CWEU.L vs. XLES.L

Last updated Jun 5, 2026

CWEU.L (Amundi MSCI World Energy UCITS ETF-C USD) and XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) are both Energy Equities funds - CWEU.L tracks the MSCI World/Energy NR USD while XLES.L tracks the S&P® Select Sector Capped 20% Energy Index. Both are passively managed. Over the past 3 years, CWEU.L returned 11.70%/yr vs 17.04%/yr for XLES.L. At a 0.31 correlation, their price movements are largely independent. CWEU.L charges 0.25%/yr vs 0.14%/yr for XLES.L.

Performance

CWEU.L vs. XLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Amundi MSCI World Energy UCITS ETF-C USD (CWEU.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with CWEU.L having a 30.88% return and XLES.L slightly higher at 31.08%.

CWEU.L

• 1D: -1.33%
• 1M: -1.86%
• YTD: 30.88%
• 6M: 30.34%
• 1Y: 55.06%
• 3Y*: 11.70%
• 5Y*: —
• 10Y*: —

XLES.L

• 1D: -0.33%
• 1M: -1.17%
• YTD: 31.08%
• 6M: 29.05%
• 1Y: 45.84%
• 3Y*: 17.04%
• 5Y*: 20.00%
• 10Y*: 9.33%

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

CWEU.L vs. XLES.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CWEU.L Amundi MSCI World Energy UCITS ETF-C USD	30.88%	26.39%	-20.71%	2.18%	45.18%	9.29%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	31.08%	8.75%	3.30%	0.37%	61.87%	13.67%

Correlation

The correlation between CWEU.L and XLES.L is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 5, 2021	0.31

Over the past year, CWEU.L and XLES.L have become more correlated (0.61) than their long-term average of 0.31, meaning their price movements have been converging.

CWEU.L vs. XLES.L - Sectors Allocation Comparison

Sectors	CWEU.L	XLES.L
Energy	48.3%	100.0%
Basic Materials	17.7%	-
Industrials	14.0%	-
Consumer Defensive	12.8%	-
Utilities	6.8%	-
Technology	0.4%	-
Communication Services	-	-
Consumer Cyclical	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

CWEU.L vs. XLES.L — Risk / Return Rank

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

CWEU.L

CWEU.L Risk / Return Rank: 93
CWEU.L Sharpe Ratio Rank: 92
CWEU.L Sortino Ratio Rank: 92
CWEU.L Omega Ratio Rank: 89
CWEU.L Calmar Ratio Rank: 95
CWEU.L Martin Ratio Rank: 94

XLES.L

XLES.L Risk / Return Rank: 62
XLES.L Sharpe Ratio Rank: 65
XLES.L Sortino Ratio Rank: 57
XLES.L Omega Ratio Rank: 59
XLES.L Calmar Ratio Rank: 68
XLES.L 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.

CWEU.L vs. XLES.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Amundi MSCI World Energy UCITS ETF-C USD (CWEU.L) and Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L). 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.

	CWEU.L	XLES.L	Difference
Sharpe ratio: Return per unit of total volatility	3.26	2.13	+1.13
Sortino ratio: Return per unit of downside risk	4.45	2.68	+1.77
Omega ratio: Gain probability vs. loss probability	1.55	1.35	+0.20
Calmar ratio: Return relative to maximum drawdown	8.35	3.36	+5.00
Martin ratio: Return relative to average drawdown	27.38	10.46	+16.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWEU.L vs. XLES.L - Sharpe Ratio Comparison

The current CWEU.L Sharpe Ratio is 3.26, which is higher than the XLES.L Sharpe Ratio of 2.13. The chart below compares the historical Sharpe Ratios of CWEU.L and XLES.L, 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

	CWEU.L	XLES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.26	2.13	+1.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.75	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.22	0.28	+0.94

Drawdowns

CWEU.L vs. XLES.L - Drawdown Comparison

The maximum CWEU.L drawdown since its inception was -29.78%, smaller than the maximum XLES.L drawdown of -72.10%. Use the drawdown chart below to compare losses from any high point for CWEU.L and XLES.L.

Drawdown Indicators

	CWEU.L	XLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-29.78%	-72.10%	+42.32%
Max Drawdown (1Y) Largest decline over 1 year	-6.56%	-13.59%	+7.03%
Max Drawdown (3Y) Largest decline over 3 years	-27.62%	-21.36%	-6.26%
Max Drawdown (5Y) Largest decline over 5 years	—	-28.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-67.55%	—
Current Drawdown Current decline from peak	-1.86%	-6.34%	+4.48%
Average Drawdown Average peak-to-trough decline	-8.51%	-20.42%	+11.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.01%	4.37%	-2.36%

Volatility

CWEU.L vs. XLES.L - Volatility Comparison

The current volatility for Amundi MSCI World Energy UCITS ETF-C USD (CWEU.L) is 5.96%, while Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) has a volatility of 8.15%. This indicates that CWEU.L experiences smaller price fluctuations and is considered to be less risky than XLES.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWEU.L	XLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.96%	8.15%	-2.19%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	18.13%	-5.31%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	21.51%	-4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.73%	26.88%	+8.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.73%	28.92%	+6.81%

CWEU.L vs. XLES.L - Expense Ratio Comparison

CWEU.L has a 0.25% expense ratio, which is higher than XLES.L's 0.14% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

CWEU.L vs. XLES.L - Dividend Comparison

Neither CWEU.L nor XLES.L has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both CWEU.L and XLES.L in my portfolio?

CWEU.L and XLES.L have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, CWEU.L or XLES.L?

On fees, XLES.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, CWEU.L or XLES.L?

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.25% for CWEU.L.

What is the main difference between CWEU.L and XLES.L?

CWEU.L tracks MSCI World/Energy NR USD, while XLES.L tracks S&P® Select Sector Capped 20% Energy Index. They also come from different issuers: Amundi and Invesco. Their fees differ too: 0.25% for CWEU.L and 0.14% for XLES.L.