Oil & Gas Equipment & Services vs the S&P 500 (XES): is it outperforming?
Over the past month, XES has underperformed the S&P 500 by 8.9 points. Here is where that puts it in the sector rotation — updated daily.
Where XES sits on the rotation map
Oil & Gas Equipment & Services highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
XES vs SPY: head-to-head returns
XES (oil & gas equipment & services) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XES won that window.
Data as of 2026-07-14 · computed from daily adjusted closes · how we measure
The read
Oil & Gas Equipment & Services (XES) is out of favor: it trails the S&P 500 on both rotation windows — 8.9 points behind over the past month and 0.3 points behind over the longer, time-shifted window. That is the lagging quadrant. Ranked by one-month spread, it currently stands #100 of the 115 groups Zensei tracks.
On the shorter tape, XES's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. XES's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The exposure comes via SPDR S&P Oil & Gas Equipment & Services ETF, whose 34 tracked holdings are led by ARCHROCK INC, KODIAK GAS SERVICES INC and OCEANEERING INTERNATIONAL INC. Weighted by portfolio, the fund's holdings trade at roughly 41.7× earnings and 2.3× sales. The thing to watch from here is the one-month spread: laggards only become interesting when the recent window turns positive first — until then, the market is voting elsewhere.
What's inside XES
Top 5 of 34 tracked holdings, by portfolio weight.
Oil & Gas Equipment & Services vs the market — common questions
Is oil & gas equipment & services outperforming the S&P 500?
Right now, no: over the past month XES has underperformed the S&P 500 by 8.9 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XES?
XES is SPDR S&P Oil & Gas Equipment & Services ETF, the fund Zensei uses to measure the oil & gas equipment & services group against the S&P 500 benchmark (SPY).
Which stocks are in XES?
XES's largest tracked positions are ARCHROCK INC, KODIAK GAS SERVICES INC, OCEANEERING INTERNATIONAL INC, SELECT WATER SOLUTIONS INC CLASS A, TECHNIPFMC PLC — 34 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is oil & gas equipment & services in right now?
As of the latest daily data, oil & gas equipment & services is in the lagging quadrant — trailing the S&P 500 on both windows. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track oil & gas equipment & services against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.