AXON vs. XLE

Last updated Aug 4, 2026

AXON (Axon Enterprise, Inc.) 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, AXON returned 34.71%/yr vs 10.08%/yr for XLE. Their 0.24 correlation means their historical movements had little consistent relationship.

Performance

AXON vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Axon Enterprise, Inc. (AXON) 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, AXON achieves a 1.40% return, which is significantly lower than XLE's 33.31% return. Over the past 10 years, AXON has outperformed XLE with an annualized return of 34.71%, while XLE has yielded a comparatively lower 10.08% annualized return.

AXON

• 1D: 9.12%
• 1M: -3.54%
• 6M: 25.19%
• YTD: 1.40%
• 1Y: -22.44%
• 3Y*: 47.12%
• 5Y*: 24.68%
• 10Y*: 34.71%
• ALL TIME*: 31.53%

XLE

• 1D: -1.28%
• 1M: 10.47%
• 6M: 19.08%
• YTD: 33.31%
• 1Y: 41.66%
• 3Y*: 14.20%
• 5Y*: 23.80%
• 10Y*: 10.08%
• ALL TIME*: 8.81%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AXON Axon Enterprise, Inc.	$388.37M	$464.07M	$531.67M
XLE State Street Energy Select Sector SPDR ETF	$1.70B	$1.73B	$1.97B

AXON vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AXON Axon Enterprise, Inc.	1.40%	-4.44%	130.06%	55.69%	5.69%	28.13%	67.21%	67.50%	65.09%	9.32%
XLE State Street Energy Select Sector SPDR ETF	33.31%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between AXON and XLE is -0.16, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (3Y) Balances recent behavior with more history.	0.04
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (10Y) Provides a long-term view across more market conditions.	0.16
Correlation (All Time) Calculated using the full available price history since Jun 7, 2001	0.24

The correlation between AXON and XLE shifts across timeframes, from -0.16 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.

Return for Risk

AXON vs. XLE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AXON

AXON Risk / Return Rank: 29
AXON Sharpe Ratio Rank: 26
AXON Sortino Ratio Rank: 28
AXON Omega Ratio Rank: 28
AXON Calmar Ratio Rank: 31
AXON Martin Ratio Rank: 33

XLE

XLE Risk / Return Rank: 75
XLE Sharpe Ratio Rank: 84
XLE Sortino Ratio Rank: 79
XLE Omega Ratio Rank: 76
XLE Calmar Ratio Rank: 78
XLE Martin Ratio Rank: 61

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AXON vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Axon Enterprise, Inc. (AXON) 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.

	AXON	XLE	Difference
Sharpe ratio: Return per unit of total volatility	-0.38	1.99	-2.37
Sortino ratio: Return per unit of downside risk	-0.20	2.58	-2.78
Omega ratio: Gain probability vs. loss probability	0.98	1.32	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.37	2.79	-3.17
Martin ratio: Return relative to average drawdown	-0.59	7.45	-8.04

AXON vs. XLE - Sharpe Ratio Comparison

The current AXON Sharpe Ratio is -0.38, which is lower than the XLE Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of AXON 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

AXON vs. XLE - Drawdown Comparison

The maximum AXON drawdown since its inception was -91.78%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for AXON and XLE.

Drawdown Indicators

	AXON	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-91.78%	-71.26%	-20.52%
Max Drawdown (1Y) Largest decline over 1 year	-60.28%	-14.98%	-45.30%
Max Drawdown (3Y) Largest decline over 3 years	-60.28%	-20.14%	-40.14%
Max Drawdown (5Y) Largest decline over 5 years	-60.28%	-26.04%	-34.24%
Max Drawdown (10Y) Largest decline over 10 years	-60.28%	-66.81%	+6.53%
Current Drawdown Current decline from peak	-33.88%	-5.35%	-28.53%
Average Drawdown Average peak-to-trough decline	-43.59%	-17.93%	-25.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.29%	5.60%	+32.69%

Volatility

AXON vs. XLE - Volatility Comparison

Axon Enterprise, Inc. (AXON) has a higher volatility of 17.70% compared to State Street Energy Select Sector SPDR ETF (XLE) at 6.13%. This indicates that AXON'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

	AXON	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.70%	6.13%	+11.57%
Volatility (6M) Calculated over the trailing 6-month period	47.21%	16.74%	+30.47%
Volatility (1Y) Calculated over the trailing 1-year period	59.58%	21.04%	+38.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.11%	25.77%	+23.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.72%	29.58%	+20.14%

Dividends

AXON vs. XLE - Dividend Comparison

AXON has not paid dividends to shareholders, while XLE's dividend yield for the trailing twelve months is around 2.58%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AXON Axon Enterprise, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
XLE State Street Energy Select Sector SPDR ETF	2.58%	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 AXON and XLE in my portfolio?

AXON and XLE have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AXON or XLE?

AXON has higher volatility (17.70%) compared to XLE (6.13%). In terms of maximum drawdown, AXON dropped -91.78% vs XLE's -71.26%.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (1.99 vs -0.38), 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.