At a glance
XOP charges 0.35% a year, below the 0.36% average of the 8 funds most like it (the 4th cheapest of 9). It has $2.91B in assets, the 3rd largest of that group; it paid 1.56% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +59.0% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds; over three years it returned +14.2% a year. At its worst it fell 33.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 27.9% of the fund, out of 51 in all.
The short version
SPDR S&P Oil & Gas Exploration & Production ETF (XOP), from State Street, tracks the S&P Oil & Gas Exploration & Production Select Industry Index. As of July 31, 2026, that index held 51 U.S. oil and gas producers, refiners and integrated companies. It gives companies roughly equal weights, so smaller firms count about as much as larger ones. It charges 0.35% a year. That is near the 0.36% average of similar funds but well above broad energy funds like XLE (0.08%).
Price history
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XOP +59.0% 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 | |
|---|---|---|---|---|---|---|
| XOP official prospectus, to Dec 31, 2025 | — | -2.15% | — | +19.46% | +2.34% | — |
| XOP price data to Oct 27, 2026 | +60.5% | +59.0% | +14.2% | +16.3% | — | +25.2% |
- Over the year to Oct 27, 2026, XOP returned +59.0%, 4th of 9 among similar funds.
- Its 5-year annualized return was +16.3%.
- Its worst full calendar year was 2025 (-2.1%); its best was 2021 (+66.8%).
- The deepest fall in its price history was 44% (Jun 8, 2020 to Oct 28, 2020), recovered by Jan 12, 2021.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +60.5% | — |
| 2025 | -2.1% | -2.15% |
| 2024 | -1.0% | -1.02% |
| 2023 | +3.5% | +3.54% |
| 2022 | +45.3% | +45.46% |
| 2021 | +66.8% | +66.77% |
| 2020 | — | -36.50% |
| 2019 | — | -9.32% |
| 2018 | — | -28.24% |
| 2017 | — | -9.33% |
| 2016 | — | +38.31% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 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 41.6% over that stretch · deepest drop along the way 33.2%, back to its old high 21 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.2200 | |
| 2025 | $3.3000 | +1.5% |
| 2024 | $3.2500 | -9.5% |
| 2023 | $3.5900 | +7.2% |
| 2022 | $3.3500 | +116.1% |
| 2021 | $1.5500 |
What's inside
As of Jun 30, 2026, the fund held 51 securities; the ten largest made up 27.94% of assets, and 2.99% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Texas Pacific Land Corp | 3.17% | |
| PBF Energy Inc | 2.91% | |
| Delek US Holdings Inc | 2.80% | |
| Expand Energy Corp | 2.80% | |
| CNX Resources Corp | 2.78% | |
| EQT Corp | 2.75% | |
| Valero Energy Corp | 2.74% | |
| Antero Resources Corp | 2.68% | |
| HF Sinclair Corp | 2.67% | |
| Par Pacific Holdings Inc | 2.64% | |
| Marathon Petroleum Corp | 2.64% | |
| Range Resources Corp | 2.58% | |
| Viper Energy Inc | 2.57% | |
| Permian Resources Corp | 2.54% | |
| Phillips 66 | 2.53% |
By country
United States 99.83%By asset type
Stocks 99.83%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $46.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.95%, -8.00%, -5.50%.
How it works
The fund tries to match the S&P Oil & Gas Exploration & Production Select Industry Index, built by S&P Dow Jones Indices. The index draws from the S&P Total Market Index, which covers the broad U.S. stock market. It includes U.S.-based companies in three industry groups: integrated oil and gas, exploration and production, and refining and marketing. To join, a company generally needs a float-adjusted market value (the value of shares available to trade) of at least $500 million and enough trading activity. A member is removed if that value falls below $300 million. As of July 31, 2026, the index held 51 stocks.
The index is "modified equal weighted." Companies get roughly similar weights instead of weights based on size. As of June 30, 2026, the largest holding was Texas Pacific Land at 3.2%. PBF Energy, Delek US Holdings and Expand Energy followed at about 2.8% to 2.9% each. The top 10 holdings made up 27.9% of the fund. The index rebalances every quarter, and the fund's portfolio turnover was 42%.
The adviser, SSGA Funds Management, may hold only a sample of the index stocks. It must keep at least 80% of assets in index securities. The fund can also use futures contracts, a type of derivative, to manage cash. As of June 30, 2026, that futures position was about -0.01% of assets. The fund does not use leverage.
What it really costs
- XOP charges 0.35% a year, versus an average of 0.36% for the similar funds below (4th of 9, 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 |
|---|---|---|---|---|
| XOP | $36 | $113 | $197 | $443 |
In a retirement portfolio
XOP is a narrow bet on one industry whose prices swing with oil and gas, with yearly losses as deep as 36.5%.
XOP could add targeted exposure to U.S. oil and gas producers and refiners, but the ride has been rough. The figures here don't reach back to the 2008 crisis. The prospectus shows a 36.5% loss in 2020, including a 65% drop in the first quarter alone, and a 28.2% loss in 2018. In the 2022 bear market the fund gained 41.6% overall. Even so, it fell 33.2% between June and July 2022 and took 21 months to recover. Someone who has to sell shares during a slump like that could lock in steep losses. Over the 12 months to October 27, 2026, it yielded 1.56%, paid quarterly. It costs 0.35% a year, or $36 in the first year on $10,000 under the SEC's standard example. Past results don't predict future ones, 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 small, targeted stake in U.S. oil and gas producers and refiners, with smaller companies weighted about as heavily as larger ones.
- People who can stomach swings like a 36.5% loss in 2020 followed by a 66.8% gain in 2021.
- Those wanting this niche at 0.35% a year, below IEO's 0.40% and PXE's 0.63%.
Look elsewhere if
- Retirees who may need to sell shares in a downturn; the fund fell 65% in the first quarter of 2020.
- Cost-focused investors seeking broad energy exposure; VDE (0.09%) and XLE (0.08%) cost far less, though they hold a different mix of companies.
- Buy-and-hold investors hoping for steady growth; the fund's average annual return over 10 years through December 31, 2025, was 2.34%.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| XOP this fund | — | 0.35% | $2.91B | +59.0% | +14.2% |
| PXE Invesco Energy Exploration & Production ETF | 66% | 0.63% | $84.7M | +57.9% | +14.1% |
| FCG First Trust Natural Gas ETF | 55% | 0.6% | $589.7M | +46.7% | +10.6% |
| IEO iShares U.S. Oil & Gas Exploration & Produc… | 55% | 0.4% | $516.1M | +67.3% | +18.3% |
| FXN First Trust Energy AlphaDEX Fund | 49% | 0.61% | $379.1M | +58.5% | +15.6% |
| RSPG Invesco S&P 500 Equal Weight Energy ETF | 33% | 0.4% | $573.6M | +56.1% | +19.7% |
| FENY Fidelity MSCI Energy Index ETF | 31% | 0.084% | $2.01B | +56.9% | +20.5% |
| VDE Vanguard Energy ETF | 31% | 0.09% | $13.26B | +62.1% | +21.4% |
Questions investors ask
Does XOP pay a dividend?
Yes. XOP pays dividends quarterly. Over the 12 months to October 27, 2026, it paid $3.13 per share, a yield of 1.56%. The money comes from dividends paid by the oil and gas companies it owns, so payouts can rise and fall with energy profits. It is not built as an income fund, and the payout is modest next to how much the share price can swing.
What's the difference between XOP and PXE?
Both hold U.S. oil and gas exploration and production stocks. Their holdings overlap by 66%, the most of any similar fund. XOP is much cheaper, at 0.35% a year against 0.63% for PXE. It is also far larger: $2.9 billion as of June 30, 2026, against about $85 million for PXE as of July 31, 2026. Their one-year returns to October 27, 2026, were close: 59% for XOP and 57.9% for PXE. IEO is worth comparing too, at 0.40%.
Is XOP a good long-term investment?
Its long-term record is mixed. Through December 31, 2025, XOP returned 19.46% a year on average over five years, but just 2.34% a year over 10 years. It lost money every year from 2017 through 2020, then gained 66.77% in 2021 and 45.46% in 2022. Results depend heavily on oil and gas prices. That can make the fund hard to hold through long slumps.
Why is XOP so volatile?
XOP owns one industry whose profits rise and fall with oil and gas prices. Because the index gives companies roughly equal weights, smaller and often more volatile firms matter as much as larger ones. Its volatility was 28.9% over the year to October 27, 2026. In 2020 it had both its weakest quarter, down 64.97% in the first quarter, and its strongest, up 59.65% in the second.
What is XOP's expense ratio?
XOP's expense ratio is 0.35% a year, according to its prospectus filed October 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $36 after one year, $113 after three, $197 after five and $443 after 10. That is close to the 0.36% average of similar funds. Broad energy funds such as XLE (0.08%) and VDE (0.09%) cost much less.