# How Occidental Petroleum (OXY) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/oxy
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on OXY alone. It places OXY (Occidental Petroleum Corporation) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where OXY stands in the market, and of the alternatives worth a closer look.

Period covered: OXY's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** OXY has outpaced the market, rising 14.5% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. Its exploration & production peers were far apart over the past 3 months, from COP (ConocoPhillips, up 27.0%) to FANG (Diamondback Energy, up 4.2%).
- **Stock or market?:** OXY's 14.5% gain over the past 3 months is part of a broader exploration & production rally: the exploration & production ETF XOP (State Street SPDR S&P Oil & Gas Exploration & Production ETF) rose 18.1%, with COP (ConocoPhillips, up 27.0%) and CNQ (Canadian Natural Resources, up 24.4%). OXY rose 9.9% last month as the S&P 500 fell 0.6% and the Nasdaq 100 fell 3.2%.
- **Past 1 to 3 years:** Over the past year, OXY rose 56.4% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. On the flip side, OXY finished behind the S&P 500 in both 2024 and 2025.
- **Long term:** OXY turned $10,000 into $11,200 over the past decade, against $42,100 in the S&P 500. On the flip side, the past 5 years have been the better stretch: OXY rose 103% against 81.7% for the S&P 500, after trailing over the decade.
- **In a crash:** Across seven sell-offs, OXY has typically fallen 1.4 times as far as the S&P 500. In the Covid crash, OXY fell 76.8%, against 33.7% for the S&P 500. That was more than COP (ConocoPhillips, 61.8%) but less than FANG (Diamondback Energy, 80.2%).
- **Diversification:** OXY is a real diversifier: a correlation of 0.10 with the S&P 500 over 5 years and 0.09 with the total US market, less closely than 95% of stocks worth at least $300 million. OXY moves far less with the S&P 500 than it used to, with a correlation of 0.10 over the past 5 years against 0.56 in the 5 years before.
- **Better options**
  - **Popular alternatives:** XOM (Exxonmobil), CVX (Chevron) and CNQ (Canadian Natural Resources) earned more than OXY with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 15.2% a year at 37.9%.
  - **Nearby categories and themes:** MPC (Marathon Petroleum, oil & gas) and SHEL (Shell, integrated oil & gas) earned more than OXY with less volatility over the past 5 years. MPC returned 51.2% a year at 33.4% volatility, against 15.2% a year at 37.9%.
  - **Whole market:** 277 of the 3,633 stocks and funds worth at least $500 million earned more than OXY with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and LLY (Eli Lilly and Company).

## How much would $10,000 in OXY have grown?

This chart tracks a hypothetical $10,000 investment in OXY over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of OXY over the same span and OXY's popular alternatives, among those that traded for the entire period.

- $10,000 invested in OXY at the end of September 1997 would have grown to $102,456 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of OXY, and EOG finished highest, at $380,118.

## OXY at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- OXY's deepest decline since it began trading in 1986 was 88.4%, from May 2011 to October 2020. It has not yet climbed back to that peak.
- Over 29 full calendar years, OXY's best was 2022, when it returned 119%, and its worst was 2020, when it lost 56.6%. It lost money in 12 of those years.
- OXY is 11.6% below its all-time high.

- Type: Stock, Energy (Oil & Gas Exploration & Production)
- Trading since: October 20, 1986
- Market value: $63B
- Volatility (5 years): 37.9%; Sharpe ratio: 0.56
- Worst decline ever: −88.4%, from May 2, 2011 to October 28, 2020; not yet back at its high

| Period | OXY total return |
| --- | --- |
| 1 month | +9.9% |
| 3 months | +14.5% |
| 6 months | +16.6% |
| year to date | +50.6% |
| 1 year | +56.4% |
| 3 years | +2.0% |
| 5 years | +103% |
| 10 years | +11.6% |

## OXY against the whole market

Where OXY ranks among every stock and fund, and what across the market has done better.

### How does OXY rank among all stocks?

This section ranks OXY on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- OXY's worst decline of the past 10 years ranks in the bottom 13% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- OXY's 1-year return ranks in the top 14% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | OXY | Rank |
| --- | --- | --- |
| 1-year return | +56.4% | 466 of 3,287 (top 15%) |
| 3-year return | +2.0% | 2,298 of 3,017 (top 77%) |
| 5-year return | +103% | 667 of 2,893 (top 24%) |
| 10-year return | +11.6% | 1,761 of 2,202 (top 80%) |
| Volatility, 5 years | 37.9% | 1,320 of 2,893 (top 46%) |
| Sharpe ratio, 5 years | 0.56 | 771 of 2,893 (top 27%) |
| Worst decline, past 10 years | −88.4% | 1,893 of 2,187 (top 87%) |

### What has beaten OXY on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 222 stocks and 55 ETFs worth at least $500 million sit in the green region: each earned more than OXY over the past 5 years with smaller price swings. That is 8% of the 3,633 screened.
- Among those with at least half OXY's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 35% less than OXY's 37.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.56 for OXY. MPC earned the most, 51.2% a year, while still swinging less than OXY (33.4% against 37.9%).
- Among OXY's popular alternatives, XOM, WES and CNQ are in the region. XOM earned 27.1% a year against 15.2% a year for OXY, at 26.5% volatility, 30% less than OXY's 37.9%.

### Is there a better investment than OXY?

The table below lists investments that beat OXY over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among OXY's popular alternatives, XOM, CVX and CNQ earned more than OXY with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 15.2% a year at 37.9%.
- Looking beyond its popular alternatives, MPC (oil & gas) and SHEL (integrated oil & gas) earned more than OXY with less volatility over the past 5 years. MPC returned 51.2% a year at 33.4% volatility, against 15.2% a year at 37.9%.
- Across the whole market, 277 of the 3,633 stocks and funds worth at least $500 million earned more than OXY with less volatility over the past 5 years, among them AAPL, GOOG and LLY.

The 15 strongest of 277 investments that beat OXY over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with OXY | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| OXY: Occidental Petroleum Corporation (this page) |  | +15.2% | 37.9% | 0.56 | −88.4% | +11.6% |  |  |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | -0.03 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | -0.13 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MRK](https://easycompare.io/research/mrk): Merck & Co., Inc. | Pharmaceuticals | +16.3% | 24.8% | 0.74 | −43.4% | +241% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| KOF: Coca-Cola FEMSA, S.A.B. de C.V. | Food & Beverages | +22.3% | 24.7% | 0.94 | −55.1% | +119% | 0.12 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | Integrated Oil & Gas | +27.1% | 26.5% | 1.04 | −61.0% | +214% | 0.77 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.66 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AMGN](https://easycompare.io/research/amgn): Amgen Inc. | Biotechnology | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.27 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BWFG: Bankwell Financial Group, Inc. | Banks - Regional | +20.1% | 28.5% | 0.79 | −64.7% | +240% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | Energy Equity | +22.6% | 25.5% | 0.93 | −66.8% | +189% | 0.85 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| BAP: Credicorp Ltd. | Banks | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [NTAP](https://easycompare.io/research/ntap): NetApp, Inc. | Computer Hardware | +20.9% | 35.3% | 0.71 | −58.1% | +691% | 0.05 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| CIB: Grupo Cibest S.A. | Banks | +32.9% | 32.9% | 1.03 | −70.4% | +345% | 0.36 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [SHEL](https://easycompare.io/research/shel): Shell plc | Integrated Oil & Gas | +21.0% | 24.8% | 0.90 | −67.2% | +233% | 0.71 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |

## OXY against its popular alternatives

The investments people most often weigh against OXY, compared period by period and year by year.

### How do OXY's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Seven of the 20 popular alternatives, led by XOM, CNQ and WES, were both more rewarding and calmer than OXY over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, OXY returned 15.2% a year, more than the S&P 500's 12.7%, with higher volatility (37.9% against 17.1%).

### Has OXY consistently beaten its popular alternatives?

This section compares OXY with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Nine of the 20 popular alternatives, led by CNQ, COP and PR, outperformed OXY in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- CNQ, COP and PR outperformed OXY in every long-term period and in all but one short-term period, the most consistent record in the group.
- XOM, CNQ and CVX earned more for the risk they took than OXY (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of OXY | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| OXY: Occidental Petroleum Corporation (this page) | +56.4% | +2.0% | +103% | +11.6% |  |  | 0.56 |
| [CNQ](https://easycompare.io/research/cnq): Canadian Natural Resources Limited | +87.7% | +90.4% | +224% | +433% | 5/5 short-term, 3/3 long-term | all-weather | 0.89 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | +72.9% | +28.5% | +131% | +379% | 5/5 short-term, 3/3 long-term | all-weather | 0.68 |
| PR: Permian Resources Corporation | +108% | +86.6% | +317% | +99.2% | 5/5 short-term, 3/3 long-term | all-weather | 0.85 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | +62.4% | +76.7% | +232% | +214% | 4/5 short-term, 3/3 long-term | all-weather | 1.04 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | +51.9% | +53.4% | +144% | +238% | 3/5 short-term, 3/3 long-term | consistent | 0.84 |
| OVV: Ovintiv Inc. | +98.3% | +52.5% | +99.6% | +56.0% | 5/5 short-term, 2/3 long-term | consistent | 0.54 |
| APA: APA Corporation | +130% | +31.9% | +111% | +0.9% | 5/5 short-term, 2/3 long-term | consistent | 0.56 |
| MUR: Murphy Oil Corporation | +62.7% | +2.9% | +74.9% | +109% | 4/5 short-term, 2/3 long-term | consistent | 0.48 |
| CHRD: Chord Energy Corporation | +77.0% | +4.9% | +117% | — | 4/5 short-term, 2/3 long-term | consistent | 0.59 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | +53.1% | +31.9% | +115% | +131% | 2/5 short-term, 3/3 long-term |  | 0.64 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | +46.8% | +35.7% | +125% | +160% | 0/5 short-term, 3/3 long-term |  | 0.63 |
| WES: Western Midstream Partners, LP | +27.6% | +110% | +187% | +128% | 0/5 short-term, 3/3 long-term |  | 0.91 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | +61.8% | +15.0% | +56.0% | +69.6% | 2/5 short-term, 2/3 long-term |  | 0.42 |
| CRC: California Resources Corp | +18.9% | +9.2% | +38.7% | +397% | 0/5 short-term, 2/3 long-term |  | 0.36 |
| SM: SM Energy Company | +88.7% | −1.4% | +39.5% | +123% | 5/5 short-term, 1/3 long-term |  | 0.39 |
| NOG: Northern Oil and Gas, Inc. | +39.8% | −16.6% | +40.8% | +41.7% | 2/5 short-term, 1/3 long-term |  | 0.38 |
| MTDR: Matador Resources Company | +36.6% | −5.3% | +39.7% | +168% | 0/5 short-term, 1/3 long-term |  | 0.38 |
| MGY: Magnolia Oil & Gas Corporation | +14.0% | +18.4% | +35.9% | — | 0/5 short-term, 1/3 long-term |  | 0.35 |
| HAL: Halliburton Company | +51.5% | −14.7% | +39.8% | −17.1% | 0/5 short-term, 0/3 long-term |  | 0.37 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | +53.2% | −7.2% | +60.7% | −21.3% | 0/5 short-term, 0/3 long-term |  | 0.44 |

### How did OXY do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where OXY ranked among its popular alternatives each year.

- OXY finished ahead of the S&P 500 in 14 of its 29 full calendar years, and behind it in each of the last three.
- Among its popular alternatives, FANG came out ahead of OXY most often, in 11 of the 13 years both traded.
- Ranked against its popular alternatives each year, OXY finished in the top quarter in six of 29 years and in the bottom quarter in five. In 2025, it ranked 17 of 21.

| Year | OXY | SPY |
| --- | --- | --- |
| 2025 | −14.9% | +17.7% |
| 2024 | −15.9% | +24.9% |
| 2023 | −4.1% | +26.2% |
| 2022 | +119% | −18.2% |
| 2021 | +67.7% | +28.7% |
| 2020 | −56.6% | +18.3% |
| 2019 | −28.3% | +31.2% |
| 2018 | −13.1% | −4.6% |
| 2017 | +8.5% | +21.7% |
| 2016 | +9.8% | +12.0% |

## Risk and diversification

How OXY has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were OXY's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all four of OXY's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: OXY fell 88.4% from May 2011 to October 2020, while the S&P 500 rose 190%.
- The slowest recovery came after OXY fell 41.1% from July 1987 to January 1991; it did not regain that peak until April 1995, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −88.4% | May 2, 2011 | October 28, 2020 | not yet | +190% | 2015 China and oil sell-off |
| −58.1% | May 20, 2008 | November 20, 2008 | December 10, 2010 | −46.3% | 2008 financial crisis |
| −49.1% | May 1, 1998 | March 2, 1999 | March 8, 2001 | +10.2% |  |
| −41.1% | July 16, 1987 | January 10, 1991 | April 20, 1995 | — |  |
| −28.4% | May 18, 2001 | September 25, 2001 | May 16, 2002 | −21.1% | dot-com bust |

### How did OXY do in stock market crashes?

This section measures how far OXY, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- OXY fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the Covid crash, when OXY fell 76.8% and the S&P 500 fell 33.7%.
- Among its popular alternatives, XOM held up best, falling less than OXY in seven of the ten crashes they both traded through.

| Crash | Dates | OXY fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −28.4% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −58.1% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −36.1% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −21.4% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.3% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −30.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −76.8% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −22.9% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −4.6% | −3.4% |

### How closely does OXY move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- 14 of the 17 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than OXY's 0.51, led by COP, CNQ and XOM.
- XOM took just 83% of the S&P 500's losses, against 155% for OXY, while still keeping 78% of its gains.
- Over the past 10 years, OXY captured 80% of the S&P 500's gains in rising months and 155% of its losses in falling months, with a beta of 1.24. Its share of the market's losses was larger than its share of the gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| OXY: Occidental Petroleum Corporation (this page) | 80.0% | 155% | 1.24 |
| [CNQ](https://easycompare.io/research/cnq): Canadian Natural Resources Limited | 110% | 109% | 1.13 |
| [COP](https://easycompare.io/research/cop): ConocoPhillips | 94.0% | 92.0% | 0.91 |
| PR: Permian Resources Corporation | 139% | 234% | 3.38 |
| [XOM](https://easycompare.io/research/xom): Exxonmobil Holdings Corporation | 78.0% | 83.0% | 0.76 |
| [CVX](https://easycompare.io/research/cvx): Chevron Corporation | 86.0% | 94.0% | 0.89 |
| OVV: Ovintiv Inc. | 131% | 228% | 2.14 |
| APA: APA Corporation | 124% | 246% | 2.54 |
| MUR: Murphy Oil Corporation | 138% | 225% | 1.79 |
| [EOG](https://easycompare.io/research/eog): EOG Resources, Inc. | 92.0% | 135% | 1.17 |
| [FANG](https://easycompare.io/research/fang): Diamondback Energy, Inc. | 108% | 148% | 1.54 |
| WES: Western Midstream Partners, LP | 121% | 175% | 2.23 |
| [DVN](https://easycompare.io/research/dvn): Devon Energy Corporation | 118% | 199% | 1.80 |
| SM: SM Energy Company | 154% | 244% | 3.21 |
| NOG: Northern Oil and Gas, Inc. | 123% | 228% | 1.68 |
| MTDR: Matador Resources Company | 156% | 239% | 2.70 |
| HAL: Halliburton Company | 113% | 225% | 1.75 |
| [SLB](https://easycompare.io/research/slb): Slb N.V. | 104% | 212% | 1.54 |

### What diversifies OXY?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in OXY into SMH would have cut the portfolio's volatility by 20% over the past 5 years and raised its annual return (+15.0% for OXY alone, +21.7% for the mix).
- CAH made money in ten of the 12 calendar years in which OXY lost money.
- Among large ETFs, LVHI, DXJ and SMH have moved largely independently of OXY over the past 5 years, with correlations of 0.34 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with OXY | 5Y return | Volatility | Sharpe | Rose in OXY's 12 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.34 | +119% | 11.1% | 1.48 | 4 of 12 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.15 | +225% | 19.1% | 1.34 | 8 of 12 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | -0.12 | +323% | 36.9% | 0.97 | 8 of 12 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.11 | +85.0% | 13.8% | 0.96 | 8 of 12 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.01 | +126% | 18.9% | 0.96 | 8 of 12 |
| SPMO: Invesco S&P 500 Momentum ETF | -0.04 | +136% | 20.8% | 0.93 | 5 of 12 |
| DFIV: Dimensional - International Value ETF | 0.32 | +99.4% | 16.4% | 0.93 | 3 of 12 |
| [VTV](https://easycompare.io/research/vtv): Vanguard Morningstar Value ETF | 0.29 | +76.6% | 13.7% | 0.90 | 8 of 12 |

## Common questions

### What was OXY's worst drawdown?

OXY's deepest decline since it began trading in 1986 was 88.4%, from May 2011 to October 2020. It has not yet climbed back to that peak.

### What were OXY's best and worst years?

Over 29 full calendar years, OXY's best year was 2022, when it returned 119%. Its worst was 2020, with a return of -56.6%.

### Is there a better investment than OXY?

Among OXY's popular alternatives, XOM, CVX and CNQ earned more than OXY with less volatility over the past 5 years. XOM returned 27.1% a year at 26.5% volatility, against 15.2% a year at 37.9%. Looking beyond its popular alternatives, MPC (oil & gas) and SHEL (integrated oil & gas) earned more than OXY with less volatility over the past 5 years. MPC returned 51.2% a year at 33.4% volatility, against 15.2% a year at 37.9%.

### Is OXY more volatile than the S&P 500?

Yes. OXY's volatility over the past 5 years was 37.9%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, OXY's return lands within 37.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is OXY's Sharpe ratio?

OXY's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so OXY earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is OXY with the S&P 500?

Over the past 5 years, OXY's monthly returns had a correlation of 0.10 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against OXY instead: the lower it is, the more that option would diversify a OXY holding.

### What are the best alternatives to OXY?

Of the 20 popular alternatives we compared, nine outperformed OXY in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: CNQ, COP and PR.

### Did OXY outperform the S&P 500?

OXY finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned -14.9%, against +17.7% for the index.

### How did OXY do in stock market crashes?

OXY fell less than the S&P 500 (SPY) in three of the ten major crashes it has traded through, and further in seven. The clearest case was the Covid crash, when OXY fell 76.8% and the S&P 500 fell 33.7%.

### What diversifies OXY?

These had a low correlation with OXY over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.34), DXJ (correlation 0.15) and SMH (correlation -0.12); among large stocks, CAH (correlation -0.03), CLS (correlation -0.03) and FIX (correlation -0.02). A correlation near zero means the two have moved largely independently.

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## Explore further

- Full page with charts: https://easycompare.io/research/oxy
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against OXY live: https://betterthanspy.com/?b=OXY&utm_source=easycompare&utm_medium=research