OIH vs SPY
VanEck Oil Services ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. OIH delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | OIH | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.35% | 0.09% | |
| AUM | $2.0B | $789.1B | |
| Dividend Yield | 1.31% | 1.01% | |
| Holdings | 27 | 505 | |
| YTD Return | +38.71% | +14.47% | |
| 1Y Return | +73.78% | +21.96% | |
| 3Y Return (annualized) | +7.17% | +21.70% | |
| 5Y Return (annualized) | +18.62% | +13.30% | |
| Volatility (annualized) | 36.9% | 15.3% | |
| Max Drawdown | -94.4% | -56.5% | |
| Fund Family | VanEck | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Dec 20, 2011 | Jan 22, 1993 |
OIH vs SPY Performance
VanEck Oil Services ETF (OIH) is a ETF from VanEck and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year OIH returned +73.78% while SPY returned +21.96%. Year to date, OIH is up 38.71% versus a gain of 14.47% for SPY.
Over three years, OIH compounded at +7.17% per year against +21.70% for SPY; over five years the annualized figures are +18.62% and +13.30% respectively. Across the full 26-year window we track, SPY has the edge at +8.87% annualized vs -0.26%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
OIH has been the more volatile fund, with annualized monthly volatility of 36.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -94.4% for OIH and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.60. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
OIH charges 0.35% per year while SPY charges 0.09%. On a $10,000 position that is $35 vs $9 annually, a gap of $26 per year that compounds over a long holding period. On income, OIH currently yields 1.31% against 1.01% for SPY.
Holdings Overlap
OIH and SPY share 3 holdings out of 525 unique holdings combined, representing a 0.2% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, OIH or SPY?
OIH has an expense ratio of 0.35% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, OIH or SPY?
Over the past year OIH returned +73.78% vs +21.96% for SPY, so OIH leads on 1-year performance. Over the longest common window we track (26 years), OIH annualized -0.26% vs +8.87% for SPY. Past performance does not guarantee future results.
Which is riskier, OIH or SPY?
OIH has been the more volatile fund at 36.9% annualized versus 15.3% for SPY. Worst drawdown: OIH -94.4% vs SPY -56.5%.
Should I hold both OIH and SPY?
OIH and SPY have a monthly-return correlation of 0.60, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between OIH and SPY?
OIH and SPY share 3 common holdings with a 0.2% weight overlap. Combined, they hold 525 unique securities.
Which pays a higher dividend, OIH or SPY?
OIH yields 1.31% while SPY yields 1.01%, so OIH currently pays the higher dividend yield.
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