Energy names have been the victims of heavy outflows in recent days, with XLE (SPDR Energy Select Sector, Expense Ratio 0.18%) shedding more than $1 billion in AUM. One can look no further than a chart of XOM, the largest holding in XLE at 17.21% and figure out the picture there.

The stock has endured a brutal August, clipping its 50 day moving average in the blink of an eye and then proceeding to fall through its 200 day moving average.

XOM and CVX collectively make up about 32% of the Energy Select Sector Index of which XLE tracks, and the two stocks are off -7.65% and -6.17% respectively in just the trailing one month period.

XLE still holds a hefty $7.3 billion in assets under management, making it the largest “Energy Equity” based ETF in the landscape by quite a distance as the second largest fund in the category VDE (Vanguard Energy Index, Expense Ratio 0.14%) has $2.2 billion in AUM.

Other notables in the space that should be watched in the context of the bigger picture with XOM and CVX weakening dramatically recently include IYE (iShares U.S. Energy Sector, Expense Ratio 0.48%), the little known FILL (iShares MSCI Global Energy Producers, Expense Ratio 0.39%), and IXC (iShares Global Energy, Expense Ratio 0.48%), which all have notable weightings to both XOM and CVX.

Year to date, VDE and IYE have actually raised assets, +$125 million and +$181 million respectively, while IXC has seen $60 million leave the fund.

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