XOP(XOP)
AI Look-Through Summary
AI GeneratedThe XOP ETF presents a highly concentrated exposure to the energy sector, with holdings in this industry accounting for nearly 57% of its total portfolio weight. This heavy tilt is immediately evident from the top ten constituents, where nine out of ten positions are explicitly classified within the energy space or related upstream operators. The fund's structure relies significantly on large-cap oil and gas exploration companies such as Diamondback Energy, APA Corporation, and Continental Resources, which collectively represent a substantial portion of the asset base alongside mid-sized producers like Marathon Petroleum. This composition suggests that the instrument serves primarily as a leveraged proxy for crude oil price movements rather than a diversified play across all energy sub-sectors or broader commodity markets.
Geographically, while specific regional breakdowns are not provided in the current data snapshot, the dominance of US-based exploration and production firms implies a strong domestic bias aligned with North American supply dynamics. The inclusion of Basic Materials at just 1.6% indicates that any exposure to downstream refining inputs or equipment suppliers is minimal compared to the overwhelming focus on direct hydrocarbon extraction. With an asset under management exceeding $3 billion, the fund possesses sufficient liquidity for institutional participation but maintains a narrow risk profile due to its lack of diversification outside the energy complex. The concentration in specific names like SM and MUR, which may have varying operational models or debt profiles relative to pure producers, adds another layer of complexity that investors must weigh against sector-wide volatility trends without assuming correlation with broader equity indices.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-05-24 02:17:14.848121+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 95/100The investment theme implied by the ticker XOP is explicitly focused on energy, and this focus is strongly reflected in the portfolio composition. The top holdings are almost exclusively comprised of companies operating within the energy sector, with labels such as DINO, APA, FANG, MPC, VLO, CRGY, and DVN clearly identifying them as producers or refiners. While a small number of positions lack explicit sector tags in the provided data, their presence alongside dominant energy names suggests they are likely upstream service providers or midstream operators integral to the value chain rather than unrelated diversifiers. The portfolio does not exhibit signs of using broad-market mega-cap stocks merely to stabilize returns; instead, every significant holding appears functionally aligned with the core objective of providing exposure to the oil and gas industry.
Sector coherence is high, as energy constitutes nearly 57% of the total assets under management, dwarfing the minimal allocation to basic materials at just over one percent. This heavy weighting ensures that the fund's performance remains tightly coupled with commodity prices rather than broader macroeconomic trends affecting unrelated industries. The concentration risk profile appears manageable given a top-ten holding weight of roughly 29%, which indicates diversification across approximately twenty-six distinct entities within the energy space. Consequently, the fund maintains a clear differentiation from broad market indices by avoiding significant exposure to technology, healthcare, or financial services sectors. The structure suggests a genuine thematic mandate where sector weights are consistent with the stated goal of isolating returns specifically from the energy complex without dilution from unrelated assets.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-21 05:39:13.168027+00
🏢 Sector Analysis
AI GeneratedThe sector allocation of XOP is defined by a dominant exposure to the Energy industry, which accounts for nearly 57% of total assets. This heavy weighting indicates an investment thesis strictly centered on oil and gas producers rather than a broad-based commodity strategy that would typically include significant allocations to Basic Materials or other sectors. The minimal presence in Basic Materials at just 1.6% suggests the fund avoids diversification across the broader resource complex, instead focusing exclusively on companies with direct operational ties to hydrocarbon extraction and production. Consequently, the portfolio's performance will likely mirror macroeconomic drivers specific to crude oil prices and energy demand rather than general commodity cycles or industrial growth trends.
Concentration risk is a defining characteristic of this structure, evidenced by both the singular sector dominance and the top-10 holdings concentration of 29.2%. With twenty-six distinct positions in Energy alone, the fund maintains some internal diversification within its primary sector but remains highly vulnerable to idiosyncratic risks affecting major producers like SM, DINO, APA, CHRD, and FANG. The fact that these five entities comprise a substantial portion of the portfolio implies that adverse events impacting any single leader could disproportionately influence overall returns. This setup creates a factor tilt toward large-cap value characteristics often associated with established energy majors, while simultaneously exposing investors to heightened volatility if market sentiment shifts away from traditional fossil fuel assets or if regulatory changes target the specific operational models of these top holders.
AI-generated sector analysis from constituent-level data. Not investment advice. Updated: 2026-05-23 16:39:31.347978+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share XOP's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 100% of XOP's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| VDEVDE | $13B | — | 48 | 96.9% |
| SPTMSPTM | $12B | — | 37 | 85.8% |
| VYMVanguard High Dividend Yield Index Fund ETF Shares | $90B | — | 25 | 67.1% |
| ONEOONEO | $25M | — | 22 | 55.8% |
| VFVAVFVA | $758M | — | 21 | 51.3% |
97% of XOP's portfolio by weight is also held by VDE, which commands 4× more assets under management. When VDE receives inflows, it mechanically buys these shared stocks — dragging XOP's NAV along regardless of any thematic or sector catalyst. Combined, the top 5 overlapping ETFs control exposure to 100% ofXOP's weight.
Overlap computed from constituent-level holdings data across 5 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Replaces $249/yr MorningstarPeer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Weighted metrics calculated based on 87% of fund assets with available data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Sector & Cap Explorer
ETF Fundamental Radar
Operational health is mixed, with the bulk of weight in the mid-range (4–6) Piotroski scores.
Piotroski F-Score (Operational Health)
Score 0-9: Measures Profitability, Leverage, and Efficiency
Computed by rolling up individual stock Piotroski F-Scores, Altman Z-Scores, and Beneish M-Scores weighted by each constituent's allocation. Data that Vanguard and BlackRock don't surface.
Dividend Safety True-Up
DeterministicThe dividend-paying companies inside XOP collectively pay out 60% of their Free Cash Flow to maintain the current yield. This is a sustainable payout level with moderate room for dividend growth. Based on 61% of fund weight in dividend-paying stocks.
FCF Payout Ratio = Dividends Paid / Free Cash Flow, weighted by constituent allocation. Not investment advice.
Earnings vs. Price Decomposition
ProprietaryXOP is up 39.8% over the last 12 months. The underlying weighted earnings growth of its constituents is +27.2%. The remaining +12.7% of performance is driven by multiple expansion (P/E inflation) — prices rose faster than earnings grew.
Earnings growth = weighted average YoY EPS growth of all constituents (capped at ±500% to limit outlier distortion). Based on 87% of fund weight with earnings data. Not investment advice.
Value Creation Map
ROIC vs WACCWhat percentage of XOP's weight is allocated to companies that create economic value (ROIC > WACC) vs. destroy it?
Of XOP's analyzed weight, 53% is invested in companies earning more than their cost of capital — genuine value creators. The remaining 47% consists of companies whose ROIC falls below their WACC, effectively destroying shareholder value with every dollar invested.
ROIC-WACC spread for 84% of fund weight with available data. Not investment advice.
Passive Crowding Score
MODERATEHow much of each constituent's market cap is structurally locked in passive ETFs — a proxy for liquidity fragility during sell-offs.
XOP has a Passive Crowding Score of 35/100. On average, 10.4% of the market capitalization of XOP's underlying holdings is structurally locked in passive ETF vehicles. This indicates moderate passive ownership density. Index rebalances and ETF creation/redemption activity can amplify short-term volatility in the underlying holdings.
Passive $ = Σ(ETF AUM × holding weight) across all 15 tracked ETFs. Actual passive ownership is higher (includes mutual funds, pension funds). Not investment advice.
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | SM | SM ENERGY CO | 3.32% | 13.0x | 6/9 |
| 2 | DINO | HF SINCLAIR CORP Energy | 3.10% | 10.5x | 7/9 |
| 3 | APA | APA CORP Energy | 2.98% | 8.5x | 6/9 |
| 4 | CHRD | CHORD ENERGY CORP Energy | 2.93% | 199.3x | 4/9 |
| 5 | FANG | DIAMONDBACK ENERGY INC Energy | 2.91% | 195.4x | 5/9 |
| 6 | MUR | MURPHY OIL CORP | 2.84% | 61.3x | 4/9 |
| 7 | MPC | MARATHON PETROLEUM CORP Energy | 2.80% | 16.4x | 7/9 |
| 8 | VG | VENTURE GLOBAL INC CL A | 2.79% | 12.5x | 6/9 |
| 9 | CRGY | CRESCENT ENERGY INC A Energy | 2.77% | 25.4x | 6/9 |
| 10 | VNOM | VIPER ENERGY INC CL A | 2.74% | — | — |
| 11 | OVV | OVINTIV INC | 2.74% | 12.9x | 8/9 |
| 12 | OXY | OCCIDENTAL PETROLEUM CORP Energy | 2.71% | 76.5x | 4/9 |
| 13 | EOG | EOG RESOURCES INC Energy | 2.70% | 13.1x | 3/9 |
| 14 | PR | PERMIAN RESOURCES CORP CL A | 2.70% | 17.1x | 4/9 |
| 15 | VLO | VALERO ENERGY CORP Energy | 2.67% | 17.9x | 6/9 |
Historical Holdings Snapshots
Browse how XOP’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-05-24
15 holdings · 42.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.32% | 3,459,446 | — |
| 2 | DINO | 3.10% | 1,572,430 | — |
| 3 | APA | 2.98% | 2,689,299 | — |
| 4 | CHRD | 2.93% | 710,517 | — |
| 5 | FANG | 2.91% | 502,004 | — |
| 6 | MUR | 2.84% | 2,607,816 | — |
| 7 | MPC | 2.80% | 391,004 | — |
| 8 | VG | 2.79% | 7,116,110 | — |
| 9 | CRGY | 2.77% | 7,324,881 | — |
| 10 | VNOM | 2.74% | 2,023,921 | — |
| 11 | OVV | 2.74% | 1,610,344 | — |
| 12 | OXY | 2.71% | 1,595,309 | — |
| 13 | EOG | 2.70% | 669,138 | — |
| 14 | PR | 2.70% | 4,582,244 | — |
| 15 | VLO | 2.67% | 383,726 | — |
2026-05-23
15 holdings · 42.7% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.32% | 3,459,446 | — |
| 2 | DINO | 3.10% | 1,572,430 | — |
| 3 | APA | 2.98% | 2,689,299 | — |
| 4 | CHRD | 2.93% | 710,517 | — |
| 5 | FANG | 2.91% | 502,004 | — |
| 6 | MUR | 2.84% | 2,607,816 | — |
| 7 | MPC | 2.80% | 391,004 | — |
| 8 | VG | 2.79% | 7,116,110 | — |
| 9 | CRGY | 2.77% | 7,324,881 | — |
| 10 | VNOM | 2.74% | 2,023,921 | — |
| 11 | OVV | 2.74% | 1,610,344 | — |
| 12 | OXY | 2.71% | 1,595,309 | — |
| 13 | EOG | 2.70% | 669,138 | — |
| 14 | PR | 2.70% | 4,582,244 | — |
| 15 | VLO | 2.67% | 383,726 | — |
2026-05-22
15 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.40% | 3,365,407 | — |
| 2 | DINO | 3.15% | 1,529,684 | — |
| 3 | APA | 2.98% | 2,616,193 | — |
| 4 | CHRD | 2.92% | 691,201 | — |
| 5 | FANG | 2.89% | 488,364 | — |
| 6 | MUR | 2.87% | 2,536,932 | — |
| 7 | MPC | 2.85% | 380,378 | — |
| 8 | VG | 2.81% | 6,922,675 | — |
| 9 | CRGY | 2.80% | 7,125,770 | — |
| 10 | VLO | 2.73% | 373,298 | — |
| 11 | VNOM | 2.72% | 1,968,910 | — |
| 12 | OVV | 2.70% | 1,566,575 | — |
| 13 | PR | 2.70% | 4,457,680 | — |
| 14 | EOG | 2.67% | 650,944 | — |
| 15 | DVN | 2.67% | 1,901,556 | — |
2026-05-21
15 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.28% | 3,442,321 | — |
| 2 | DINO | 3.12% | 1,564,640 | — |
| 3 | APA | 3.04% | 2,675,980 | — |
| 4 | CHRD | 2.91% | 706,996 | — |
| 5 | MUR | 2.90% | 2,594,910 | — |
| 6 | VG | 2.90% | 7,080,877 | — |
| 7 | FANG | 2.88% | 499,524 | — |
| 8 | MPC | 2.83% | 389,072 | — |
| 9 | VLO | 2.78% | 381,830 | — |
| 10 | CRGY | 2.77% | 7,288,616 | — |
| 11 | VNOM | 2.72% | 2,013,901 | — |
| 12 | OVV | 2.71% | 1,602,377 | — |
| 13 | MTDR | 2.68% | 1,568,753 | — |
| 14 | PR | 2.68% | 4,559,551 | — |
| 15 | DVN | 2.68% | 1,945,017 | — |
2026-05-20
15 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.21% | 3,433,777 | — |
| 2 | DINO | 3.09% | 1,560,757 | — |
| 3 | APA | 3.02% | 2,669,338 | — |
| 4 | CHRD | 2.97% | 705,241 | — |
| 5 | MUR | 2.95% | 2,588,470 | — |
| 6 | FANG | 2.89% | 498,284 | — |
| 7 | MPC | 2.84% | 388,106 | — |
| 8 | VG | 2.82% | 7,063,303 | — |
| 9 | VNOM | 2.78% | 2,008,903 | — |
| 10 | VLO | 2.77% | 380,882 | — |
| 11 | CRGY | 2.76% | 7,270,526 | — |
| 12 | DVN | 2.71% | 1,940,190 | — |
| 13 | OVV | 2.70% | 1,598,400 | — |
| 14 | MTDR | 2.68% | 1,564,859 | — |
| 15 | PR | 2.68% | 4,548,234 | — |
2026-05-19
15 holdings · 42.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | SM | 3.19% | 3,408,163 | — |
| 2 | DINO | 3.11% | 1,549,117 | — |
| 3 | CHRD | 2.98% | 699,982 | — |
| 4 | MUR | 2.97% | 2,569,162 | — |
| 5 | APA | 2.96% | 2,649,427 | — |
| 6 | FANG | 2.89% | 494,567 | — |
| 7 | VG | 2.86% | 7,010,617 | — |
| 8 | MPC | 2.82% | 385,211 | — |
| 9 | VNOM | 2.80% | 1,993,918 | — |
| 10 | DVN | 2.74% | 1,925,718 | — |
| 11 | OVV | 2.73% | 1,586,478 | — |
| 12 | VLO | 2.72% | 378,041 | — |
| 13 | PR | 2.70% | 4,514,307 | — |
| 14 | MTDR | 2.69% | 1,553,186 | — |
| 15 | OXY | 2.69% | 1,571,665 | — |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Price Chart with Moving Averages
What Drove XOP Today?
Daily return attribution — which holdings contributed most (and least) to the fund's move.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How XOP’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
Explore More
Quant metrics computed deterministically from financial statements and price data. Updated: 2026-06-02.
SecuritiesDB is for informational purposes only. Not investment advice.