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XOP vs. XES
Performance
Return for Risk
Dividends
Drawdowns
Volatility

XOP vs. XES

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR S&P Oil & Gas Exploration & Production ETF (XOP) and SPDR S&P Oil & Gas Equipment & Services ETF (XES).

XOP and XES are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. XOP is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Exploration & Production Select Industry. It was launched on Jun 19, 2006. XES is a passively managed fund by State Street that tracks the performance of the S&P Oil & Gas Equipment & Services Select Industry Index. It was launched on Jun 19, 2006. Both XOP and XES are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

XOP vs. XES - 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 SPDR S&P Oil & Gas Equipment & Services ETF (XES). The values are adjusted to include any dividend payments, if applicable.

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XOP vs. XES - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
XOP
SPDR S&P Oil & Gas Exploration & Production ETF		39.04%-2.15%-1.00%3.56%45.37%66.74%-36.40%-9.44%-28.10%-9.47%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		39.21%5.89%-5.44%6.68%62.03%12.00%-43.38%-9.00%-46.99%-21.93%

Returns By Period

The year-to-date returns for both investments are quite close, with XOP having a 39.04% return and XES slightly higher at 39.21%. Over the past 10 years, XOP has outperformed XES with an annualized return of 5.87%, while XES has yielded a comparatively lower -2.56% annualized return.

XOP

1D
-3.84%
1M
10.02%
YTD
39.04%
6M
31.49%
1Y
35.18%
3Y*
13.79%
5Y*
18.14%
10Y*
5.87%

XES

1D
-2.19%
1M
0.77%
YTD
39.21%
6M
55.34%
1Y
59.95%
3Y*
16.36%
5Y*
16.76%
10Y*
-2.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR S&P Oil & Gas Exploration & Production ETF

SPDR S&P Oil & Gas Equipment & Services ETF

Often compared with XOP:
XOP vs. XLEXOP vs. OIHXOP vs. VDEXOP vs. SPYXOP vs. GUSHXOP vs. DRIPXOP vs. IYE
Often compared with XES:
XES vs. OIHXES vs. XLEXES vs. IEZXES vs. PSCEXES vs. PXJXES vs. FENYXES vs. USO

XOP vs. XES - Expense Ratio Comparison

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

XOP
SPDR S&P Oil & Gas Exploration & Production ETF
XES
SPDR S&P Oil & Gas Equipment & Services ETF

Return for Risk

XOP vs. XES — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
XOP
XOP Risk / Return Rank: 5454
Overall Rank
XOP Sharpe Ratio Rank: 5757
Sharpe Ratio Rank
XOP Sortino Ratio Rank: 5454
Sortino Ratio Rank
XOP Omega Ratio Rank: 5454
Omega Ratio Rank
XOP Calmar Ratio Rank: 5656
Calmar Ratio Rank
XOP Martin Ratio Rank: 4949
Martin Ratio Rank
XES
XES Risk / Return Rank: 7474
Overall Rank
XES Sharpe Ratio Rank: 7878
Sharpe Ratio Rank
XES Sortino Ratio Rank: 7575
Sortino Ratio Rank
XES Omega Ratio Rank: 7474
Omega Ratio Rank
XES Calmar Ratio Rank: 7979
Calmar Ratio Rank
XES Martin Ratio Rank: 6464
Martin Ratio Rank
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. XES - 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 SPDR S&P Oil & Gas Equipment & Services ETF (XES). 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.

XOPXESDifference

Sharpe ratio

Return per unit of total volatility

1.05

1.50

-0.46

Sortino ratio

Return per unit of downside risk

1.48

1.97

-0.49

Omega ratio

Gain probability vs. loss probability

1.21

1.29

-0.08

Calmar ratio

Return relative to maximum drawdown

1.51

2.26

-0.75

Martin ratio

Return relative to average drawdown

4.90

6.81

-1.90

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

XOP vs. XES - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 1.05, which is lower than the XES Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of XOP and XES, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

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Sharpe Ratios by Period

XOPXESDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.05

1.50

-0.46

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.53

0.42

+0.11

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.15

-0.06

+0.20

Sharpe Ratio (All Time)

Calculated using the full available price history

0.07

-0.08

+0.15

Correlation

The correlation between XOP and XES is 0.86, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

XOP vs. XES - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 1.86%, more than XES's 1.22% yield.

TTM20252024202320222021202020192018201720162015
XOP
SPDR S&P Oil & Gas Exploration & Production ETF		1.86%2.62%2.45%2.63%2.47%1.61%2.34%1.47%0.99%0.76%0.76%2.21%
XES
SPDR S&P Oil & Gas Equipment & Services ETF		1.22%1.69%1.31%0.66%0.36%1.81%1.33%1.43%1.14%1.68%0.64%2.47%

Drawdowns

XOP vs. XES - Drawdown Comparison

The maximum XOP drawdown since its inception was -90.27%, smaller than the maximum XES drawdown of -95.65%. Use the drawdown chart below to compare losses from any high point for XOP and XES.

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Drawdown Indicators

XOPXESDifference

Max Drawdown

Largest peak-to-trough decline

-90.27%

-95.65%

+5.38%

Max Drawdown (1Y)

Largest decline over 1 year

-23.81%

-27.52%

+3.71%

Max Drawdown (5Y)

Largest decline over 5 years

-34.98%

-45.95%

+10.97%

Max Drawdown (10Y)

Largest decline over 10 years

-82.61%

-91.23%

+8.62%

Current Drawdown

Current decline from peak

-35.01%

-73.12%

+38.11%

Average Drawdown

Average peak-to-trough decline

-42.64%

-54.22%

+11.58%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.33%

9.15%

-1.82%

Volatility

XOP vs. XES - Volatility Comparison

SPDR S&P Oil & Gas Exploration & Production ETF (XOP) has a higher volatility of 8.36% compared to SPDR S&P Oil & Gas Equipment & Services ETF (XES) at 7.93%. This indicates that XOP's price experiences larger fluctuations and is considered to be riskier than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

XOPXESDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.36%

7.93%

+0.43%

Volatility (6M)

Calculated over the trailing 6-month period

19.57%

22.22%

-2.65%

Volatility (1Y)

Calculated over the trailing 1-year period

33.73%

40.10%

-6.37%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

34.12%

39.83%

-5.71%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

40.29%

45.19%

-4.90%