What are oil equipment & services ETFs?
Oil equipment and services companies do not produce oil themselves. They supply the rigs, tools, equipment and crews that oil and gas producers hire to find, drill and maintain wells. Four of the five ETFs in this group own these businesses. Baker Hughes, Halliburton, NOV and Oceaneering International each appear in four of the five funds. SLB, Solaris Energy Infrastructure, Liberty Energy and Cactus each appear in three.
All five are index funds, which follow a published set of rules rather than a manager's picks. None uses leverage, inverse bets or options. The four services funds split into two styles. VanEck's OIH, which tracks the MVIS US Listed Oil Services 25 Index, and iShares' IEZ are concentrated: their top 10 holdings make up 70.6% and 73.01% of assets, led by SLB and Baker Hughes. SPDR's XES and Invesco's PXJ spread their money more widely, with top 10s of 40.37% and 44.74%. VanEck's CRAK is the odd one out. It tracks the MVIS Global Oil Refiners Index, owns refiners such as Reliance Industries, Marathon Petroleum and Valero Energy, and shares no holdings with the other four.
Costs fall in a narrow band for most of the group. The median expense ratio, the yearly fee taken out of fund assets, is 0.37%. OIH and XES charge the least at 0.35%, and IEZ charges 0.37%. CRAK at 0.61% and PXJ at 0.63% cost the most.
The money is concentrated too. The group holds about $3.0 billion. Because there are only five funds, the five largest hold 100% of it. OIH alone has about $2.0 billion, and PXJ, the smallest, has about $62 million.
Oil equipment & services ETF holdings: the stocks most funds own
The stocks that show up most often among the largest positions of the 5 biggest oil equipment & services ETFs with holdings reports, from their latest N-PORT filings.
| Stock | Funds holding it | Typical weight |
|---|---|---|
| Baker Hughes Co | 4 of 5 | 4.78% |
| Halliburton Co | 4 of 5 | 4.14% |
| NOV Inc | 4 of 5 | 3.6% |
| Oceaneering International Inc | 4 of 5 | 3.25% |
| SLB Ltd | 3 of 5 | 19% |
| TechnipFMC PLC | 3 of 5 | 5.65% |
| Solaris Energy Infrastructure Inc | 3 of 5 | 4.71% |
| Liberty Energy Inc | 3 of 5 | 3.65% |
| Cactus Inc | 3 of 5 | 2.82% |
| Technipfmc plc | 2 of 5 | 4.77% |
| Kodiak Gas Services Inc | 2 of 5 | 4.17% |
| Archrock Inc | 2 of 5 | 4.04% |
Typical weight is the median share of each fund’s assets in the stock, among the funds that hold it in their 25 largest positions.
The largest oil equipment & services ETFs, side by side
Swipe the table to see all 5 funds.
| OIH | XES | IEZ | CRAK | PXJ | |
|---|---|---|---|---|---|
| Net assets | $1.99B | $467.3M | $376.8M | $145.9M | $61.6M |
| Expense ratio | 0.35% | 0.35% | 0.37% | 0.61% | 0.63% |
| Holdings | 25 | 34 | 31 | 25 | 30 |
| In the 10 largest | 70.6% | 40.37% | 73.01% | 59.9% | 44.74% |
| Biggest holding | SLB Ltd (19%) | Solaris Energy Infrastructure Inc (4.71%) | Baker Hughes Company (22.14%) | Reliance Industries Ltd (8.76%) | Frontline PLC (5.68%) |
| Yield | 1.19% | 1.07% | 1.16% | 1.22% | 2.66% |
| 1-year return | +50.0% | +44.9% | +43.4% | +59.8% | +64.3% |
| 3 years, a year | +9.7% | +10.0% | +9.6% | +28.6% | +19.4% |
| 5 years, a year | +15.5% | +15.3% | +15.8% | +19.1% | +22.9% |
| Worst drop, past year | -20.8% | -21.6% | -20.3% | -13.6% | -18.4% |
| Launched | 2011 | 2006 | 2006 | 2015 | 2005 |
The largest ordinary funds by net assets (leveraged and inverse funds are listed further down). Holdings from each fund’s latest N-PORT report; returns include reinvested distributions, as of Oct 27, 2026.
Head to head
OIH vs XES
OIH has about $2.0 billion in net assets and XES about $467 million. Both charge 0.35%. OIH holds 25 stocks, with 70.6% in its top 10 and 19% in SLB. XES spreads 34 stocks out: its top 10 make up 40.37%, and its largest holding, Solaris Energy Infrastructure, is 4.71%. They share 24 holdings and 61.5% of assets. As of October 27, 2026, OIH returned 50% over one year and XES 44.9%, and their worst drops in that year were 20.8% and 21.6%. OIH may suit investors who want the biggest names. XES may suit those who want smaller firms to carry more weight.
OIH vs IEZ
These two overlap the most: they share 24 holdings and 75% of their assets. OIH puts 19% in SLB and 11.86% in Baker Hughes. IEZ puts 22.14% in Baker Hughes and 21.06% in SLB. Their top 10s are 70.6% and 73.01%. OIH charges 0.35% and IEZ 0.37%. OIH is larger, at about $2.0 billion against $377 million. As of October 27, 2026, OIH returned 50% over one year and IEZ 43.4%, and their worst drops in that year were 20.8% and 20.3%. Owning both adds little diversification. Either may suit investors comfortable letting a few big companies drive results.
OIH vs CRAK
These two VanEck funds share no holdings: their overlap is 0%. OIH owns US-listed oil services companies such as SLB and Baker Hughes. CRAK tracks the MVIS Global Oil Refiners Index. Its largest holdings are Reliance Industries at 8.76%, Marathon Petroleum and Valero Energy, and its top 10 make up 59.9%. CRAK costs 0.61% against OIH's 0.35%. It is also much smaller, at about $146 million. As of October 27, 2026, CRAK returned 59.8% over one year to OIH's 50%. Its worst drop was smaller too: 13.6% against 20.8%. CRAK may suit investors interested in refining rather than oilfield services.
How much do the largest oil equipment & services ETFs overlap?
Owning two funds that hold the same stocks adds little diversification. Overlap here is the share of assets two funds have in common: for each stock both own, the smaller of its two weights, added up.
| Funds | Assets in common | Shared holdings | |
|---|---|---|---|
| OIH and IEZ | 75% | 24 | |
| OIH and XES | 61.5% | 24 | |
| XES and IEZ | 61.3% | 31 | |
| XES and PXJ | 51.5% | 18 | |
| OIH and PXJ | 46.6% | 15 | |
| IEZ and PXJ | 42.5% | 18 | |
| OIH and CRAK | 0% | 0 | |
| XES and CRAK | 0% | 0 | |
| IEZ and CRAK | 0% | 0 | |
| CRAK and PXJ | 0% | 0 |
From each fund’s full holdings in its latest N-PORT report.
How have oil equipment & services ETFs performed?
The five largest ordinary funds: growth from the start of the range, distributions reinvested. The dashed gray line is the S&P 500 (SPY).
Best-performing oil equipment & services ETFs over the past year
| # | Fund | Net assets | Cost | 1 mo | YTD | 1 yr | 3 yr |
|---|---|---|---|---|---|---|---|
| 1 | PXJ Invesco Oil & Gas Services ETF | $61.6M | 0.63% | +3.9% | +61.1% | +64.3% | +19.4% |
| 2 | CRAK VanEck Oil Refiners ETF | $145.9M | 0.61% | -3.1% | +65.8% | +59.8% | +28.6% |
| 3 | OIH VanEck Oil Services ETF | $1.99B | 0.35% | +3.9% | +43.6% | +50.0% | +9.7% |
| 4 | XES SPDR S&P Oil & Gas Equipment & Services ETF | $467.3M | 0.35% | +0.1% | +38.6% | +44.9% | +10.0% |
| 5 | IEZ iShares U.S. Oil Equipment & Services ETF | $376.8M | 0.37% | +2.6% | +37.7% | +43.4% | +9.6% |
Funds with at least $25 million in net assets; leveraged and inverse funds left out. Past returns don’t predict future returns.
How oil equipment & services ETFs did in past market crashes
| Fund | 2008 crash | 2020 crash | 2022 drop |
|---|---|---|---|
| OIH | not yet launched | not yet launched | +21.0% |
| XES | not yet launched | not yet launched | +15.9% |
| IEZ | -64.4% | -67.4% | +20.9% |
| CRAK | not yet launched | -45.4% | +1.7% |
| PXJ | -67.3% | -61.4% | +19.8% |
| S&P 500 (SPY) | -55.2% | -33.7% | -24.5% |
Total return from the stock market’s peak to its low in each fall, distributions reinvested.
What drives oil equipment & services ETFs?
Oil equipment and services companies earn their money when oil and gas producers spend on drilling and maintaining wells. Those budgets follow energy prices. When oil and gas fetch high prices, producers drill more and pay more for rigs, tools and crews. When prices slump, they cut back fast. Services firms carry heavy fixed costs, so a modest change in spending can swing their profits by much more. Refiners, which CRAK holds, work differently. They turn crude oil into fuels, so their profits depend on the gap between what crude costs and what fuels fetch. That gap is known as the crack spread.
That tie to energy markets shows in past downturns, in both directions. In the 2008 financial crisis, IEZ fell 64.4% and PXJ 67.3%, while the S&P 500 dropped 55.2%. In the 2020 COVID crash, IEZ lost 67.4%, PXJ 61.4% and CRAK 45.4%, while the S&P 500 lost 33.7%. The 2022 bear market went the other way. As the S&P 500 fell 24.5%, OIH gained 21%, IEZ 20.9%, PXJ 19.8%, XES 15.9% and CRAK 1.7%. These funds have sometimes fallen far harder than the broad market and sometimes moved against it.
Oil equipment & services ETFs with the lowest expense ratios
| # | Fund | Expense ratio | On $10,000 | Net assets |
|---|---|---|---|---|
| 1 | OIH VanEck Oil Services ETF | 0.35% | $35 a year | $1.99B |
| 2 | XES SPDR S&P Oil & Gas Equipment & Services ETF | 0.35% | $35 a year | $467.3M |
| 3 | IEZ iShares U.S. Oil Equipment & Services ETF | 0.37% | $37 a year | $376.8M |
| 4 | CRAK VanEck Oil Refiners ETF | 0.61% | $61 a year | $145.9M |
| 5 | PXJ Invesco Oil & Gas Services ETF | 0.63% | $63 a year | $61.6M |
Ordinary funds with at least $10 million in net assets. The median ordinary oil equipment & services ETF charges 0.37% a year; leveraged and inverse funds usually charge more.
Do oil equipment & services ETFs pay dividends?
5 of the 5 ordinary oil equipment & services ETFs with a page here paid distributions over the last 12 months, with a median yield of 1.19%.
| Highest yields | Yield | Net assets |
|---|---|---|
| PXJ Invesco Oil & Gas Services ETF | 2.66% | $61.6M |
| CRAK VanEck Oil Refiners ETF | 1.22% | $145.9M |
| OIH VanEck Oil Services ETF | 1.19% | $1.99B |
| IEZ iShares U.S. Oil Equipment & Services ETF | 1.16% | $376.8M |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 1.07% | $467.3M |
Distributions over the last 12 months divided by the price; funds with at least $25 million in net assets.
How to choose a oil equipment & services ETF
- Fees range from 0.35% to 0.63%. OIH and XES charge 0.35% a year and IEZ 0.37%. CRAK at 0.61% and PXJ at 0.63% cost noticeably more, and that gap adds up over many years of holding.
- A few giants or a broader spread. OIH and IEZ keep 70.6% and 73.01% in their top 10, led by SLB and Baker Hughes. XES and PXJ have top 10s of 40.37% and 44.74%, so no single holding dominates.
- How each index picks its stocks. All five follow indexes, not managers. OIH tracks the MVIS US Listed Oil Services 25 Index. XES draws on the oil and gas equipment and services segment of a US total market index. PXJ follows an Intellidex index.
- Oil services or oil refiners. CRAK is not a services fund. It owns refiners such as Reliance Industries, Marathon Petroleum and Valero Energy. It shares no holdings with the other four and swung less than they did in the year to October 27, 2026.
- US-only or global holdings. IEZ and XES follow US stock indexes. OIH's index covers US-listed stocks, which can include companies based abroad. CRAK's index is global, which adds foreign companies and the currency swings that come with them.
- Fund size and trading costs. OIH has about $2.0 billion in net assets and PXJ about $62 million. Bigger ETFs tend to have narrower bid-ask spreads (the gap between the two prices quoted for trading). Very small funds are more likely to close.
What are the risks of oil equipment & services ETFs?
- Two stocks can drive OIH and IEZ. SLB and Baker Hughes are 19% and 11.86% of OIH, and 21.06% and 22.14% of IEZ. Trouble at either company would hit both funds hard. Their top 10s are 70.6% and 73.01% of assets.
- Large swings, even in a strong year. As of October 27, 2026, OIH, XES and IEZ gained 43% to 50% over one year, yet each fell more than 20% along the way. Their volatility, a measure of how widely prices swing, ran 29.4% to 31.1%.
- Steep losses in past crashes. IEZ fell 64.4% in the 2008 financial crisis and 67.4% in the 2020 COVID crash. PXJ fell 67.3% and 61.4%. The S&P 500 lost 55.2% and 33.7% over the same periods.
- Owning two adds little diversification. OIH and IEZ share 75% of their assets, and OIH and XES share 61.5%. Holding several services funds mostly doubles up on the same companies, and all of them depend on oil and gas producers' spending.
- Small funds cost more and may close. PXJ has about $62 million in net assets and charges 0.63%. CRAK has about $146 million and charges 0.61%. Very small ETFs can have wider bid-ask spreads and are more likely to shut down.
List of all oil equipment & services ETFs, by size
| # | Fund | Net assets | Cost | Yield | YTD | 1 yr | 5 yr |
|---|---|---|---|---|---|---|---|
| 1 | OIH VanEck Oil Services ETF | $1.99B | 0.35% | 1.19% | +43.6% | +50.0% | +15.5% |
| 2 | XES SPDR S&P Oil & Gas Equipment & Services ETF | $467.3M | 0.35% | 1.07% | +38.6% | +44.9% | +15.3% |
| 3 | IEZ iShares U.S. Oil Equipment & Services ETF | $376.8M | 0.37% | 1.16% | +37.7% | +43.4% | +15.8% |
| 4 | CRAK VanEck Oil Refiners ETF | $145.9M | 0.61% | 1.22% | +65.8% | +59.8% | +19.1% |
| 5 | PXJ Invesco Oil & Gas Services ETF | $61.6M | 0.63% | 2.66% | +61.1% | +64.3% | +22.9% |
Questions investors ask about oil equipment & services ETFs
What is the largest oil services ETF?
VanEck Oil Services ETF (OIH) is the largest. It has about $2.0 billion in net assets, out of roughly $3.0 billion across the five funds in this group. It tracks the MVIS US Listed Oil Services 25 Index and charges 0.35% a year. Next come SPDR S&P Oil & Gas Equipment & Services ETF (XES), with about $467 million, and iShares U.S. Oil Equipment & Services ETF (IEZ), with about $377 million.
What is the cheapest oil services ETF?
OIH and XES tie for the lowest cost, with expense ratios of 0.35%. That means 0.35% of the money invested goes to fees each year. IEZ is close behind at 0.37%. The two smallest funds charge more: VanEck Oil Refiners ETF (CRAK) costs 0.61% and Invesco Oil & Gas Services ETF (PXJ) costs 0.63%. Cost is only one difference, since OIH and XES weight their holdings very differently.
OIH vs XES: what's the difference?
OIH puts much more of its money in a few stocks, while XES spreads it more evenly. OIH holds 25 stocks, with 70.6% in its top 10 and 19% in SLB. XES holds 34, with 40.37% in its top 10 and no position above 4.71%. Both charge 0.35%, and they share 61.5% of their assets. As of October 27, 2026, OIH returned 50% over one year and XES 44.9%.
Do oil services ETFs pay dividends?
Yes. All five funds pay dividends, though the yields are modest. As of October 27, 2026, the median yield was 1.19%. PXJ yielded the most at 2.66%, followed by CRAK at 1.22%, OIH at 1.19%, IEZ at 1.16% and XES at 1.07%. These payouts come from the dividends of the companies each fund holds, so they can change when those companies raise or cut their own dividends.
Which oil services ETFs hold Baker Hughes and SLB?
Baker Hughes is in four of the five funds, every one except CRAK. It is IEZ's largest holding at 22.14% and makes up 11.86% of OIH, but only 4.78% of PXJ. SLB appears in three funds. It is OIH's largest holding at 19% and makes up 21.06% of IEZ. Halliburton, NOV and Oceaneering International also appear in four of the five funds.
How many oil services ETFs are there?
There are five US-listed ETFs in this group: OIH, XES, IEZ, PXJ and CRAK. Together they hold about $3.0 billion in net assets. Four of them own oil equipment and services companies. CRAK owns oil refiners instead and shares no stocks with the others. PXJ is the oldest, launched on October 26, 2005, and CRAK is the newest, launched on August 18, 2015. None of the five is leveraged or inverse.
Is there a 3x oil services ETF?
None of the five US-listed funds in this group is leveraged or inverse. All of them hold stocks directly and aim to match an index. Leveraged ETFs aim for a multiple, such as 3x, of an index's return for a single day and reset every day. Over weeks or months, their results can drift far from 3x the index. That makes them short-term trading tools, not long-term holdings.
Is CRAK an oil services ETF?
Not in the usual sense. VanEck Oil Refiners ETF (CRAK) is grouped with these funds, but it tracks the MVIS Global Oil Refiners Index. It owns refiners such as Reliance Industries, Marathon Petroleum, Valero Energy, Phillips 66 and Neste. It shares no holdings with OIH, XES, IEZ or PXJ, and it costs 0.61%. As of October 27, 2026, it returned 59.8% over one year. Its worst drop in that year was 13.6%, against 20.3% to 21.6% for OIH, XES and IEZ.
Is there a Vanguard, Fidelity or Schwab oil equipment & services ETF?
No. None of the three offers a oil equipment & services ETF. The largest oil equipment & services ETFs come from VanEck (OIH), SPDR (State Street) (XES) and iShares (IEZ), and customers of all three firms can buy other companies’ ETFs in their brokerage accounts. For a broader fund, VDE (Vanguard Energy ETF) and FENY (Fidelity MSCI Energy Index ETF) are covered in our energy ETF guide.
