XOP vs. FRO
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while FRO (Frontline Ltd.) is a stock. Over the past 10 years, XOP returned 5.00%/yr vs 26.54%/yr for FRO. Their 0.42 correlation means their historical movements had little consistent relationship.
Performance
XOP vs. FRO - Performance Comparison
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Returns By Period
In the year-to-date period, XOP achieves a 41.76% return, which is significantly lower than FRO's 94.26% return. Over the past 10 years, XOP has underperformed FRO with an annualized return of 5.00%, while FRO has yielded a comparatively higher 26.54% annualized return.
XOP
- 1D
- 1.45%
- 1M
- 15.38%
- 6M
- 27.63%
- YTD
- 41.76%
- 1Y
- 41.65%
- 3Y*
- 10.13%
- 5Y*
- 19.29%
- 10Y*
- 5.00%
- ALL TIME*
- 2.68%
FRO
- 1D
- 0.69%
- 1M
- 13.46%
- 6M
- 48.31%
- YTD
- 94.26%
- 1Y
- 135.73%
- 3Y*
- 45.97%
- 5Y*
- 49.01%
- 10Y*
- 26.54%
- ALL TIME*
- 7.04%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $66.00M | $77.57M | $107.06M | |
| $553.31M | $544.38M | $598.08M |
XOP vs. FRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 41.76% | -2.15% | -1.00% | 3.56% | 45.37% | 66.74% | -36.40% | -9.44% | -28.10% | -9.47% |
FRO Frontline Ltd. | 94.26% | 61.17% | -22.48% | 96.23% | 73.67% | 13.67% | -41.47% | 134.59% | 20.48% | -32.17% |
Correlation
The correlation between XOP and FRO is 0.05, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.05 |
Correlation (3Y) Balances recent behavior with more history. | 0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.34 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006 | 0.42 |
Over the past year, the correlation between XOP and FRO has dropped to 0.05 - well below their long-term average of 0.42, suggesting their price drivers have been diverging.
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Return for Risk
XOP vs. FRO — Risk / Return Rank
XOP
FRO
XOP vs. FRO - 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 Frontline Ltd. (FRO). 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 | FRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.56 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.43 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.26 | 6.38 | -4.12 |
| Martin ratioReturn relative to average drawdown | 5.48 | 16.21 | -10.73 |
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Drawdowns
XOP vs. FRO - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum FRO drawdown of -98.36%. Use the drawdown chart below to compare losses from any high point for XOP and FRO.
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Drawdown Indicators
| XOP | FRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -98.36% | +8.09% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -21.41% | +2.91% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -52.04% | +17.06% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -52.04% | +17.06% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -52.04% | -30.57% |
Current DrawdownCurrent decline from peak | -33.74% | -69.74% | +36.00% |
Average DrawdownAverage peak-to-trough decline | -42.56% | -67.85% | +25.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.67% | 8.41% | -0.74% |
Volatility
XOP vs. FRO - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 8.28%, while Frontline Ltd. (FRO) has a volatility of 12.24%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than FRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XOP | FRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.28% | 12.24% | -3.96% |
Volatility (6M)Calculated over the trailing 6-month period | 22.52% | 33.26% | -10.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.49% | 43.30% | -14.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.53% | 49.77% | -16.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.15% | 51.17% | -11.02% |
Dividends
XOP vs. FRO - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 1.83%, less than FRO's 7.95% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FRO Frontline Ltd. | 7.95% | 4.26% | 13.74% | 14.31% | 1.24% | 0.00% | 25.72% | 0.78% | 0.00% | 6.54% | 19.83% | 1.67% |
XOP SPDR S&P Oil & Gas Exploration & Production ETF | 1.83% | 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 FRO have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FRO has higher volatility (12.24%) compared to XOP (8.28%). In terms of maximum drawdown, XOP dropped -90.27% vs FRO's -98.36%.
FRO currently has the higher Sharpe Ratio (3.16 vs 1.47), 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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