DWX vs. XLE

Last updated Jun 3, 2026

DWX (SPDR S&P International Dividend ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - DWX is a Foreign Large Cap Equities fund tracking the S&P International Dividend Opportunities Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, DWX returned 7.32%/yr vs 10.08%/yr for XLE. A 0.58 correlation means they provide meaningful diversification when combined. DWX charges 0.45%/yr vs 0.08%/yr for XLE.

Performance

DWX vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Dividend ETF (DWX) 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, DWX achieves a 6.54% return, which is significantly lower than XLE's 30.48% return. Over the past 10 years, DWX has underperformed XLE with an annualized return of 7.32%, while XLE has yielded a comparatively higher 10.08% annualized return.

DWX

• 1D: -0.01%
• 1M: -0.12%
• YTD: 6.54%
• 6M: 9.07%
• 1Y: 15.35%
• 3Y*: 15.08%
• 5Y*: 7.37%
• 10Y*: 7.32%

XLE

• 1D: 1.15%
• 1M: -1.51%
• YTD: 30.48%
• 6M: 30.54%
• 1Y: 44.84%
• 3Y*: 16.95%
• 5Y*: 20.29%
• 10Y*: 10.08%

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

DWX vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DWX SPDR S&P International Dividend ETF	6.54%	31.62%	2.56%	14.74%	-12.99%	10.56%	-5.10%	20.26%	-11.11%	18.91%
XLE State Street Energy Select Sector SPDR ETF	30.48%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between DWX and XLE is 0.02, 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	0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.30
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Feb 20, 2008	0.58

Over the past year, the correlation between DWX and XLE has dropped to 0.02 - well below their long-term average of 0.58, suggesting their price drivers have been diverging.

DWX vs. XLE - Sectors Allocation Comparison

Sectors	DWX	XLE
Financial Services	16.4%	-
Communication Services	12.8%	-
Consumer Defensive	12.6%	-
Utilities	11.3%	-
Real Estate	10.5%	-
Energy	10.4%	100.0%
Industrials	10.2%	-
Consumer Cyclical	6.2%	-
Healthcare	4.5%	-
Technology	2.8%	-
Basic Materials	2.3%	-

Return for Risk

DWX vs. XLE — Risk / Return Rank

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

DWX

DWX Risk / Return Rank: 39
DWX Sharpe Ratio Rank: 40
DWX Sortino Ratio Rank: 38
DWX Omega Ratio Rank: 40
DWX Calmar Ratio Rank: 38
DWX Martin Ratio Rank: 39

XLE

XLE Risk / Return Rank: 64
XLE Sharpe Ratio Rank: 65
XLE Sortino Ratio Rank: 59
XLE Omega Ratio Rank: 57
XLE Calmar Ratio Rank: 76
XLE Martin Ratio Rank: 63

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.

DWX vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Dividend ETF (DWX) 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.

	DWX	XLE	Difference
Sharpe ratio Return per unit of total volatility	1.43	2.20	-0.77
Sortino ratio Return per unit of downside risk	2.01	2.83	-0.82
Omega ratio Gain probability vs. loss probability	1.26	1.35	-0.09
Calmar ratio Return relative to maximum drawdown	1.90	3.88	-1.98
Martin ratio Return relative to average drawdown	6.21	11.35	-5.14
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWX vs. XLE - Sharpe Ratio Comparison

The current DWX Sharpe Ratio is 1.43, which is lower than the XLE Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of DWX 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

	DWX	XLE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.43	2.20	-0.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.61	0.78	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.34	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.12	0.31	-0.19

Drawdowns

DWX vs. XLE - Drawdown Comparison

The maximum DWX drawdown since its inception was -66.86%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for DWX and XLE.

Drawdown Indicators

	DWX	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-66.86%	-71.26%	+4.40%
Max Drawdown (1Y) Largest decline over 1 year	-8.59%	-12.05%	+3.46%
Max Drawdown (3Y) Largest decline over 3 years	-10.65%	-20.14%	+9.49%
Max Drawdown (5Y) Largest decline over 5 years	-26.96%	-26.04%	-0.92%
Max Drawdown (10Y) Largest decline over 10 years	-36.05%	-66.81%	+30.76%
Current Drawdown Current decline from peak	-3.85%	-7.35%	+3.50%
Average Drawdown Average peak-to-trough decline	-14.13%	-17.98%	+3.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.62%	4.12%	-1.50%

Volatility

DWX vs. XLE - Volatility Comparison

The current volatility for SPDR S&P International Dividend ETF (DWX) is 3.08%, while State Street Energy Select Sector SPDR ETF (XLE) has a volatility of 8.19%. This indicates that DWX 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

	DWX	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.08%	8.19%	-5.11%
Volatility (6M) Calculated over the trailing 6-month period	8.69%	16.56%	-7.87%
Volatility (1Y) Calculated over the trailing 1-year period	10.82%	20.53%	-9.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.21%	26.01%	-13.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.09%	29.59%	-14.50%

DWX vs. XLE - Expense Ratio Comparison

DWX has a 0.45% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

DWX vs. XLE - Dividend Comparison

DWX's dividend yield for the trailing twelve months is around 4.19%, more than XLE's 2.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWX SPDR S&P International Dividend ETF	4.19%	4.44%	4.31%	4.12%	4.68%	3.89%	3.84%	4.40%	5.06%	3.85%	5.25%	5.81%
XLE State Street Energy Select Sector SPDR ETF	2.57%	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 DWX and XLE in my portfolio?

DWX and XLE have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWX or XLE?

XLE has higher volatility (8.19%) compared to DWX (3.08%). In terms of maximum drawdown, DWX dropped -66.86% vs XLE's -71.26%.

Which ETF is better, DWX or XLE?

On 10-year performance, XLE leads with 10.08% vs 7.32% for DWX. On fees, XLE is cheaper at 0.08% per year. On volatility, DWX has been the lower-risk option at 3.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWX or XLE?

Over the 10-year period, XLE has performed better with a 10.08% return vs 7.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWX or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.45% for DWX.

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

DWX has the higher dividend yield at 4.19%, compared with 2.57% for XLE.

What is the main difference between DWX and XLE?

DWX is categorized as Foreign Large Cap Equities, while XLE is Energy Equities. DWX tracks S&P International Dividend Opportunities Index, while XLE tracks Energy Select Sector Index. Their fees differ too: 0.45% for DWX and 0.08% for XLE.

Which has better risk-adjusted returns?

XLE currently has the higher Sharpe Ratio (2.20 vs 1.43), 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.