-1.13%
1M
-13.39%
YTD
35.03%
6M
35.52%
1Y
68.64%
3Y*
14.83%
5Y*
12.26%
10Y*
-2.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

XLE vs. OIH - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XLE
State Street Energy Select Sector SPDR ETF		23.49%7.88%5.56%-0.63%64.32%53.28%-32.67%11.74%-18.22%-0.89%
OIH
VanEck Oil Services ETF		35.03%6.81%-10.53%3.20%66.17%21.22%-41.19%-3.54%-45.03%-19.66%

Correlation

The correlation between XLE and OIH is 0.72, 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

0.72

Correlation (3Y)
Calculated over the trailing 3-year period

0.79

Correlation (5Y)
Calculated over the trailing 5-year period

0.85

Correlation (10Y)
Calculated over the trailing 10-year period

0.87

Correlation (All Time)
Calculated using the full available price history since Feb 26, 2001

0.88

The correlation between XLE and OIH shifts across timeframes, from 0.72 (1 year) to 0.88 (all time), reflecting how their relationship changes across market environments.

XLE vs. OIH - Sectors Allocation Comparison

Sectors
XLE
OIH

Energy

100.0%
97.6%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Financial Services

-

-

Healthcare

-

-

Industrials

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

1.9%

Energy

XLE
100.0%
OIH
97.6%

Basic Materials

XLE

-

OIH

-

Communication Services

XLE

-

OIH

-

Consumer Cyclical

XLE

-

OIH

-

Consumer Defensive

XLE

-

OIH

-

Financial Services

XLE

-

OIH

-

Healthcare

XLE

-

OIH

-

Industrials

XLE

-

OIH

-

Real Estate

XLE

-

OIH

-

Technology

XLE

-

OIH

-

Utilities

XLE

-

OIH
1.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

State Street Energy Select Sector SPDR ETF

VanEck Oil Services ETF

Often compared with XLE:
XLE vs. VDEXLE vs. USOXLE vs. XOPXLE vs. XLUXLE vs. XLKXLE vs. IXCXLE vs. FENY
Often compared with OIH:
OIH vs. XOPOIH vs. XESOIH vs. IXCOIH vs. IYEOIH vs. BZ=FOIH vs. DIGOIH vs. DBO

Return for Risk

XLE vs. OIH — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XLE
XLE Risk / Return Rank: 4242
Overall Rank
XLE Sharpe Ratio Rank: 4444
Sharpe Ratio Rank
XLE Sortino Ratio Rank: 4141
Sortino Ratio Rank
XLE Omega Ratio Rank: 3939
Omega Ratio Rank
XLE Calmar Ratio Rank: 4545
Calmar Ratio Rank
XLE Martin Ratio Rank: 4242
Martin Ratio Rank
OIH
OIH Risk / Return Rank: 7575
Overall Rank
OIH Sharpe Ratio Rank: 7575
Sharpe Ratio Rank
OIH Sortino Ratio Rank: 6969
Sortino Ratio Rank
OIH Omega Ratio Rank: 6363
Omega Ratio Rank
OIH Calmar Ratio Rank: 8585
Calmar Ratio Rank
OIH Martin Ratio Rank: 8383
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.

XLE vs. OIH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Energy Select Sector SPDR ETF (XLE) and VanEck Oil Services ETF (OIH). 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.

XLEOIHDifference
Sharpe ratioReturn per unit of total volatility
1.48
2.30

-0.82

Sortino ratioReturn per unit of downside risk
2.00
2.97

-0.96

Omega ratioGain probability vs. loss probability

1.25

1.36

-0.12

Calmar ratioReturn relative to maximum drawdown

2.18

4.51

-2.33

Martin ratioReturn relative to average drawdown

6.53

16.04

-9.51

XLE vs. OIH - Sharpe Ratio Comparison

The current XLE Sharpe Ratio is 1.48, which is lower than the OIH Sharpe Ratio of 2.30. The chart below compares the historical Sharpe Ratios of XLE and OIH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

XLE vs. OIH - Drawdown Comparison

The maximum XLE drawdown since its inception was -71.26%, smaller than the maximum OIH drawdown of -94.45%. Use the drawdown chart below to compare losses from any high point for XLE and OIH.

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Drawdown Indicators

XLEOIHDifference

Max Drawdown

Largest peak-to-trough decline

-71.26%

-94.45%

+23.19%

Max Drawdown (1Y)

Largest decline over 1 year

-14.05%

-15.29%

+1.24%

Max Drawdown (3Y)

Largest decline over 3 years

-20.14%

-43.80%

+23.66%

Max Drawdown (5Y)

Largest decline over 5 years

-26.04%

-43.80%

+17.76%

Max Drawdown (10Y)

Largest decline over 10 years

-66.81%

-89.62%

+22.81%

Current Drawdown

Current decline from peak

-12.32%

-65.76%

+53.44%

Average Drawdown

Average peak-to-trough decline

-17.96%

-48.87%

+30.91%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.69%

4.29%

+0.40%

Volatility

XLE vs. OIH - Volatility Comparison

The current volatility for State Street Energy Select Sector SPDR ETF (XLE) is 7.12%, while VanEck Oil Services ETF (OIH) has a volatility of 10.14%. This indicates that XLE experiences smaller price fluctuations and is considered to be less risky than OIH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XLEOIHDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.12%

10.14%

-3.02%

Volatility (6M)

Calculated over the trailing 6-month period

16.82%

21.14%

-4.32%

Volatility (1Y)

Calculated over the trailing 1-year period

20.93%

30.39%

-9.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

25.98%

36.79%

-10.81%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

29.60%

42.38%

-12.78%

XLE vs. OIH - Expense Ratio Comparison

XLE has a 0.08% expense ratio, which is lower than OIH's 0.35% expense ratio.

Dividends

XLE vs. OIH - Dividend Comparison

XLE's dividend yield for the trailing twelve months is around 2.79%, more than OIH's 1.27% yield.

PositionTTM20252024202320222021202020192018201720162015
OIH
VanEck Oil Services ETF		1.27%1.71%2.01%1.36%0.95%0.98%1.23%2.10%2.13%2.60%1.40%2.39%
XLE
State Street Energy Select Sector SPDR ETF		2.79%3.28%3.36%3.55%3.68%4.21%5.62%6.72%3.54%3.03%2.26%3.39%

Frequently Asked Questions

XLE and OIH have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

OIH has higher volatility (10.14%) compared to XLE (7.12%). In terms of maximum drawdown, XLE dropped -71.26% vs OIH's -94.45%.

On 10-year performance, XLE leads with 9.37% vs -2.32% for OIH. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, XLE has performed better with a 9.37% return vs -2.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

XLE is cheaper with a 0.08% expense ratio, compared with 0.35% for OIH.

XLE has the higher dividend yield at 2.79%, compared with 1.27% for OIH.

XLE tracks Energy Select Sector Index, while OIH tracks MVIS US Listed Oil Services 25 Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.08% for XLE and 0.35% for OIH.

OIH currently has the higher Sharpe Ratio (2.30 vs 1.48), 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.

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