XOP vs. OILU

Last updated Aug 2, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and OILU (MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN) are both exchange-traded funds - XOP is a Energy Equities fund tracking the S&P Oil & Gas Exploration & Production Select Industry, while OILU is a Leveraged Equities fund tracking the Solactive MicroSectors Oil & Gas Exploration & Production Index. Both are passively managed. Over the past 3 years, XOP returned 10.13%/yr vs 1.15%/yr for OILU. Their correlation of 0.93 means they have usually moved in the same direction. XOP charges 0.35%/yr vs 0.95%/yr for OILU.

Performance

XOP vs. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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 lower than OILU's 95.09% 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%

OILU

• 1D: 3.79%
• 1M: 38.67%
• 6M: 37.11%
• YTD: 95.09%
• 1Y: 107.91%
• 3Y*: 1.15%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.25%

*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)
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	$8.21M	$8.45M	$7.94M
XOP SPDR S&P Oil & Gas Exploration & Production ETF	$553.31M	$544.38M	$598.08M

XOP vs. OILU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XOP SPDR S&P Oil & Gas Exploration & Production ETF	41.76%	-2.15%	-1.00%	3.56%	45.37%	-13.54%
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	95.09%	-16.50%	-21.65%	-32.50%	151.08%	-16.79%

Correlation

The correlation between XOP and OILU is 0.91, meaning they have usually moved in the same direction, including during past declines.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.91
Correlation (3Y) Balances recent behavior with more history.	0.92
Correlation (All Time) Calculated using the full available price history since Nov 9, 2021	0.93

The correlation between XOP and OILU has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

XOP vs. OILU - Sectors Allocation Comparison

Sectors	XOP	OILU
Energy	95.1%	100.0%
Basic Materials	4.3%	-
Industrials	2.2%	-
Technology	0.6%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

XOP vs. OILU — 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

OILU

OILU Risk / Return Rank: 56
OILU Sharpe Ratio Rank: 65
OILU Sortino Ratio Rank: 57
OILU Omega Ratio Rank: 55
OILU Calmar Ratio Rank: 59
OILU Martin Ratio Rank: 45

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. OILU - 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 MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU). 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	OILU	Difference
Sharpe ratio: Return per unit of total volatility	1.47	1.50	-0.03
Sortino ratio: Return per unit of downside risk	1.96	1.96	0.00
Omega ratio: Gain probability vs. loss probability	1.24	1.24	0.00
Calmar ratio: Return relative to maximum drawdown	2.26	2.07	+0.19
Martin ratio: Return relative to average drawdown	5.48	5.11	+0.36

XOP vs. OILU - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 1.47, which is comparable to the OILU Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of XOP and OILU, 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. OILU - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, which is greater than OILU's maximum drawdown of -81.00%. Use the drawdown chart below to compare losses from any high point for XOP and OILU.

Drawdown Indicators

	XOP	OILU	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-81.00%	-9.27%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-46.49%	+27.99%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-69.09%	+34.11%
Max Drawdown (5Y) Largest decline over 5 years	-34.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.61%	—	—
Current Drawdown Current decline from peak	-33.74%	-47.53%	+13.79%
Average Drawdown Average peak-to-trough decline	-42.56%	-50.69%	+8.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.67%	18.88%	-11.21%

Volatility

XOP vs. OILU - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 8.28%, while MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN (OILU) has a volatility of 19.22%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than OILU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	OILU	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.28%	19.22%	-10.94%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	51.99%	-29.47%
Volatility (1Y) Calculated over the trailing 1-year period	28.49%	64.36%	-35.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.53%	80.80%	-47.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.15%	80.80%	-40.65%

XOP vs. OILU - Expense Ratio Comparison

XOP has a 0.35% expense ratio, which is lower than OILU's 0.95% expense ratio.

Dividends

XOP vs. OILU - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 1.83%, while OILU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OILU MicroSectors Oil & Gas Exploration & Production 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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 OILU in my portfolio?

With a correlation of 0.91, XOP and OILU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, XOP or OILU?

OILU has higher volatility (19.22%) compared to XOP (8.28%). In terms of maximum drawdown, XOP dropped -90.27% vs OILU's -81.00%.

Which ETF is better, XOP or OILU?

On 3-year performance, XOP leads with 10.13% vs 1.15% for OILU. On fees, XOP is cheaper at 0.35% per year. On volatility, XOP has been the lower-risk option at 8.28%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or OILU?

Over the 3-year period, XOP has performed better with a 10.13% return vs 1.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or OILU?

XOP is cheaper with a 0.35% expense ratio, compared with 0.95% for OILU.

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

XOP has the higher dividend yield at 1.83%, compared with 0.00% for OILU.

What is the main difference between XOP and OILU?

XOP is categorized as Energy Equities, while OILU is Leveraged Equities. XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while OILU tracks Solactive MicroSectors Oil & Gas Exploration & Production Index. They also come from different issuers: State Street and BMO. Their fees differ too: 0.35% for XOP and 0.95% for OILU.

Which has better risk-adjusted returns?

OILU currently has the higher Sharpe Ratio (1.50 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.