XOP vs. DVN
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while DVN (Devon Energy Corporation) is a stock. Over the past 10 years, XOP returned 2.97%/yr vs 4.23%/yr for DVN. Their correlation of 0.86 suggests significant overlap in exposure.
Performance
XOP vs. DVN - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 26.71% return, which is significantly higher than DVN's 16.71% return. Over the past 10 years, XOP has underperformed DVN with an annualized return of 2.97%, while DVN has yielded a comparatively higher 4.23% 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%
DVN
- 1D
- 0.50%
- 1M
- -4.66%
- 6M
- 19.55%
- YTD
- 16.71%
- 1Y
- 27.54%
- 3Y*
- -2.77%
- 5Y*
- 13.19%
- 10Y*
- 4.23%
XOP vs. DVN - 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% |
DVN Devon Energy Corporation | 16.71% | 15.03% | -25.21% | -23.08% | 50.86% | 199.88% | -35.34% | 16.81% | -45.09% | -8.74% |
Correlation
The correlation between XOP and DVN is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.88 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.86 |
The correlation between XOP and DVN has been stable across timeframes, ranging from 0.86 to 0.88 - a consistent structural relationship.
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Return for Risk
XOP vs. DVN — Risk / Return Rank
XOP
DVN
XOP vs. DVN - 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 Devon Energy Corporation (DVN). 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 | DVN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.08 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 1.16 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | 1.25 | -0.02 |
| Martin ratioReturn relative to average drawdown | 3.01 | 3.40 | -0.39 |
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Drawdowns
XOP vs. DVN - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, roughly equal to the maximum DVN drawdown of -94.93%. Use the drawdown chart below to compare losses from any high point for XOP and DVN.
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Drawdown Indicators
| XOP | DVN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -94.93% | +4.66% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -22.15% | +3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -49.22% | +14.24% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -61.45% | +26.47% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -88.51% | +5.90% |
Current DrawdownCurrent decline from peak | -40.77% | -45.58% | +4.81% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -35.95% | -6.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 8.15% | -0.61% |
Volatility
XOP vs. DVN - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 7.88%, while Devon Energy Corporation (DVN) has a volatility of 11.41%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than DVN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XOP | DVN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 11.41% | -3.53% |
Volatility (6M)Calculated over the trailing 6-month period | 22.07% | 25.77% | -3.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.03% | 33.75% | -5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.73% | 40.87% | -7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 49.49% | -9.32% |
Dividends
XOP vs. DVN - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 2.05%, less than DVN's 2.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DVN Devon Energy Corporation | 2.46% | 2.62% | 4.43% | 4.55% | 8.41% | 5.24% | 4.30% | 1.35% | 1.33% | 0.58% | 0.92% | 3.00% |
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
XOP and DVN have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DVN has higher volatility (11.41%) compared to XOP (7.88%). In terms of maximum drawdown, XOP dropped -90.27% vs DVN's -94.93%.
DVN currently has the higher Sharpe Ratio (0.82 vs 0.81), 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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