CWI vs. XLE

Last updated Jul 14, 2026

CWI (SPDR MSCI ACWI ex-US ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - CWI is a Foreign Large Cap Equities fund tracking the MSCI All Country World ex-U.S. Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, CWI returned 9.65%/yr vs 9.42%/yr for XLE. A 0.60 correlation means they provide meaningful diversification when combined. CWI charges 0.30%/yr vs 0.08%/yr for XLE.

Performance

CWI vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR MSCI ACWI ex-US ETF (CWI) 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, CWI achieves a 12.10% return, which is significantly lower than XLE's 28.66% return. Both investments have delivered pretty close results over the past 10 years, with CWI having a 9.65% annualized return and XLE not far behind at 9.42%.

CWI

• 1D: -1.85%
• 1M: -1.61%
• 6M: 7.64%
• YTD: 12.10%
• 1Y: 25.95%
• 3Y*: 17.48%
• 5Y*: 8.89%
• 10Y*: 9.65%

XLE

• 1D: 3.01%
• 1M: -0.70%
• 6M: 24.13%
• YTD: 28.66%
• 1Y: 31.29%
• 3Y*: 15.32%
• 5Y*: 21.79%
• 10Y*: 9.42%

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

CWI vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CWI SPDR MSCI ACWI ex-US ETF	12.10%	32.75%	6.27%	15.74%	-15.39%	8.81%	9.83%	21.92%	-13.83%	26.89%
XLE State Street Energy Select Sector SPDR ETF	28.66%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between CWI 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	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 17, 2007	0.60

The correlation between CWI and XLE shifts across timeframes, from -0.07 (1 year) to 0.60 (all time), reflecting how their relationship changes across market environments.

CWI vs. XLE - Sectors Allocation Comparison

Sectors	CWI	XLE
Financial Services	23.8%	-
Technology	21.6%	-
Industrials	14.4%	-
Consumer Cyclical	8.0%	-
Healthcare	6.8%	-
Basic Materials	6.6%	-
Energy	5.1%	100.0%
Communication Services	5.0%	-
Consumer Defensive	5.0%	-
Utilities	2.8%	-
Real Estate	1.2%	-

Return for Risk

CWI vs. XLE — Risk / Return Rank

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

CWI

CWI Risk / Return Rank: 58
CWI Sharpe Ratio Rank: 58
CWI Sortino Ratio Rank: 56
CWI Omega Ratio Rank: 59
CWI Calmar Ratio Rank: 57
CWI Martin Ratio Rank: 61

XLE

XLE Risk / Return Rank: 50
XLE Sharpe Ratio Rank: 55
XLE Sortino Ratio Rank: 52
XLE Omega Ratio Rank: 48
XLE Calmar Ratio Rank: 52
XLE Martin Ratio Rank: 44

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.

CWI vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI ACWI ex-US ETF (CWI) 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.

	CWI	XLE	Difference
Sharpe ratio: Return per unit of total volatility	1.55	1.50	+0.06
Sortino ratio: Return per unit of downside risk	2.15	2.03	+0.12
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.27	2.10	+0.17
Martin ratio: Return relative to average drawdown	8.55	5.70	+2.84

CWI vs. XLE - Sharpe Ratio Comparison

The current CWI Sharpe Ratio is 1.55, which is comparable to the XLE Sharpe Ratio of 1.50. The chart below compares the historical Sharpe Ratios of CWI 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

CWI vs. XLE - Drawdown Comparison

The maximum CWI drawdown since its inception was -60.77%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for CWI and XLE.

Drawdown Indicators

	CWI	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-60.77%	-71.26%	+10.49%
Max Drawdown (1Y) Largest decline over 1 year	-11.47%	-14.98%	+3.51%
Max Drawdown (3Y) Largest decline over 3 years	-13.85%	-20.14%	+6.29%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-26.04%	-2.76%
Max Drawdown (10Y) Largest decline over 10 years	-34.64%	-66.81%	+32.17%
Current Drawdown Current decline from peak	-3.70%	-8.65%	+4.95%
Average Drawdown Average peak-to-trough decline	-12.80%	-17.95%	+5.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.04%	5.53%	-2.49%

Volatility

CWI vs. XLE - Volatility Comparison

The current volatility for SPDR MSCI ACWI ex-US ETF (CWI) is 6.56%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 7.32%. This indicates that CWI 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

	CWI	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.56%	7.32%	-0.76%
Volatility (6M) Calculated over the trailing 6-month period	14.88%	16.68%	-1.80%
Volatility (1Y) Calculated over the trailing 1-year period	16.84%	21.06%	-4.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.52%	25.95%	-9.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.00%	29.58%	-12.58%

CWI vs. XLE - Expense Ratio Comparison

CWI has a 0.30% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

CWI vs. XLE - Dividend Comparison

CWI's dividend yield for the trailing twelve months is around 2.75%, more than XLE's 2.67% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWI SPDR MSCI ACWI ex-US ETF	2.75%	2.97%	2.89%	2.80%	3.17%	2.65%	2.07%	3.05%	2.81%	2.29%	2.45%	2.62%
XLE State Street Energy Select Sector SPDR ETF	2.67%	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 CWI and XLE in my portfolio?

CWI 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, CWI or XLE?

XLE has higher volatility (7.32%) compared to CWI (6.56%). In terms of maximum drawdown, CWI dropped -60.77% vs XLE's -71.26%.

Which ETF is better, CWI or XLE?

On 10-year performance, CWI leads with 9.65% vs 9.42% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, CWI has been the lower-risk option at 6.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CWI or XLE?

Over the 10-year period, CWI has performed better with a 9.65% return vs 9.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CWI or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.30% for CWI.

Which ETF pays a higher dividend yield, CWI or XLE?

CWI has the higher dividend yield at 2.75%, compared with 2.67% for XLE.

What is the main difference between CWI and XLE?

CWI is categorized as Foreign Large Cap Equities, while XLE is Energy Equities. CWI tracks MSCI All Country World ex-U.S. Index, while XLE tracks Energy Select Sector Index. Their fees differ too: 0.30% for CWI and 0.08% for XLE.

Which has better risk-adjusted returns?

CWI currently has the higher Sharpe Ratio (1.55 vs 1.50), 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.