AGRO vs. XLE

Last updated Jul 11, 2026

AGRO (Adecoagro S.A.) is a stock, while XLE (State Street Energy Select Sector SPDR ETF) is Energy Equities fund tracking the Energy Select Sector Index. Over the past 10 years, AGRO returned 0.95%/yr vs 9.05%/yr for XLE. At a 0.34 correlation, their price movements are largely independent.

Performance

AGRO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Adecoagro S.A. (AGRO) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AGRO achieves a 31.16% return, which is significantly higher than XLE's 24.89% return. Over the past 10 years, AGRO has underperformed XLE with an annualized return of 0.95%, while XLE has yielded a comparatively higher 9.05% annualized return.

AGRO

• 1D: 3.10%
• 1M: -11.80%
• 6M: 24.56%
• YTD: 31.16%
• 1Y: 12.50%
• 3Y*: 5.30%
• 5Y*: 4.61%
• 10Y*: 0.95%

XLE

• 1D: 0.47%
• 1M: -2.88%
• 6M: 19.65%
• YTD: 24.89%
• 1Y: 27.45%
• 3Y*: 13.38%
• 5Y*: 20.12%
• 10Y*: 9.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AGRO vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AGRO Adecoagro S.A.	31.16%	-12.37%	-12.39%	38.60%	11.50%	12.94%	-18.76%	20.26%	-32.69%	-0.39%
XLE State Street Energy Select Sector SPDR ETF	24.89%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between AGRO and XLE is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	0.34

The correlation between AGRO and XLE shifts across timeframes, from 0.28 (3 years) to 0.39 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

AGRO vs. XLE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AGRO

AGRO Risk / Return Rank: 56
AGRO Sharpe Ratio Rank: 58
AGRO Sortino Ratio Rank: 55
AGRO Omega Ratio Rank: 54
AGRO Calmar Ratio Rank: 56
AGRO Martin Ratio Rank: 57

XLE

XLE Risk / Return Rank: 45
XLE Sharpe Ratio Rank: 48
XLE Sortino Ratio Rank: 45
XLE Omega Ratio Rank: 43
XLE Calmar Ratio Rank: 46
XLE Martin Ratio Rank: 40

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AGRO vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Adecoagro S.A. (AGRO) and State Street Energy Select Sector SPDR ETF (XLE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	AGRO	XLE	Difference
Sharpe ratio: Return per unit of total volatility	0.34	1.35	-1.01
Sortino ratio: Return per unit of downside risk	0.85	1.86	-1.01
Omega ratio: Gain probability vs. loss probability	1.10	1.23	-0.13
Calmar ratio: Return relative to maximum drawdown	0.41	1.88	-1.47
Martin ratio: Return relative to average drawdown	1.04	5.10	-4.07

AGRO vs. XLE - Sharpe Ratio Comparison

The current AGRO Sharpe Ratio is 0.34, which is lower than the XLE Sharpe Ratio of 1.35. The chart below compares the historical Sharpe Ratios of AGRO and XLE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

AGRO vs. XLE - Drawdown Comparison

The maximum AGRO drawdown since its inception was -73.70%, roughly equal to the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for AGRO and XLE.

Drawdown Indicators

	AGRO	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-73.70%	-71.26%	-2.44%
Max Drawdown (1Y) Largest decline over 1 year	-39.99%	-14.98%	-25.01%
Max Drawdown (3Y) Largest decline over 3 years	-39.99%	-20.14%	-19.85%
Max Drawdown (5Y) Largest decline over 5 years	-45.34%	-26.04%	-19.30%
Max Drawdown (10Y) Largest decline over 10 years	-72.07%	-66.81%	-5.26%
Current Drawdown Current decline from peak	-32.08%	-11.32%	-20.76%
Average Drawdown Average peak-to-trough decline	-31.48%	-17.96%	-13.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.75%	5.50%	+10.25%

Volatility

AGRO vs. XLE - Volatility Comparison

Adecoagro S.A. (AGRO) has a higher volatility of 16.23% compared to State Street Energy Select Sector SPDR ETF (XLE) at 6.80%. This indicates that AGRO's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AGRO	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.23%	6.80%	+9.43%
Volatility (6M) Calculated over the trailing 6-month period	40.67%	16.70%	+23.97%
Volatility (1Y) Calculated over the trailing 1-year period	48.55%	20.83%	+27.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.03%	25.91%	+16.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.97%	29.57%	+10.40%

Dividends

AGRO vs. XLE - Dividend Comparison

AGRO's dividend yield for the trailing twelve months is around 2.87%, more than XLE's 2.75% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AGRO Adecoagro S.A.	2.87%	4.41%	3.63%	2.95%	3.83%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLE State Street Energy Select Sector SPDR ETF	2.75%	3.28%	3.36%	3.55%	3.68%	4.21%	5.62%	6.72%	3.54%	3.03%	2.26%	3.39%

Frequently Asked Questions

Can I hold both AGRO and XLE in my portfolio?

AGRO and XLE have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AGRO or XLE?

AGRO has higher volatility (16.23%) compared to XLE (6.80%). In terms of maximum drawdown, AGRO dropped -73.70% vs XLE's -71.26%.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.35 vs 0.34), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.