XOP vs. NOG
XOP (SPDR S&P Oil & Gas Exploration & Production ETF) is Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while NOG (Northern Oil and Gas, Inc.) is a stock. Over the past 10 years, XOP returned 2.97%/yr vs -7.03%/yr for NOG. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
XOP vs. NOG - 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 NOG's -10.36% return. Over the past 10 years, XOP has outperformed NOG with an annualized return of 2.97%, while NOG has yielded a comparatively lower -7.03% 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%
NOG
- 1D
- -1.44%
- 1M
- -7.12%
- 6M
- -12.00%
- YTD
- -10.36%
- 1Y
- -35.02%
- 3Y*
- -14.51%
- 5Y*
- 3.47%
- 10Y*
- -7.03%
XOP vs. NOG - 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% |
NOG Northern Oil and Gas, Inc. | -10.36% | -38.20% | 4.84% | 25.54% | 54.51% | 136.72% | -62.56% | 3.54% | 10.24% | -25.45% |
Correlation
The correlation between XOP and NOG is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.71 |
Correlation (All Time) Calculated using the full available price history since Apr 13, 2007 | 0.68 |
The correlation between XOP and NOG shifts across timeframes, from 0.68 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
XOP vs. NOG — Risk / Return Rank
XOP
NOG
XOP vs. NOG - 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 Northern Oil and Gas, Inc. (NOG). 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 | NOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.18 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.89 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | 1.23 | -0.85 | +2.08 |
| Martin ratioReturn relative to average drawdown | 3.01 | -1.62 | +4.63 |
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Drawdowns
XOP vs. NOG - Drawdown Comparison
The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum NOG drawdown of -98.96%. Use the drawdown chart below to compare losses from any high point for XOP and NOG.
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Drawdown Indicators
| XOP | NOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.27% | -98.96% | +8.69% |
Max Drawdown (1Y)Largest decline over 1 year | -18.50% | -41.43% | +22.93% |
Max Drawdown (3Y)Largest decline over 3 years | -34.98% | -55.08% | +20.10% |
Max Drawdown (5Y)Largest decline over 5 years | -34.98% | -55.08% | +20.10% |
Max Drawdown (10Y)Largest decline over 10 years | -82.61% | -92.98% | +10.37% |
Current DrawdownCurrent decline from peak | -40.77% | -92.85% | +52.08% |
Average DrawdownAverage peak-to-trough decline | -42.57% | -69.82% | +27.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.54% | 21.78% | -14.24% |
Volatility
XOP vs. NOG - Volatility Comparison
The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 7.88%, while Northern Oil and Gas, Inc. (NOG) has a volatility of 14.14%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than NOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| XOP | NOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.88% | 14.14% | -6.26% |
Volatility (6M)Calculated over the trailing 6-month period | 22.07% | 32.39% | -10.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.03% | 45.38% | -17.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.73% | 49.25% | -15.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.17% | 70.57% | -30.40% |
Dividends
XOP vs. NOG - Dividend Comparison
XOP's dividend yield for the trailing twelve months is around 2.05%, less than NOG's 9.72% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NOG Northern Oil and Gas, Inc. | 9.72% | 8.38% | 4.41% | 4.02% | 2.86% | 0.75% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
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 NOG have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NOG has higher volatility (14.14%) compared to XOP (7.88%). In terms of maximum drawdown, XOP dropped -90.27% vs NOG's -98.96%.
XOP currently has the higher Sharpe Ratio (0.81 vs -0.78), 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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