IPW is not the only ETF that has been hurt by a large allocation to BP. The iShares MSCI ACWI ex U.S. Energy ETF (NYSEArca: AXEN) is down 5.6% year-to-date. That fund features a weight of 8.7% to BP. Proving that weightings make all the difference with stock ETFs, the iShares Global Energy ETF (NYSEArca: IXC) is up 2.1% this year. The $964 million IXC has a mere 4.8% weight to BP, but an almost 15% allocation to Exxon.

With BP’s lingering courtroom drama and Shell’s slack performance, investors may want to consider sticking with U.S.-focused energy ETFs. The Vanguard Energy ETF (NYSEArca: VDE) is a good place to start as that ETF is up almost 12% this year.

SPDR S&P International Energy Sector ETF

ETF Trends editorial team contributed to this post.