Oil & Gas Exploration & Production vs the S&P 500 (XOP): is it outperforming?
Over the past month, XOP has outperformed the S&P 500 by 5.4 points. Here is where that puts it in the sector rotation — updated daily.
Where XOP sits on the rotation map
Oil & Gas Exploration & Production 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.
XOP vs SPY: head-to-head returns
XOP (oil & gas exploration & production) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means XOP won that window.
Data as of 2026-08-27 · computed from daily adjusted closes · how we measure
The read
Oil & Gas Exploration & Production (XOP) sits in the Outperformers quadrant of the rotation map: it has decisively beaten the S&P 500 by 5.4 points over the past month, on top of a 4.8-point advantage over the longer, time-shifted window. Ranked by one-month spread, it currently stands #29 of the 115 groups Zensei tracks.
On the shorter tape, XOP's momentum is mixed: the longer intraday trend is still positive, but the recent windows have gone flat. XOP's relative-strength line is holding around its moving averages — the trend is intact but no longer extending. The longer trend remains healthier than the recent tape suggests — the kind of divergence worth rechecking in a week.
The exposure comes via SPDR S&P Oil & Gas Exploration & Production ETF, whose 51 tracked holdings are led by PBF ENERGY INC CLASS A, PAR PACIFIC HOLDINGS INC and DELEK US HOLDINGS INC REGISTERED SHS STOCK SETTLEMENT. Weighted by portfolio, the fund's holdings trade at roughly 18.3× earnings and 5.3× sales. The thing to watch from here is durability: outperformers that hold their one-month spread while the longer window keeps building tend to stay out front; a fading spread is the early exit signal.
What's inside XOP
Top 5 of 51 tracked holdings, by portfolio weight.
Oil & Gas Exploration & Production vs the market — common questions
Is oil & gas exploration & production outperforming the S&P 500?
Right now, yes: over the past month XOP has outperformed the S&P 500 by 5.4 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is XOP?
XOP is SPDR S&P Oil & Gas Exploration & Production ETF, the fund Zensei uses to measure the oil & gas exploration & production group against the S&P 500 benchmark (SPY).
Which stocks are in XOP?
XOP's largest tracked positions are PBF ENERGY INC CLASS A, PAR PACIFIC HOLDINGS INC, DELEK US HOLDINGS INC REGISTERED SHS STOCK SETTLEMENT, HF SINCLAIR CORP, VALERO ENERGY CORP — 51 holdings in total. The full list, with each stock measured against the group, is part of Zensei Premium.
What quadrant is oil & gas exploration & production in right now?
As of the latest daily data, oil & gas exploration & production is in the Outperformers quadrant — outperforming the S&P 500 on both the recent and the longer, time-shifted window. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track oil & gas exploration & production 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.