XOP vs. XES

Last updated Jun 24, 2026

XOP (SPDR S&P Oil & Gas Exploration & Production ETF) and XES (SPDR S&P Oil & Gas Equipment & Services ETF) are both Energy Equities funds from State Street - XOP tracks the S&P Oil & Gas Exploration & Production Select Industry while XES tracks the S&P Oil & Gas Equipment & Services Select Industry Index. Both are passively managed. Over the past 10 years, XOP returned 3.09%/yr vs -3.65%/yr for XES. Their correlation of 0.86 suggests significant overlap in exposure. Both charge a 0.35% expense ratio.

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.

Returns By Period

In the year-to-date period, XOP achieves a 23.89% return, which is significantly lower than XES's 39.22% return. Over the past 10 years, XOP has outperformed XES with an annualized return of 3.09%, while XES has yielded a comparatively lower -3.65% annualized return.

XOP

• 1D: 0.09%
• 1M: -9.39%
• YTD: 23.89%
• 6M: 23.68%
• 1Y: 23.02%
• 3Y*: 11.00%
• 5Y*: 12.14%
• 10Y*: 3.09%

XES

• 1D: -1.07%
• 1M: -12.19%
• YTD: 39.22%
• 6M: 40.00%
• 1Y: 79.49%
• 3Y*: 17.82%
• 5Y*: 12.58%
• 10Y*: -3.65%

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

XOP vs. XES - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
XOP SPDR S&P Oil & Gas Exploration & Production ETF	23.89%	-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	39.22%	5.89%	-5.44%	6.68%	62.03%	12.00%	-43.38%	-9.00%	-46.99%	-21.93%

Correlation

The correlation between XOP and XES is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.85
Correlation (All Time) Calculated using the full available price history since Jun 22, 2006	0.86

Over the past year, the correlation between XOP and XES has dropped to 0.66 - well below their long-term average of 0.86, suggesting their price drivers have been diverging.

XOP vs. XES - Sectors Allocation Comparison

Sectors	XOP	XES
Energy	96.8%	97.1%
Basic Materials	3.2%	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	2.9%
Real Estate	-	-
Technology	-	-
Utilities	-	-

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: 24
XOP Sharpe Ratio Rank: 24
XOP Sortino Ratio Rank: 23
XOP Omega Ratio Rank: 22
XOP Calmar Ratio Rank: 26
XOP Martin Ratio Rank: 27

XES

XES Risk / Return Rank: 82
XES Sharpe Ratio Rank: 85
XES Sortino Ratio Rank: 77
XES Omega Ratio Rank: 71
XES Calmar Ratio Rank: 90
XES Martin Ratio Rank: 89

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.

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	XES	Difference
Sharpe ratio: Return per unit of total volatility	0.82	2.59	-1.77
Sortino ratio: Return per unit of downside risk	1.23	3.23	-2.00
Omega ratio: Gain probability vs. loss probability	1.15	1.40	-0.25
Calmar ratio: Return relative to maximum drawdown	1.25	5.32	-4.07
Martin ratio: Return relative to average drawdown	3.50	18.76	-15.26

XOP vs. XES - Sharpe Ratio Comparison

The current XOP Sharpe Ratio is 0.82, which is lower than the XES Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of XOP and XES, 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. 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.

Drawdown Indicators

	XOP	XES	Difference
Max Drawdown Largest peak-to-trough decline	-90.27%	-95.65%	+5.38%
Max Drawdown (1Y) Largest decline over 1 year	-18.50%	-15.03%	-3.47%
Max Drawdown (3Y) Largest decline over 3 years	-34.98%	-45.95%	+10.97%
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	-42.09%	-73.11%	+31.02%
Average Drawdown Average peak-to-trough decline	-42.58%	-54.40%	+11.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.60%	4.25%	+2.35%

Volatility

XOP vs. XES - Volatility Comparison

The current volatility for SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is 9.01%, while SPDR S&P Oil & Gas Equipment & Services ETF (XES) has a volatility of 10.30%. This indicates that XOP experiences smaller price fluctuations and is considered to be less risky than XES based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XOP	XES	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.01%	10.30%	-1.29%
Volatility (6M) Calculated over the trailing 6-month period	21.96%	20.80%	+1.16%
Volatility (1Y) Calculated over the trailing 1-year period	28.30%	31.19%	-2.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.88%	39.02%	-5.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.25%	44.96%	-4.71%

XOP vs. XES - Expense Ratio Comparison

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

Dividends

XOP vs. XES - Dividend Comparison

XOP's dividend yield for the trailing twelve months is around 2.10%, more than XES's 1.15% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
XES SPDR S&P Oil & Gas Equipment & Services ETF	1.15%	1.69%	1.31%	0.66%	0.36%	1.81%	1.33%	1.43%	1.14%	1.68%	0.64%	2.47%
XOP SPDR S&P Oil & Gas Exploration & Production ETF	2.10%	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 XES in my portfolio?

XOP and XES have a correlation of 0.66, 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 XES?

XES has higher volatility (10.30%) compared to XOP (9.01%). In terms of maximum drawdown, XOP dropped -90.27% vs XES's -95.65%.

Which ETF is better, XOP or XES?

On 10-year performance, XOP leads with 3.09% vs -3.65% for XES. Both ETFs have the same 0.35% expense ratio. On volatility, XOP has been the lower-risk option at 9.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, XOP or XES?

Over the 10-year period, XOP has performed better with a 3.09% return vs -3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XOP or XES?

XOP and XES have the same expense ratio: 0.35% per year.

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

XOP has the higher dividend yield at 2.10%, compared with 1.15% for XES.

What is the main difference between XOP and XES?

XOP tracks S&P Oil & Gas Exploration & Production Select Industry, while XES tracks S&P Oil & Gas Equipment & Services Select Industry Index.

Which has better risk-adjusted returns?

XES currently has the higher Sharpe Ratio (2.59 vs 0.82), 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.