SPY vs XES
State Street SPDR S&P 500 ETF Trust vs State Street SPDR S&P Oil & Gas Equipment & Services ETF
Quick Verdict
SPY has a lower expense ratio. XES delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | SPY | XES | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.35% | |
| AUM | $821.1B | $382M | |
| Dividend Yield | 1.01% | 1.17% | |
| Holdings | 505 | 36 | |
| YTD Return | +13.70% | +48.81% | |
| 1Y Return | +21.44% | +93.43% | |
| 3Y Return (annualized) | +22.50% | +12.24% | |
| 5Y Return (annualized) | +13.24% | +22.41% | |
| Volatility (annualized) | 15.3% | 39.8% | |
| Max Drawdown | -56.5% | -96.1% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Equity | Equity | |
| Inception | Jan 22, 1993 | Jun 19, 2006 |
SPY vs XES Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES) is a ETF from State Street Investment Management. Over the past year SPY returned +21.44% while XES returned +93.43%. Year to date, SPY is up 13.70% versus a gain of 48.81% for XES.
Over three years, SPY compounded at +22.50% per year against +12.24% for XES; over five years the annualized figures are +13.24% and +22.41% respectively. Across the full 20-year window we track, SPY has the edge at +8.84% annualized vs -3.65%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
XES has been the more volatile fund, with annualized monthly volatility of 39.8% 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 -56.5% for SPY and -96.1% for XES. 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 0.61. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while XES charges 0.35%. On a $10,000 position that is $9 vs $35 annually, a gap of $26 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 1.17% for XES.
Holdings Overlap
SPY and XES share 3 holdings out of 536 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, SPY or XES?
SPY has an expense ratio of 0.09% while XES charges 0.35%. SPY is the cheaper option. On a $10,000 investment, that is $26 per year of difference.
Which performed better, SPY or XES?
Over the past year SPY returned +21.44% vs +93.43% for XES, so XES leads on 1-year performance. Over the longest common window we track (20 years), SPY annualized +8.84% vs -3.65% for XES. Past performance does not guarantee future results.
Which is riskier, SPY or XES?
XES has been the more volatile fund at 39.8% annualized versus 15.3% for SPY. Worst drawdown: SPY -56.5% vs XES -96.1%.
Should I hold both SPY and XES?
SPY and XES have a monthly-return correlation of 0.61, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and XES?
SPY and XES share 3 common holdings with a 0.2% weight overlap. Combined, they hold 536 unique securities.
Which pays a higher dividend, SPY or XES?
SPY yields 1.01% while XES yields 1.17%, so XES currently pays the higher dividend yield.
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