CNRG vs. SLX

Last updated Aug 2, 2026

CNRG (SPDR S&P Kensho Clean Power ETF) and SLX (VanEck Vectors Steel ETF) are both exchange-traded funds - CNRG is a Alternative Energy Equities fund tracking the S&P Kensho Clean Power Index, while SLX is a Materials fund tracking the NYSE Arca Steel Index. Both are passively managed. Over the past 5 years, CNRG returned -0.42%/yr vs 14.69%/yr for SLX. Their 0.54 correlation means they have sometimes moved together and sometimes differently. CNRG charges 0.45%/yr vs 0.56%/yr for SLX.

Performance

CNRG vs. SLX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P Kensho Clean Power ETF (CNRG) and VanEck Vectors Steel ETF (SLX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNRG achieves a 2.01% return, which is significantly lower than SLX's 24.30% return.

CNRG

• 1D: -0.59%
• 1M: -13.20%
• 6M: -6.95%
• YTD: 2.01%
• 1Y: 40.07%
• 3Y*: 4.32%
• 5Y*: -0.42%
• 10Y*: —
• ALL TIME*: 17.18%

SLX

• 1D: -0.89%
• 1M: 7.42%
• 6M: 12.20%
• YTD: 24.30%
• 1Y: 59.99%
• 3Y*: 17.85%
• 5Y*: 14.69%
• 10Y*: 17.02%
• ALL TIME*: 7.95%

*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)
CNRG SPDR S&P Kensho Clean Power ETF	$1.13M	$1.07M	$1.47M
SLX VanEck Vectors Steel ETF	$3.18M	$2.86M	$6.08M

CNRG vs. SLX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
CNRG SPDR S&P Kensho Clean Power ETF	2.01%	50.23%	-14.48%	-11.55%	-7.98%	-15.68%	138.35%	63.26%	-2.05%
SLX VanEck Vectors Steel ETF	24.30%	47.45%	-17.94%	31.25%	14.28%	27.69%	20.57%	12.01%	-15.59%

Correlation

The correlation between CNRG and SLX is 0.56, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.56
Correlation (3Y) Balances recent behavior with more history.	0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	0.57
Correlation (All Time) Calculated using the full available price history since Oct 23, 2018	0.54

The correlation between CNRG and SLX has been stable across timeframes, ranging from 0.54 to 0.58 - a consistent structural relationship.

CNRG vs. SLX - Sectors Allocation Comparison

Sectors	CNRG	SLX
Utilities	35.8%	-
Industrials	31.1%	2.0%
Technology	19.0%	-
Energy	12.0%	3.9%
Consumer Cyclical	2.0%	-
Basic Materials	-	94.1%
Communication Services	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

CNRG vs. SLX — Risk / Return Rank

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

CNRG

CNRG Risk / Return Rank: 37
CNRG Sharpe Ratio Rank: 38
CNRG Sortino Ratio Rank: 39
CNRG Omega Ratio Rank: 37
CNRG Calmar Ratio Rank: 36
CNRG Martin Ratio Rank: 38

SLX

SLX Risk / Return Rank: 87
SLX Sharpe Ratio Rank: 91
SLX Sortino Ratio Rank: 89
SLX Omega Ratio Rank: 87
SLX Calmar Ratio Rank: 88
SLX Martin Ratio Rank: 79

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.

CNRG vs. SLX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P Kensho Clean Power ETF (CNRG) and VanEck Vectors Steel ETF (SLX). 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.

	CNRG	SLX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	2.34	-1.40
Sortino ratio: Return per unit of downside risk	1.45	3.06	-1.61
Omega ratio: Gain probability vs. loss probability	1.17	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	1.21	3.53	-2.32
Martin ratio: Return relative to average drawdown	3.76	10.12	-6.37

CNRG vs. SLX - Sharpe Ratio Comparison

The current CNRG Sharpe Ratio is 0.95, which is lower than the SLX Sharpe Ratio of 2.34. The chart below compares the historical Sharpe Ratios of CNRG and SLX, 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

CNRG vs. SLX - Drawdown Comparison

The maximum CNRG drawdown since its inception was -68.49%, smaller than the maximum SLX drawdown of -82.14%. Use the drawdown chart below to compare losses from any high point for CNRG and SLX.

Drawdown Indicators

	CNRG	SLX	Difference
Max Drawdown Largest peak-to-trough decline	-68.49%	-82.14%	+13.65%
Max Drawdown (1Y) Largest decline over 1 year	-31.56%	-16.35%	-15.21%
Max Drawdown (3Y) Largest decline over 3 years	-43.07%	-27.39%	-15.68%
Max Drawdown (5Y) Largest decline over 5 years	-59.17%	-33.62%	-25.55%
Max Drawdown (10Y) Largest decline over 10 years	—	-61.64%	—
Current Drawdown Current decline from peak	-33.66%	-7.12%	-26.54%
Average Drawdown Average peak-to-trough decline	-31.66%	-38.48%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.11%	5.69%	+4.42%

Volatility

CNRG vs. SLX - Volatility Comparison

SPDR S&P Kensho Clean Power ETF (CNRG) has a higher volatility of 13.34% compared to VanEck Vectors Steel ETF (SLX) at 5.97%. This indicates that CNRG's price experiences larger fluctuations and is considered to be riskier than SLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNRG	SLX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.34%	5.97%	+7.37%
Volatility (6M) Calculated over the trailing 6-month period	29.61%	19.56%	+10.05%
Volatility (1Y) Calculated over the trailing 1-year period	40.16%	24.76%	+15.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.83%	27.63%	+7.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.13%	30.74%	+5.39%

CNRG vs. SLX - Expense Ratio Comparison

CNRG has a 0.45% expense ratio, which is lower than SLX's 0.56% expense ratio.

Dividends

CNRG vs. SLX - Dividend Comparison

CNRG's dividend yield for the trailing twelve months is around 1.34%, more than SLX's 1.25% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNRG SPDR S&P Kensho Clean Power ETF	1.34%	1.46%	1.34%	1.17%	1.23%	1.34%	0.69%	1.16%	0.35%	0.00%	0.00%	0.00%
SLX VanEck Vectors Steel ETF	1.25%	1.55%	3.56%	2.80%	4.97%	7.07%	1.87%	3.44%	6.26%	2.50%	1.06%	5.35%

Frequently Asked Questions

Can I hold both CNRG and SLX in my portfolio?

CNRG and SLX have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNRG or SLX?

CNRG has higher volatility (13.34%) compared to SLX (5.97%). In terms of maximum drawdown, CNRG dropped -68.49% vs SLX's -82.14%.

Which ETF is better, CNRG or SLX?

On 5-year performance, SLX leads with 14.69% vs -0.42% for CNRG. On fees, CNRG is cheaper at 0.45% per year. On volatility, SLX has been the lower-risk option at 5.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNRG or SLX?

Over the 5-year period, SLX has performed better with a 14.69% return vs -0.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNRG or SLX?

CNRG is cheaper with a 0.45% expense ratio, compared with 0.56% for SLX.

Which ETF pays a higher dividend yield, CNRG or SLX?

CNRG has the higher dividend yield at 1.34%, compared with 1.25% for SLX.

What is the main difference between CNRG and SLX?

CNRG is categorized as Alternative Energy Equities, while SLX is Materials. CNRG tracks S&P Kensho Clean Power Index, while SLX tracks NYSE Arca Steel Index. They also come from different issuers: State Street and VanEck. Their fees differ too: 0.45% for CNRG and 0.56% for SLX.

Which has better risk-adjusted returns?

SLX currently has the higher Sharpe Ratio (2.34 vs 0.95), 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.