CNI vs. XLE

Last updated Jun 4, 2026

CNI (Canadian National Railway Company) 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, CNI returned 9.26%/yr vs 10.22%/yr for XLE. At a 0.41 correlation, their price movements are largely independent.

Performance

CNI vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian National Railway Company (CNI) 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, CNI achieves a 21.60% return, which is significantly lower than XLE's 32.17% return. Over the past 10 years, CNI has underperformed XLE with an annualized return of 9.26%, while XLE has yielded a comparatively higher 10.22% annualized return.

CNI

• 1D: -1.47%
• 1M: 9.21%
• YTD: 21.60%
• 6M: 22.67%
• 1Y: 15.78%
• 3Y*: 2.79%
• 5Y*: 3.23%
• 10Y*: 9.26%

XLE

• 1D: 1.29%
• 1M: -1.14%
• YTD: 32.17%
• 6M: 29.80%
• 1Y: 45.00%
• 3Y*: 17.46%
• 5Y*: 20.44%
• 10Y*: 10.22%

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

CNI vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNI Canadian National Railway Company	21.60%	-0.10%	-17.51%	7.84%	-1.86%	13.70%	23.66%	24.26%	-8.49%	25.03%
XLE State Street Energy Select Sector SPDR ETF	32.17%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between CNI and XLE is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (10Y) Calculated over the trailing 10-year period	0.37
Correlation (All Time) Calculated using the full available price history since Dec 23, 1998	0.41

Over the past year, the correlation between CNI and XLE has dropped to 0.07 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Return for Risk

CNI vs. XLE — Risk / Return Rank

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

CNI

CNI Risk / Return Rank: 59
CNI Sharpe Ratio Rank: 64
CNI Sortino Ratio Rank: 55
CNI Omega Ratio Rank: 55
CNI Calmar Ratio Rank: 63
CNI Martin Ratio Rank: 60

XLE

XLE Risk / Return Rank: 63
XLE Sharpe Ratio Rank: 65
XLE Sortino Ratio Rank: 59
XLE Omega Ratio Rank: 56
XLE Calmar Ratio Rank: 73
XLE Martin Ratio Rank: 60

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.

CNI vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNI) 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.

	CNI	XLE	Difference
Sharpe ratio: Return per unit of total volatility	0.72	2.21	-1.48
Sortino ratio: Return per unit of downside risk	1.08	2.84	-1.76
Omega ratio: Gain probability vs. loss probability	1.14	1.35	-0.21
Calmar ratio: Return relative to maximum drawdown	1.12	3.75	-2.63
Martin ratio: Return relative to average drawdown	2.06	10.92	-8.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNI vs. XLE - Sharpe Ratio Comparison

The current CNI Sharpe Ratio is 0.72, which is lower than the XLE Sharpe Ratio of 2.21. The chart below compares the historical Sharpe Ratios of CNI 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.

Sharpe Ratios by Period

	CNI	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.21	-1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.79	-0.64
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.35	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.31	+0.28

Drawdowns

CNI vs. XLE - Drawdown Comparison

The maximum CNI drawdown since its inception was -46.66%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for CNI and XLE.

Drawdown Indicators

	CNI	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-46.66%	-71.26%	+24.60%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-12.05%	-2.10%
Max Drawdown (3Y) Largest decline over 3 years	-29.14%	-20.14%	-9.00%
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	-26.04%	-3.10%
Max Drawdown (10Y) Largest decline over 10 years	-29.15%	-66.81%	+37.66%
Current Drawdown Current decline from peak	-5.69%	-6.15%	+0.46%
Average Drawdown Average peak-to-trough decline	-9.50%	-17.98%	+8.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.68%	4.14%	+3.54%

Volatility

CNI vs. XLE - Volatility Comparison

The current volatility for Canadian National Railway Company (CNI) is 4.65%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.25%. This indicates that CNI 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.

Volatility by Period

	CNI	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.65%	8.25%	-3.60%
Volatility (6M) Calculated over the trailing 6-month period	17.43%	16.58%	+0.85%
Volatility (1Y) Calculated over the trailing 1-year period	21.93%	20.53%	+1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.39%	26.02%	-3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.69%	29.59%	-6.90%

Dividends

CNI vs. XLE - Dividend Comparison

CNI's dividend yield for the trailing twelve months is around 2.18%, less than XLE's 2.54% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNI Canadian National Railway Company	2.18%	2.58%	2.43%	1.85%	1.41%	1.61%	1.59%	1.79%	2.01%	2.00%	2.23%	2.24%
XLE State Street Energy Select Sector SPDR ETF	2.54%	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 CNI and XLE in my portfolio?

CNI and XLE have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNI or XLE?

XLE has higher volatility (8.25%) compared to CNI (4.65%). In terms of maximum drawdown, CNI dropped -46.66% vs XLE's -71.26%.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.21 vs 0.72), 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.