XOP vs. HAP

Last updated Aug 2, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and HAP (VanEck Natural Resources ETF) are both Energy Equities funds - XOP tracks the S&P Oil & Gas Exploration & Production Select Industry while HAP tracks the MarketVector Global Natural Resources Index. Both are passively managed. Over the past 10 years, XOP returned 5.00%/yr vs 11.44%/yr for HAP. Their 0.74 correlation means they have sometimes moved together and sometimes differently. XOP charges 0.35%/yr vs 0.42%/yr for HAP.

Performance

XOP vs. HAP - 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 VanEck Natural Resources ETF (HAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, XOP achieves a 41.76% return, which is significantly higher than HAP's 18.12% return. Over the past 10 years, XOP has underperformed HAP with an annualized return of 5.00%, while HAP has yielded a comparatively higher 11.44% annualized return.

XOP

• 1D: 1.45%
• 1M: 14.72%
• 6M: 27.63%
• YTD: 41.76%
• 1Y: 46.74%
• 3Y*: 10.13%
• 5Y*: 19.29%
• 10Y*: 5.00%
• ALL TIME*: 2.68%

HAP

• 1D: -1.03%
• 1M: 2.81%
• 6M: 5.60%
• YTD: 18.12%
• 1Y: 39.17%
• 3Y*: 14.98%
• 5Y*: 12.25%
• 10Y*: 11.44%
• ALL TIME*: 5.91%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HAP VanEck Natural Resources ETF	$1.89M	$2.98M	$2.39M
XOP SPDR S&P Oil & Gas Exploration & Production ETF	$553.31M	$544.38M	$598.08M

XOP vs. HAP - 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%
HAP VanEck Natural Resources ETF	18.12%	34.91%	-4.08%	2.46%	7.84%	25.04%	6.30%	18.60%	-10.68%	17.12%

Correlation

The correlation between XOP and HAP is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.56
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (10Y) Provides a long-term view across more market conditions.	0.70
Correlation (All Time) Calculated using the full available price history since Sep 3, 2008	0.74

Over the past year, the correlation between XOP and HAP has dropped to 0.35 - well below their long-term average of 0.74, suggesting their price drivers have been diverging.

XOP vs. HAP - Sectors Allocation Comparison

Sectors	XOP	HAP
Energy	95.1%	28.7%
Basic Materials	4.3%	38.2%
Industrials	2.2%	11.6%
Technology	0.6%	1.0%
Communication Services	-	-
Consumer Cyclical	-	0.2%
Consumer Defensive	-	6.3%
Financial Services	-	-
Healthcare	-	3.8%
Real Estate	-	0.4%
Utilities	-	9.8%

Return for Risk

XOP vs. HAP — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

XOP

XOP Risk / Return Rank: 58
XOP Sharpe Ratio Rank: 64
XOP Sortino Ratio Rank: 57
XOP Omega Ratio Rank: 56
XOP Calmar Ratio Rank: 65
XOP Martin Ratio Rank: 48

HAP

HAP Risk / Return Rank: 91
HAP Sharpe Ratio Rank: 93
HAP Sortino Ratio Rank: 91
HAP Omega Ratio Rank: 91
HAP Calmar Ratio Rank: 92
HAP Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

XOP vs. HAP - 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 VanEck Natural Resources ETF (HAP). 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	HAP	Difference
Sharpe ratio: Return per unit of total volatility	1.47	2.48	-1.01
Sortino ratio: Return per unit of downside risk	1.96	3.21	-1.25
Omega ratio: Gain probability vs. loss probability	1.24	1.44	-0.20
Calmar ratio: Return relative to maximum drawdown	2.26	4.28	-2.02
Martin ratio: Return relative to average drawdown	5.48	12.10	-6.62

XOP vs. HAP - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 1.47, which is lower than the HAP Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of XOP and HAP, 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. HAP - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than HAP's maximum drawdown of -50.99%. Use the drawdown chart below to compare losses from any high point for XOP and HAP.

Drawdown Indicators

	XOP	HAP	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-50.99%	-39.28%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-9.09%	-9.41%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-16.92%	-18.06%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	-25.66%	-9.32%
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	-44.07%	-38.54%
Current Drawdown Current decline from peak	-33.74%	-4.67%	-29.07%
Average Drawdown Average peak-to-trough decline	-42.56%	-12.03%	-30.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.67%	3.21%	+4.46%

Volatility

XOP vs. HAP - Volatility Comparison

SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 8.28% compared to VanEck Natural Resources ETF (HAP) at 4.08%. This indicates that XOP's price experiences larger fluctuations and is considered to be riskier than HAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	HAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.28%	4.08%	+4.20%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	12.98%	+9.54%
Volatility (1Y) Calculated over the trailing 1-year period	28.49%	15.67%	+12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.53%	18.21%	+15.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.15%	19.67%	+20.48%

XOP vs. HAP - Expense Ratio Comparison

XOP has a 0.35% expense ratio, which is lower than HAP's 0.42% expense ratio.

Dividends

XOP vs. HAP - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 1.83%, less than HAP's 1.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HAP VanEck Natural Resources ETF	1.92%	2.27%	2.65%	3.27%	3.28%	2.16%	2.45%	2.80%	2.85%	2.02%	1.99%	3.00%
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

Can I hold both XOP and HAP in my portfolio?

XOP and HAP have a correlation of 0.35, 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 HAP?

XOP has higher volatility (8.28%) compared to HAP (4.08%). In terms of maximum drawdown, XOP dropped -90.27% vs HAP's -50.99%.

Which ETF is better, XOP or HAP?

On 10-year performance, HAP leads with 11.44% vs 5.00% for XOP. On fees, XOP is cheaper at 0.35% per year. On volatility, HAP has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or HAP?

Over the 10-year period, HAP has performed better with a 11.44% return vs 5.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or HAP?

XOP is cheaper with a 0.35% expense ratio, compared with 0.42% for HAP.

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

HAP has the higher dividend yield at 1.92%, compared with 1.83% for XOP.

What is the main difference between XOP and HAP?

XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while HAP tracks MarketVector Global Natural Resources Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.35% for XOP and 0.42% for HAP.

Which has better risk-adjusted returns?

HAP currently has the higher Sharpe Ratio (2.48 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.