US Energy Complex
Integrated majors, shale producers, services, refiners, and midstream — the index's inflation hedge and the anti-duration trade. Watch it against defensives for the commodity-vs-growth rotation.
Performance
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -0.8% | +1.8% | +11.6% | +10.6% | +0.0% | +47.6% | +52.2% |
| vs S&P 500 | -0.5% | +1.6% | +12.0% | +4.0% | -0.5% | +30.4% | +27.3% |
Inside the basket · 21 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| MPC | Largest US refiner — crack-spread torque | +0.3% | +5.4% | +30.8% | +141.9% | 2026-06-11 |
| PSX | Refining + midstream mix | +0.2% | +4.5% | +25.8% | +101.8% | 2026-06-11 |
| VLO | Refining crack-spread leverage | +0.0% | +5.2% | +24.3% | +131.1% | 2026-06-11 |
| HAL | North American pressure-pumping leader | -0.6% | +2.9% | +16.8% | +33.0% | 2026-06-11 |
| COP | Largest independent E&P | -1.1% | +3.0% | +14.9% | +46.6% | 2026-06-11 |
| SLB | Global services cycle | +0.2% | +0.8% | +14.4% | +52.3% | 2026-06-11 |
| APA | Oil E&P: Permian, Egypt, Suriname | -3.2% | +0.5% | +13.7% | +79.0% | 2026-06-11 |
| TRGP | Permian gathering and NGL exports | -1.2% | +0.8% | +12.9% | +59.5% | 2026-06-11 |
| CVX | Integrated #2, capital discipline | -1.3% | +3.3% | +12.7% | +40.6% | 2026-06-11 |
| DVN | Delaware-basin oil E&P | -1.5% | +1.5% | +11.8% | +32.8% | 2026-06-11 |
| OKE | NGL midstream | -0.3% | +0.7% | +10.4% | +34.8% | 2026-06-11 |
| EOG | Low-cost shale, returns discipline | -0.5% | +1.3% | +7.8% | +41.7% | 2026-06-11 |
| OXY | Permian scale; carbon-capture option | -0.9% | +1.6% | +7.4% | +47.4% | 2026-06-11 |
| EQT | Largest US natural-gas producer — LNG demand leverage | -0.8% | +1.1% | +6.7% | +3.8% | 2026-06-11 |
| TPL | Permian royalties and water — asset-light oil torque | -1.1% | -0.4% | +6.6% | +26.7% | 2026-06-11 |
| FANG | Pure-play Permian consolidation | -1.8% | +0.8% | +6.5% | +34.8% | 2026-06-11 |
| EXE | Biggest gas E&P by volume (Chesapeake + Southwestern) | -1.1% | -0.3% | +6.1% | -9.7% | 2026-06-11 |
| WMB | Natural gas pipes; power-demand kicker | +0.1% | +0.6% | +5.3% | +25.2% | 2026-06-11 |
| XOM | Integrated scale + Permian + Guyana | -1.7% | +1.8% | +4.9% | +35.2% | 2026-06-11 |
| BKR | Services plus LNG equipment backlog | -0.2% | +1.7% | +3.2% | +40.9% | 2026-06-11 |
| KMI | Natural-gas pipelines — volume annuity | -0.6% | -0.5% | +1.8% | +17.5% | 2026-06-11 |
Partial price histories: EXE from 2021-02-11.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-06-11. Membership decisions are documented below.
Read the methodology →Reading the returns
Basket returns include dividends. “vs S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against XLE. Daily return correlation: 0.98 across 1678 sessions. cap-weighted — XOM and CVX are roughly a third of the fund vs our equal weight
Membership history & changes
- expand
FW 3000 pass: added AR, RRC, MTDR, CHRD, PR, OVV, DTM, WES, LBRT, WHD, DINO — names outside the S&P 500 but inside our broad universe; they count only in the FW 3000 version of this basket. Effective-dated to creation so the broad backtest covers the full set. The S&P 500 basket is unchanged.
- expand
Widening pass: basket now spans the entire S&P 500 energy sector — all E&Ps including gas (EQT, EXE, APA, DVN, OXY), every refiner (added MPC), all midstream (added KMI, TRGP), services (added HAL, BKR), and royalties (TPL). Reference pinned to XLE. New members are effective-dated to basket creation so the backtest and the reference correlation cover the widened set (the basket was one day old, with no meaningful live history to restate).
- create
Initial composition across the value chain.