XES ETF: What Is It? A Complete Guide to Returns, Fees, Holdings, and Alternative ETFs
The SPDR S&P Oil & Gas Equipment & Services ETF is a passive sector product that invests in US oil and gas equipment and services companies. Sector concentration, fees, and the oil price outlook are the key points to check, and comparison with broad energy ETFs is the main selection criterion. Its trading ticker is XES.
SubscribeWhat Is the SPDR S&P Oil & Gas Equipment & Services ETF?
This is a passive sector ETF that tracks an index of US oil and gas equipment and services companies that support energy production, such as drilling equipment and oilfield services providers. It diversifies using a method close to equal weighting.
It suits sector investors who want to bet on oil prices and the energy investment cycle while accepting the large volatility that comes with sector concentration.
It is a passively managed (index-tracking) ETF run by State Street.
How Does the SPDR S&P Oil & Gas Equipment & Services ETF Invest?
| Item | Details |
|---|---|
| Tracked index | S&P Oil & Gas Equipment & Services Index |
| Management style | Passive (equal-weight tilt) |
| Rebalancing frequency | Quarterly |
| Dividend frequency | Quarterly |
| Expense ratio | 0.35% |
The fund tracks, on a near equal-weight basis, an index of US oil and gas equipment and services companies that support energy production, such as drilling equipment and oilfield services providers. By focusing on equipment and services companies rather than large integrated oil companies, it has more sensitive exposure to oil prices and the energy investment cycle.
- Concentrated in the oil and gas equipment and services sector
- Equal-weight tilt increases the allocation to small and mid-sized companies
SPDR S&P Oil & Gas Equipment & Services ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $366.4M, and the expense ratio is 0.35% per year.
Unlike broad energy ETFs, it is concentrated in the equipment and services sector, so it is more heavily driven by oil price swings and the energy investment cycle, and its volatility is very high.
SPDR S&P Oil & Gas Equipment & Services ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeOil and gas equipment and services companies react sensitively to oil prices and to energy producers' drilling and exploration spending. They can perform strongly when high oil prices boost energy investment, but in periods of weak oil prices or slowing investment, they can swing more sharply than integrated oil companies.
Money tends to flow into equipment and services ETFs when expectations of strong oil prices and expanding energy investment rise, and it can leave quickly when concerns about weak oil prices or slowing investment grow.
SPDR S&P Oil & Gas Equipment & Services ETF Pros and Cons
Its strength is high leverage to oil prices and the energy investment cycle, while its weakness is very large volatility stemming from sector concentration and oil price dependence.
💪 Key Strengths
⚠️ Points to Watch
SPDR S&P Oil & Gas Equipment & Services ETF Alternative ETFs and Related Products
OIH, IEZ, and the other ETFs shown in the table invest in the same energy equipment and services space, while XOP and similar ETFs invest in oil and gas exploration and production. For broader energy exposure, you can also compare US energy FENY, energy AlphaDEX FXN, and global energy IXC. They differ in sector scope, weighting method, and fees, so it is best to choose according to your investment style.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 XOP | State Street SPDR S&P Oil & Gas Exploration & Production ETF | $203.76 | +2.1% | $4.6B | 0.35% | 1.53% | +61.9% |
 OIH | VanEck Oil Services ETF | $411.57 | +0.9% | $2.0B | 0.35% | 1.18% | +43.6% |
 FTXN | First Trust Nasdaq Oil & Gas ETF | $43.47 | +1.9% | $1.2B | 0.60% | 1.65% | +59.8% |
 IEO | iShares U.S. Oil & Gas Exploration & Production ETF | $151.13 | +2.4% | $914.6M | 0.37% | 1.45% | +70.5% |
 SGDM | Sprott Gold Miners ETF | $64.86 | -5.2% | $598.0M | 0.46% | 1.12% | +9.8% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 SEI | Solaris Energy Infrastructure Inc | 0.05% | $70.70 | +2.3% | $5.7B | 89.8 | 0.68% |
 AROC | Archrock Inc | 0.05% | $31.70 | -1.3% | $5.6B | 17.0 | 2.89% |
 KGS | Kodiak Gas Services Inc | 0.05% | $46.86 | -2.8% | $4.7B | 55.9 | 4.28% |
 PTEN | Patterson-UTI Energy Inc | 0.04% | $13.32 | +5.0% | $5.1B | - | 3% |
 WTTR | Select Water Solutions Inc | 0.04% | $19.73 | -1.0% | $2.5B | 73.8 | 1.47% |
 TDW | Tidewater Inc | 0.04% | $87.33 | +2.4% | $4.3B | 17.7 | 0.27% |
| HAL | Halliburton Co | 0.04% | $36.17 | +0.8% | $29.9B | 15.1 | 1.89% |
 NE | Noble Corp Plc | 0.04% | $49.00 | +3.3% | $7.8B | 150.9 | 4.08% |
| FTI | TechnipFMC plc | 0.04% | $68.77 | +2.7% | $27.0B | 21.7 | 0.37% |
| SLB | SLB Ltd | 0.04% | $53.74 | -0.1% | $79.3B | 26.2 | 2.19% |
SPDR S&P Oil & Gas Equipment & Services ETF Investor Checkpoints
Here are the points to review before investing in XES. As an oil and gas equipment and services ETF, it is important to check sector concentration, oil price dependence, volatility, and fee level in advance.
| Checkpoint | What to check | Current status |
|---|---|---|
| 💵 Expense ratio | Check the fee of the sector ETF | Needs checking |
| ⛏️ Sector concentration | Check concentration in the equipment and services sector | High concentration |
| 🪙 Oil price dependence | Impact of oil prices on performance | Highly sensitive |
| 📉 Volatility | Check the very large volatility inherent to the sector | Very high |
Because it is concentrated in the equipment and services sector, it is heavily driven by oil prices and the energy investment cycle, and in periods of weak oil prices or slowing investment it can swing more sharply than integrated oil companies. The very large volatility that comes with sector concentration should also be taken into account.
It is a passive ETF suited to sector investors who want to bet on oil prices and the energy investment cycle while accepting large volatility. If you want broad energy exposure, a broad energy ETF may be the better fit, while XES can be an alternative for those who want to focus on the equipment and services cycle.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 5, 2026.
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