The State Street SPDR S&P Oil & Gas Equipment & Services ETF (XES Quick QuoteXES - Free Report) was launched on June 19, 2006, and is a passively managed exchange traded fund designed to offer broad exposure to the Energy - Equipment and services segment of the equity market.

While an excellent vehicle for long term investors, passively managed ETFs are a popular choice among institutional and retail investors due to their low costs, transparency, flexibility, and tax efficiency.

Investor-friendly, sector ETFs provide many options to gain low risk and diversified exposure to a broad group of companies in particular sectors. Energy - Equipment and services is one of the 16 broad Zacks sectors within the Zacks Industry classification. It is currently ranked 9, placing it in bottom 44%.

Index Details

The fund is sponsored by State Street Investment Management. It has amassed assets over $258.92 million, making it one of the average sized ETFs attempting to match the performance of the Energy - Equipment and services segment of the equity market. XES seeks to match the performance of the S&P Oil & Gas Equipment & Services Select Industry Index before fees and expenses.

The S&P Oil & Gas Equipment & Services Select Industry Index represents the oil and gas equipment and services sub-industry portion of the S&P Total Markets Index. The S&P TMI tracks all the U.S. common stocks listed on the NYSE, AMEX,NASDAQ National Market and NASDAQ Small Cap exchanges. The Oil & Gas Equipment Index is a modified equal weight index.

Costs

Expense ratios are an important factor in the return of an ETF and in the long term, cheaper funds can significantly outperform their more expensive counterparts, other things remaining the same.

Annual operating expenses for this ETF are 0.35%, making it one of the least expensive products in the space.

It has a 12-month trailing dividend yield of 1.69%.

Sector Exposure and Top Holdings

Even though ETFs offer diversified exposure that minimizes single stock risk, investors should also look at the actual holdings inside the fund. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.

This ETF has heaviest allocation in the Energy sector -- about 100% of the portfolio.

Looking at individual holdings, Liberty Energy Inc (LBRT) accounts for about 6.79% of total assets, followed by Helmerich + Payne (HP) and Transocean Ltd (RIG).

The top 10 holdings account for about 49.89% of total assets under management.

Performance and Risk

So far this year, XES has gained about 3.3%, and it's up approximately 9.4% in the last one year (as of 12/22/2025). During this past 52-week period, the fund has traded between $52.84 and $87.75.

The ETF has a beta of 0.96 and standard deviation of 34.48% for the trailing three-year period, making it a high risk choice in the space. With about 32 holdings, it has more concentrated exposure than peers.

Alternatives

State Street SPDR S&P Oil & Gas Equipment & Services ETF sports a Zacks ETF Rank of 4 (Sell), which is based on expected asset class return, expense ratio, and momentum, among other factors. XES, then, is not the best option for investors seeking exposure to the Energy ETFs segment of the market. However, there are better ETFs in the space to consider.

iShares U.S. Oil Equipment & Services ETF (IEZ) tracks Dow Jones U.S. Select Oil Equipment & Services Index and the VanEck Oil Services ETF (OIH) tracks MVIS U.S. Listed Oil Services 25 Index. iShares U.S. Oil Equipment & Services ETF has $132.55 million in assets, VanEck Oil Services ETF has $1.30 billion. IEZ has an expense ratio of 0.38%, and OIH charges 0.35%.

Bottom Line

To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.