XOP vs. ENFR

Last updated Jun 24, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and ENFR (Alerian Energy Infrastructure ETF) are both Energy Equities funds - XOP tracks the S&P Oil & Gas Exploration & Production Select Industry while ENFR tracks the Alerian Midstream Energy Select Index. Both are passively managed. Over the past 10 years, XOP returned 3.09%/yr vs 11.98%/yr for ENFR. A 0.74 correlation means they provide meaningful diversification when combined. Both charge a 0.35% expense ratio.

Performance

XOP vs. ENFR - 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 Alerian Energy Infrastructure ETF (ENFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with XOP having a 23.89% return and ENFR slightly higher at 24.93%. Over the past 10 years, XOP has underperformed ENFR with an annualized return of 3.09%, while ENFR has yielded a comparatively higher 11.98% annualized return.

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

ENFR

• 1D: 1.51%
• 1M: -4.52%
• YTD: 24.93%
• 6M: 25.03%
• 1Y: 27.76%
• 3Y*: 28.90%
• 5Y*: 20.07%
• 10Y*: 11.98%

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

XOP vs. ENFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-2.15%	-1.00%	3.56%	45.37%	66.74%	-36.40%	-9.44%	-28.10%	-9.47%
ENFR Alerian Energy Infrastructure ETF	24.93%	5.88%	42.17%	15.63%	17.48%	39.97%	-24.14%	21.60%	-18.67%	-0.19%

Correlation

The correlation between XOP and ENFR is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.76
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Nov 1, 2013	0.74

The correlation between XOP and ENFR shifts across timeframes, from 0.60 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.

XOP vs. ENFR - Sectors Allocation Comparison

Sectors	XOP	ENFR
Energy	96.8%	98.5%
Basic Materials	3.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	0.1%
Healthcare	-	-
Industrials	-	3.4%
Real Estate	-	-
Technology	-	-
Utilities	-	1.4%

Return for Risk

XOP vs. ENFR — Risk / Return Rank

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

XOP

XOP Risk / Return Rank: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

ENFR

ENFR Risk / Return Rank: 57
ENFR Sharpe Ratio Rank: 59
ENFR Sortino Ratio Rank: 57
ENFR Omega Ratio Rank: 54
ENFR Calmar Ratio Rank: 67
ENFR Martin Ratio Rank: 50

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. ENFR - 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 Alerian Energy Infrastructure ETF (ENFR). 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	ENFR	Difference
Sharpe ratio: Return per unit of total volatility	0.82	1.88	-1.06
Sortino ratio: Return per unit of downside risk	1.23	2.59	-1.36
Omega ratio: Gain probability vs. loss probability	1.15	1.32	-0.17
Calmar ratio: Return relative to maximum drawdown	1.25	3.23	-1.98
Martin ratio: Return relative to average drawdown	3.50	8.24	-4.74

XOP vs. ENFR - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.82, which is lower than the ENFR Sharpe Ratio of 1.88. The chart below compares the historical Sharpe Ratios of XOP and ENFR, 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. ENFR - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than ENFR's maximum drawdown of -68.28%. Use the drawdown chart below to compare losses from any high point for XOP and ENFR.

Drawdown Indicators

	XOP	ENFR	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-68.28%	-21.99%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-8.64%	-9.86%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-15.58%	-19.40%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-20.29%	-14.69%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-62.64%	-19.97%
Current Drawdown Current decline from peak	-42.09%	-4.71%	-37.38%
Average Drawdown Average peak-to-trough decline	-42.58%	-15.94%	-26.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.60%	3.38%	+3.22%

Volatility

XOP vs. ENFR - Volatility Comparison

SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 9.01% compared to Alerian Energy Infrastructure ETF (ENFR) at 5.69%. This indicates that XOP's price experiences larger fluctuations and is considered to be riskier than ENFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	ENFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.01%	5.69%	+3.32%
Volatility (6M) Calculated over the trailing 6-month period	21.96%	11.60%	+10.36%
Volatility (1Y) Calculated over the trailing 1-year period	28.30%	14.86%	+13.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	19.25%	+14.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.25%	24.68%	+15.57%

XOP vs. ENFR - Expense Ratio Comparison

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

Dividends

XOP vs. ENFR - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.10%, less than ENFR's 4.02% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ENFR Alerian Energy Infrastructure ETF	4.02%	4.77%	4.41%	5.48%	5.23%	7.86%	7.57%	5.81%	3.98%	2.98%	3.31%	3.34%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	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 ENFR in my portfolio?

XOP and ENFR have a correlation of 0.60, 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 ENFR?

XOP has higher volatility (9.01%) compared to ENFR (5.69%). In terms of maximum drawdown, XOP dropped -90.27% vs ENFR's -68.28%.

Which ETF is better, XOP or ENFR?

On 10-year performance, ENFR leads with 11.98% vs 3.09% for XOP. Both ETFs have the same 0.35% expense ratio. On volatility, ENFR has been the lower-risk option at 5.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or ENFR?

Over the 10-year period, ENFR has performed better with a 11.98% return vs 3.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or ENFR?

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

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

ENFR has the higher dividend yield at 4.02%, compared with 2.10% for XOP.

What is the main difference between XOP and ENFR?

XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while ENFR tracks Alerian Midstream Energy Select Index. They also come from different issuers: State Street and SS&C.

Which has better risk-adjusted returns?

ENFR currently has the higher Sharpe Ratio (1.88 vs 0.82), 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.