At a glance
OIH charges 0.35% a year, below the 0.43% average of the 4 funds most like it (the 2nd cheapest of 5). It has $1.99B in assets, the largest of that group; it paid 1.19% of its price in distributions over the past 12 months, annual. Over the past year it returned +50.0% with distributions reinvested (S&P 500: +11.5%), 2nd of those 5 funds; over three years it returned +9.7% a year. At its worst it fell 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month after the low. Its ten largest positions make up 70.6% of the fund, out of 25 in all.
The short version
VanEck Oil Services ETF (OIH) is an index fund that tracks the MVIS US Listed Oil Services 25 Index. That index holds 25 U.S.-listed companies that drill wells and sell equipment and services to oil producers. The fund is highly concentrated: SLB and Baker Hughes made up about 31% of assets as of June 30, 2026. At 0.35% a year, it costs less than the 0.43% average of similar funds.
Price history
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OIH +50.0% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| OIH official prospectus, to Dec 31, 2025 | — | +6.67% | — | +14.67% | -4.45% | — |
| OIH price data to Oct 27, 2026 | +43.6% | +50.0% | +9.7% | +15.5% | — | +21.8% |
- Over the year to Oct 27, 2026, OIH returned +50.0%, 2nd of 5 among similar funds.
- Its 5-year annualized return was +15.5%.
- Its worst full calendar year was 2024 (-10.5%); its best was 2022 (+66.2%).
- The deepest fall in its price history was 47.7% (Jun 8, 2020 to Oct 28, 2020), recovered by Jan 6, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +43.6% | — |
| 2025 | +6.8% | +6.67% |
| 2024 | -10.5% | -10.57% |
| 2023 | +3.2% | +3.21% |
| 2022 | +66.2% | +66.14% |
| 2021 | +21.3% | +21.18% |
| 2020 | — | -41.31% |
| 2019 | — | -3.35% |
| 2018 | — | -44.93% |
| 2017 | — | -19.95% |
| 2016 | — | +27.92% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 21% over that stretch · deepest drop along the way 36.4%, back to its old high 1.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $4.8700 | -10.5% |
| 2024 | $5.4400 | +28.9% |
| 2023 | $4.2200 | +46.0% |
| 2022 | $2.8900 | +59.7% |
| 2021 | $1.8100 |
What's inside
As of Jun 30, 2026, the fund held 25 securities; the ten largest made up 70.6% of assets.
| Holding | Weight | |
|---|---|---|
| SLB Ltd | 19.00% | |
| Baker Hughes Co | 11.86% | |
| TechnipFMC PLC | 6.96% | |
| Halliburton Co | 6.45% | |
| Solaris Energy Infrastructure Inc | 5.20% | |
| Tenaris SA | 5.12% | |
| Weatherford International PLC | 4.24% | |
| Transocean Ltd | 4.15% | |
| Noble Corp PLC | 3.96% | |
| Liberty Energy Inc | 3.65% | |
| NOV Inc | 3.60% | |
| Oceaneering International Inc | 3.25% | |
| Valaris Ltd | 3.10% | |
| Patterson-UTI Energy Inc | 2.89% | |
| Cactus Inc | 2.82% |
By country
United States 51.33%Curaçao 19%United Kingdom 10.92%Luxembourg 5.12%Bermuda 4.31%By asset type
Stocks 99.99%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $167.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.93%, -6.63%, -11.06%.
How it works
OIH is passively managed, which means it follows an index. It tries to match the MVIS US Listed Oil Services 25 Index before fees, not beat it. It normally invests at least 80% of its assets in the index's securities and generally holds the same stocks. To get into the index, a company must earn at least 50% of its revenue from oil services to the upstream sector, the part of the industry that finds and produces oil. That covers drilling, equipment and field services. From the 50 largest oil services stocks, the index keeps the top 25, ranked by free-float market value (only shares readily available for trading) and three-month average trading volume.
As of December 31, 2025, the 25 companies ranged from about $746 million to $57.34 billion in market value. Foreign companies listed in the U.S. can qualify, sometimes through depositary receipts, which are bank-issued certificates that represent foreign shares. As of June 30, 2026, about 51% of assets were in U.S. companies.
The fund is non-diversified, so it can put a large share of its money in a single company. As of June 30, 2026, SLB alone was about 19% of assets and the top 10 holdings were about 71%. The fund held no derivatives and almost no cash. It does not take defensive positions in downturns. The prospectus reports portfolio turnover of 21%.
What it really costs
- OIH charges 0.35% a year, versus an average of 0.43% for the similar funds below (2nd of 5, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $36 in the first year and $443 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| OIH | $36 | $113 | $197 | $443 |
In a retirement portfolio
It holds 25 stocks in one narrow industry tied to oil prices, and its results have swung from a 44.93% loss in 2018 to a 66.14% gain in 2022.
OIH could add targeted exposure to oil drilling and equipment companies, but that exposure comes with large swings. The fund lost 44.93% in 2018 and 41.31% in 2020, including a 69.68% drop in the first quarter of 2020. Its 10-year average annual return was -4.45% as of December 31, 2025. In the 2022 bear market it rose 21% between the stock market's January peak and its October low, yet it still fell 36.4% from June to September that year. Price data starting in June 2020 show its deepest drop was 47.7%, and it recovered that loss by January 6, 2021. Someone who has to sell shares in a slump could lock in big losses. The yield was 1.19% as of October 27, 2026, paid once a year. The fund costs 0.35% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want a concentrated position in oil drilling and equipment firms such as SLB, Baker Hughes and Halliburton, held through 25 stocks.
- Cost-conscious investors comparing oil services funds: its 0.35% expense ratio matches XES and is below IEZ (0.40%) and PXJ (0.66%).
- Investors who can hold a small position through deep drops, like the 44.93% loss in 2018 and the 41.31% loss in 2020.
Look elsewhere if
- Investors who need steady income: the yield was 1.19% as of October 27, 2026, and the fund pays just once a year.
- Anyone looking for a long-term core holding: the 10-year average annual return was -4.45% as of December 31, 2025.
- Investors uneasy about single-company risk: as of June 30, 2026, SLB alone was about 19% of assets and the top 10 about 71%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| OIH this fund | — | 0.35% | $1.99B | +50.0% | +9.7% |
| IEZ iShares U.S. Oil Equipment & Services ETF | 75% | 0.4% | $376.8M | +43.4% | +9.6% |
| XES SPDR S&P Oil & Gas Equipment & Services ETF | 62% | 0.35% | $467.3M | +44.9% | +10.0% |
| PXJ Invesco Oil & Gas Services ETF | 47% | 0.66% | $61.6M | +64.3% | +19.4% |
| PSCE Invesco S&P SmallCap Energy ETF | 26% | 0.29% | $109.9M | +42.4% | +5.5% |
Questions investors ask
Is OIH good for retirement?
OIH is a narrow, high-risk fund, not a typical core retirement holding. It owns 25 oil services stocks, and its returns have swung widely: it lost 44.93% in 2018 and 41.31% in 2020, then gained 66.14% in 2022. Its 10-year average annual return was -4.45% as of December 31, 2025. It may suit investors who want a small energy position inside a broader, diversified portfolio.
What's the difference between OIH and IEZ?
The main differences are cost, size and the index each fund follows. The latest N-PORT reports show the two funds share about 75% of their holdings. OIH tracks the MVIS US Listed Oil Services 25 Index, charges 0.35% a year and had $1.99 billion in net assets as of June 30, 2026. The iShares U.S. Oil Equipment & Services ETF (IEZ) charges 0.40% and had about $377 million. In the year to October 27, 2026, OIH returned 50% and IEZ returned 43.4%.
Does OIH pay dividends?
Yes, OIH pays once a year. Its trailing 12-month yield was 1.19% as of October 27, 2026, or about $4.87 per share. This income comes from dividends paid by the companies the fund holds, such as SLB and Baker Hughes. That means it can rise or fall with their payouts. Investors who rely on regular income may want to weigh the once-a-year schedule and the modest yield.
What are OIH's top holdings?
As of June 30, 2026, OIH's largest holdings were SLB (about 19% of assets), Baker Hughes (11.9%), TechnipFMC (7.0%), Halliburton (6.4%), Solaris Energy Infrastructure (5.2%) and Tenaris (5.1%). Together, the top 10 made up about 70.6% of the fund. About 51% of assets were in U.S. companies. The rest were in companies based in Curaçao, the UK, Luxembourg, Bermuda and Ireland, all listed on U.S. exchanges.
What is OIH's expense ratio?
OIH's expense ratio is 0.35% a year, according to its prospectus filed April 29, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $36 after one year, $113 after three, $197 after five and $443 after ten. That is below the 0.43% average for similar funds and the same as XES.