BACAX vs. XLE
BACAX (BlackRock Energy Opportunities Fund) and XLE (State Street Energy Select Sector SPDR ETF) are both Energy Equities funds. Over the past 10 years, BACAX returned 7.56%/yr vs 9.29%/yr for XLE. With a 0.95 correlation, they move nearly in lockstep. BACAX charges 1.32%/yr vs 0.08%/yr for XLE.
Performance
BACAX vs. XLE - Performance Comparison
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Returns By Period
In the year-to-date period, BACAX achieves a 20.01% return, which is significantly lower than XLE's 22.58% return. Over the past 10 years, BACAX has underperformed XLE with an annualized return of 7.56%, while XLE has yielded a comparatively higher 9.29% annualized return.
BACAX
- 1D
- -1.82%
- 1M
- -8.93%
- YTD
- 20.01%
- 6M
- 21.58%
- 1Y
- 23.93%
- 3Y*
- 13.92%
- 5Y*
- 17.93%
- 10Y*
- 7.56%
XLE
- 1D
- 1.26%
- 1M
- -8.47%
- YTD
- 22.58%
- 6M
- 23.97%
- 1Y
- 26.32%
- 3Y*
- 15.44%
- 5Y*
- 18.90%
- 10Y*
- 9.29%
BACAX vs. XLE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BACAX BlackRock Energy Opportunities Fund | 20.01% | 10.53% | 3.78% | 2.61% | 43.02% | 42.93% | -29.68% | 12.64% | -19.98% | 2.07% |
XLE State Street Energy Select Sector SPDR ETF | 22.58% | 7.88% | 5.56% | -0.63% | 64.32% | 53.28% | -32.67% | 11.74% | -18.22% | -0.89% |
Correlation
The correlation between BACAX and XLE is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.95 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Feb 24, 2005 | 0.95 |
The correlation between BACAX and XLE has been stable across timeframes, ranging from 0.95 to 0.96 - a consistent structural relationship.
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Return for Risk
BACAX vs. XLE — Risk / Return Rank
BACAX
XLE
BACAX vs. XLE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock Energy Opportunities Fund (BACAX) 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.
| BACAX | XLE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.18 | ||
| Omega ratioGain probability vs. loss probability | 1.24 | 1.21 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.03 | 1.88 | +0.15 |
| Martin ratioReturn relative to average drawdown | 7.15 | 5.70 | +1.45 |
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Drawdowns
BACAX vs. XLE - Drawdown Comparison
The maximum BACAX drawdown since its inception was -78.88%, which is greater than XLE's maximum drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for BACAX and XLE.
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Drawdown Indicators
| BACAX | XLE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -78.88% | -71.26% | -7.62% |
Max Drawdown (1Y)Largest decline over 1 year | -12.36% | -14.05% | +1.69% |
Max Drawdown (3Y)Largest decline over 3 years | -18.73% | -20.14% | +1.41% |
Max Drawdown (5Y)Largest decline over 5 years | -25.74% | -26.04% | +0.30% |
Max Drawdown (10Y)Largest decline over 10 years | -65.92% | -66.81% | +0.89% |
Current DrawdownCurrent decline from peak | -12.36% | -12.96% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -34.21% | -17.97% | -16.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.51% | 4.66% | -1.15% |
Volatility
BACAX vs. XLE - Volatility Comparison
The current volatility for BlackRock Energy Opportunities Fund (BACAX) is 6.09%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.06%. This indicates that BACAX experiences smaller price fluctuations and is considered to be less risky than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BACAX | XLE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.09% | 7.06% | -0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 14.58% | 16.89% | -2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.56% | 20.96% | -3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.56% | 25.98% | -2.42% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.21% | 29.62% | -2.41% |
BACAX vs. XLE - Expense Ratio Comparison
BACAX has a 1.32% expense ratio, which is higher than XLE's 0.08% expense ratio.
Dividends
BACAX vs. XLE - Dividend Comparison
BACAX's dividend yield for the trailing twelve months is around 2.06%, less than XLE's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BACAX BlackRock Energy Opportunities Fund | 2.06% | 2.47% | 2.29% | 3.06% | 2.21% | 2.39% | 3.38% | 2.69% | 2.87% | 2.48% | 1.95% | 1.98% |
XLE State Street Energy Select Sector SPDR ETF | 3.47% | 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
With a correlation of 0.96, BACAX and XLE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
XLE has higher volatility (7.06%) compared to BACAX (6.09%). In terms of maximum drawdown, BACAX dropped -78.88% vs XLE's -71.26%.
BACAX currently has the higher Sharpe Ratio (1.43 vs 1.26), 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.
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