CNR.TO vs. XLE

Last updated Jun 13, 2026

CNR.TO (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, CNR.TO returned 10.40%/yr vs 10.85%/yr for XLE. At a 0.32 correlation, their price movements are largely independent.

Performance

CNR.TO vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Canadian National Railway Company (CNR.TO) and State Street Energy Select Sector SPDR ETF (XLE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

CNR.TO is traded in CAD, while XLE is traded in USD. To make them comparable, the XLE values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, CNR.TO achieves a 24.07% return, which is significantly lower than XLE's 32.19% return. Both investments have delivered pretty close results over the past 10 years, with CNR.TO having a 10.40% annualized return and XLE not far ahead at 10.85%.

CNR.TO

• 1D: 0.90%
• 1M: 8.34%
• YTD: 24.07%
• 6M: 25.03%
• 1Y: 20.96%
• 3Y*: 5.17%
• 5Y*: 6.61%
• 10Y*: 10.40%

XLE

• 1D: 0.94%
• 1M: 1.04%
• YTD: 32.19%
• 6M: 30.20%
• 1Y: 38.57%
• 3Y*: 17.92%
• 5Y*: 23.64%
• 10Y*: 10.85%

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

CNR.TO vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNR.TO Canadian National Railway Company	24.07%	-4.60%	-10.53%	5.67%	5.47%	12.88%	21.30%	18.29%	-0.77%	16.60%
XLE State Street Energy Select Sector SPDR ETF	32.19%	2.95%	14.50%	-2.99%	74.74%	53.20%	-34.27%	7.14%	-11.34%	-7.60%

Correlation

The correlation between CNR.TO and XLE is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006	0.32

Over the past year, the correlation between CNR.TO and XLE has dropped to 0.10 - well below their long-term average of 0.32, suggesting their price drivers have been diverging.

Return for Risk

CNR.TO vs. XLE — Risk / Return Rank

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

CNR.TO

CNR.TO Risk / Return Rank: 68
CNR.TO Sharpe Ratio Rank: 72
CNR.TO Sortino Ratio Rank: 63
CNR.TO Omega Ratio Rank: 64
CNR.TO Calmar Ratio Rank: 72
CNR.TO Martin Ratio Rank: 69

XLE

XLE Risk / Return Rank: 61
XLE Sharpe Ratio Rank: 64
XLE Sortino Ratio Rank: 58
XLE Omega Ratio Rank: 54
XLE Calmar Ratio Rank: 71
XLE Martin Ratio Rank: 56

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.

CNR.TO vs. XLE - Risk-Adjusted Trends Comparison

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

	CNR.TO	XLE	Difference
Sharpe ratio: Return per unit of total volatility	0.91	1.93	-1.02
Sortino ratio: Return per unit of downside risk	1.30	2.56	-1.26
Omega ratio: Gain probability vs. loss probability	1.17	1.32	-0.14
Calmar ratio: Return relative to maximum drawdown	1.56	3.11	-1.55
Martin ratio: Return relative to average drawdown	3.01	8.94	-5.92

CNR.TO vs. XLE - Sharpe Ratio Comparison

The current CNR.TO Sharpe Ratio is 0.91, which is lower than the XLE Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of CNR.TO 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

CNR.TO vs. XLE - Drawdown Comparison

The maximum CNR.TO drawdown since its inception was -32.54%, smaller than the maximum XLE drawdown of -63.49%. Use the drawdown chart below to compare losses from any high point for CNR.TO and XLE.

Drawdown Indicators

	CNR.TO	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-32.54%	-63.49%	+30.95%
Max Drawdown (1Y) Largest decline over 1 year	-12.32%	-13.01%	+0.69%
Max Drawdown (3Y) Largest decline over 3 years	-27.25%	-19.75%	-7.50%
Max Drawdown (5Y) Largest decline over 5 years	-27.25%	-23.40%	-3.85%
Max Drawdown (10Y) Largest decline over 10 years	-27.25%	-63.49%	+36.24%
Current Drawdown Current decline from peak	-2.29%	-7.21%	+4.92%
Average Drawdown Average peak-to-trough decline	-7.19%	-13.65%	+6.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.38%	4.52%	+1.86%

Volatility

CNR.TO vs. XLE - Volatility Comparison

The current volatility for Canadian National Railway Company (CNR.TO) is 3.94%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.50%. This indicates that CNR.TO 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

	CNR.TO	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.94%	7.50%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	16.91%	17.34%	-0.43%
Volatility (1Y) Calculated over the trailing 1-year period	21.12%	20.96%	+0.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.11%	26.59%	-6.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.76%	30.10%	-9.34%

Dividends

CNR.TO vs. XLE - Dividend Comparison

CNR.TO's dividend yield for the trailing twelve months is around 2.17%, less than XLE's 2.59% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNR.TO Canadian National Railway Company	2.17%	2.62%	2.32%	1.90%	1.82%	1.58%	1.64%	1.83%	1.80%	1.59%	1.66%	1.62%
XLE State Street Energy Select Sector SPDR ETF	2.59%	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 CNR.TO and XLE in my portfolio?

CNR.TO and XLE have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.