Oil & Gas Equipment & Services vs the S&P 500 (XES): is it outperforming?
Over the past month, XES has outperformed the S&P 500 by 4.7 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 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Oil & Gas Equipment & Services (XES) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 7.3 points, but over the past month it has moved decisively ahead of the market — a 4.7-point edge that puts it in the Emerging quadrant. Ranked by one-month spread, it currently stands #30 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 dropped below its moving averages — the outperformance trend is fading. 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 SELECT WATER SOLUTIONS INC CLASS A. Weighted by portfolio, the fund's holdings trade at roughly 109.2× earnings and 2.2× sales. The thing to watch from here is confirmation: emerging groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
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, yes: over the past month XES has outperformed the S&P 500 by 4.7 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, SELECT WATER SOLUTIONS INC CLASS A, OCEANEERING INTERNATIONAL INC, 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 Emerging quadrant — behind the market over the longer window, but ahead over the past month. 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.