ENGW.L vs. GXLE.L
ENGW.L (SPDR MSCI World Energy UCITS ETF) and GXLE.L (SPDR S&P US Energy Select Sector UCITS ETF) are both Energy Equities funds from State Street tracking the MSCI World/Energy NR USD. Both are passively managed. Over the past 3 years, ENGW.L returned 16.05%/yr vs 14.58%/yr for GXLE.L. With a 0.97 correlation, they move nearly in lockstep. ENGW.L charges 0.30%/yr vs 0.15%/yr for GXLE.L.
Performance
ENGW.L vs. GXLE.L - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with ENGW.L having a 31.48% return and GXLE.L slightly lower at 31.28%.
ENGW.L
- 1D
- 2.24%
- 1M
- 0.93%
- YTD
- 31.48%
- 6M
- 29.41%
- 1Y
- 47.44%
- 3Y*
- 16.05%
- 5Y*
- —
- 10Y*
- —
GXLE.L
- 1D
- 2.74%
- 1M
- 1.58%
- YTD
- 31.28%
- 6M
- 29.57%
- 1Y
- 45.91%
- 3Y*
- 14.58%
- 5Y*
- —
- 10Y*
- —
ENGW.L vs. GXLE.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
ENGW.L SPDR MSCI World Energy UCITS ETF | 31.48% | 7.20% | 3.55% | -2.06% | 20.65% |
GXLE.L SPDR S&P US Energy Select Sector UCITS ETF | 31.28% | 2.22% | 5.51% | -5.03% | 26.48% |
Correlation
The correlation between ENGW.L and GXLE.L is 0.96 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.96 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.96 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022 | 0.97 |
The correlation between ENGW.L and GXLE.L has been stable across timeframes, ranging from 0.96 to 0.97 - a consistent structural relationship.
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Return for Risk
ENGW.L vs. GXLE.L — Risk / Return Rank
ENGW.L
GXLE.L
ENGW.L vs. GXLE.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR MSCI World Energy UCITS ETF (ENGW.L) and SPDR S&P US Energy Select Sector UCITS ETF (GXLE.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.
| ENGW.L | GXLE.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.31 | ||
| Sortino ratioReturn per unit of downside risk | +0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.34 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.24 | 2.75 | +0.50 |
| Martin ratioReturn relative to average drawdown | 10.79 | 8.79 | +2.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ENGW.L | GXLE.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.23 | 1.92 | +0.31 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.61 | 0.53 | +0.08 |
Drawdowns
ENGW.L vs. GXLE.L - Drawdown Comparison
The maximum ENGW.L drawdown since its inception was -21.65%, smaller than the maximum GXLE.L drawdown of -23.60%. Use the drawdown chart below to compare losses from any high point for ENGW.L and GXLE.L.
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Drawdown Indicators
| ENGW.L | GXLE.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -21.65% | -23.60% | +1.95% |
Max Drawdown (1Y)Largest decline over 1 year | -14.56% | -16.63% | +2.07% |
Max Drawdown (3Y)Largest decline over 3 years | -21.40% | -23.60% | +2.20% |
Current DrawdownCurrent decline from peak | -7.08% | -8.52% | +1.44% |
Average DrawdownAverage peak-to-trough decline | -8.76% | -10.77% | +2.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.38% | 5.21% | -0.83% |
Volatility
ENGW.L vs. GXLE.L - Volatility Comparison
The current volatility for SPDR MSCI World Energy UCITS ETF (ENGW.L) is 8.13%, while SPDR S&P US Energy Select Sector UCITS ETF (GXLE.L) has a volatility of 9.33%. This indicates that ENGW.L experiences smaller price fluctuations and is considered to be less risky than GXLE.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ENGW.L | GXLE.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.13% | 9.33% | -1.20% |
Volatility (6M)Calculated over the trailing 6-month period | 18.03% | 20.30% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.27% | 23.89% | -2.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.80% | 25.53% | -2.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.80% | 25.53% | -2.73% |
ENGW.L vs. GXLE.L - Expense Ratio Comparison
ENGW.L has a 0.30% expense ratio, which is higher than GXLE.L's 0.15% expense ratio.
Dividends
ENGW.L vs. GXLE.L - Dividend Comparison
Neither ENGW.L nor GXLE.L has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.96, ENGW.L and GXLE.L move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
On fees, GXLE.L is cheaper at 0.15% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GXLE.L is cheaper with a 0.15% expense ratio, compared with 0.30% for ENGW.L.
Both ETFs track MSCI World/Energy NR USD. Their fees differ too: 0.30% for ENGW.L and 0.15% for GXLE.L.
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