XOP vs. CF

Last updated Jul 12, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while CF (CF Industries Holdings, Inc.) is a stock. Over the past 10 years, XOP returned 2.97%/yr vs 19.43%/yr for CF. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

XOP vs. CF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and CF Industries Holdings, Inc. (CF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOP achieves a 26.71% return, which is significantly lower than CF's 52.60% return. Over the past 10 years, XOP has underperformed CF with an annualized return of 2.97%, while CF has yielded a comparatively higher 19.43% annualized return.

XOP

• 1D: -0.56%
• 1M: -2.49%
• 6M: 25.57%
• YTD: 26.71%
• 1Y: 21.93%
• 3Y*: 8.56%
• 5Y*: 13.75%
• 10Y*: 2.97%

CF

• 1D: 2.54%
• 1M: 9.72%
• 6M: 42.89%
• YTD: 52.60%
• 1Y: 21.57%
• 3Y*: 19.81%
• 5Y*: 20.74%
• 10Y*: 19.43%

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

XOP vs. CF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XOP SPDR S&P Oil & Gas Exploration & Production ETF	26.71%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%
CF CF Industries Holdings, Inc.	52.60%	-7.17%	10.08%	-4.75%	22.29%	87.18%	-15.76%	12.73%	5.13%	40.24%

Correlation

The correlation between XOP and CF is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.51
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.50

The correlation between XOP and CF has been stable across timeframes, ranging from 0.49 to 0.59 - a consistent structural relationship.

Return for Risk

XOP vs. CF — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 27
XOP Sharpe Ratio Rank: 27
XOP Sortino Ratio Rank: 26
XOP Omega Ratio Rank: 26
XOP Calmar Ratio Rank: 30
XOP Martin Ratio Rank: 27

CF

CF Risk / Return Rank: 63
CF Sharpe Ratio Rank: 65
CF Sortino Ratio Rank: 62
CF Omega Ratio Rank: 60
CF Calmar Ratio Rank: 66
CF Martin Ratio Rank: 64

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.

XOP vs. CF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and CF Industries Holdings, Inc. (CF). 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.

	XOP	CF	Difference
Sharpe ratio: Return per unit of total volatility	0.81	0.60	+0.22
Sortino ratio: Return per unit of downside risk	1.22	1.10	+0.11
Omega ratio: Gain probability vs. loss probability	1.15	1.13	+0.01
Calmar ratio: Return relative to maximum drawdown	1.23	0.98	+0.25
Martin ratio: Return relative to average drawdown	3.01	1.88	+1.13

XOP vs. CF - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.81, which is higher than the CF Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of XOP and CF, 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

XOP vs. CF - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than CF's maximum drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for XOP and CF.

Drawdown Indicators

	XOP	CF	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-76.73%	-13.54%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-25.45%	+6.95%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-29.16%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-48.36%	+13.38%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-60.74%	-21.87%
Current Drawdown Current decline from peak	-40.77%	-14.68%	-26.09%
Average Drawdown Average peak-to-trough decline	-42.57%	-24.91%	-17.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.54%	13.17%	-5.63%

Volatility

XOP vs. CF - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 7.88%, while CF Industries Holdings, Inc. (CF) has a volatility of 8.65%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	CF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.88%	8.65%	-0.77%
Volatility (6M) Calculated over the trailing 6-month period	22.07%	35.68%	-13.61%
Volatility (1Y) Calculated over the trailing 1-year period	28.03%	41.78%	-13.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.73%	38.05%	-4.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.17%	40.12%	+0.05%

Dividends

XOP vs. CF - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.05%, more than CF's 1.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CF CF Industries Holdings, Inc.	1.71%	2.59%	2.34%	2.01%	1.76%	1.70%	3.10%	2.51%	2.76%	2.82%	3.81%	2.94%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.05%	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 XOP and CF in my portfolio?

XOP and CF have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, XOP or CF?

CF has higher volatility (8.65%) compared to XOP (7.88%). In terms of maximum drawdown, XOP dropped -90.27% vs CF's -76.73%.

Which has better risk-adjusted returns?

XOP currently has the higher Sharpe Ratio (0.81 vs 0.60), 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.