ENGW.L vs. XLES.L

Last updated Jun 4, 2026

ENGW.L (SPDR MSCI World Energy UCITS ETF) and XLES.L (Invesco Energy S&P US Select Sector UCITS ETF Acc) are both Energy Equities funds - ENGW.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, ENGW.L returned 16.05%/yr vs 14.29%/yr for XLES.L. Their correlation of 0.95 suggests significant overlap in exposure. ENGW.L charges 0.30%/yr vs 0.14%/yr for XLES.L.

Performance

ENGW.L vs. XLES.L - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in SPDR MSCI World Energy UCITS ETF (ENGW.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.

Different Trading Currencies

ENGW.L is traded in GBP, while XLES.L is traded in USD. To make them comparable, the XLES.L values have been converted to GBP using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with ENGW.L having a 31.48% return and XLES.L slightly higher at 32.00%.

ENGW.L

• 1D: 2.24%
• 1M: 0.93%
• YTD: 31.48%
• 6M: 29.41%
• 1Y: 47.44%
• 3Y*: 16.05%
• 5Y*: —
• 10Y*: —

XLES.L

• 1D: 2.58%
• 1M: 1.22%
• YTD: 32.00%
• 6M: 29.70%
• 1Y: 44.97%
• 3Y*: 14.29%
• 5Y*: 21.37%
• 10Y*: 10.50%

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

ENGW.L vs. XLES.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%
XLES.L Invesco Energy S&P US Select Sector UCITS ETF Acc	32.00%	1.00%	5.10%	-4.65%	25.12%

Correlation

The correlation between ENGW.L and XLES.L is 0.95, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Apr 5, 2022	0.95

The correlation between ENGW.L and XLES.L has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

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

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

ENGW.L

ENGW.L Risk / Return Rank: 63
ENGW.L Sharpe Ratio Rank: 67
ENGW.L Sortino Ratio Rank: 56
ENGW.L Omega Ratio Rank: 66
ENGW.L Calmar Ratio Rank: 65
ENGW.L Martin Ratio Rank: 61

XLES.L

XLES.L Risk / Return Rank: 59
XLES.L Sharpe Ratio Rank: 61
XLES.L Sortino Ratio Rank: 54
XLES.L Omega Ratio Rank: 56
XLES.L Calmar Ratio Rank: 65
XLES.L Martin Ratio Rank: 58

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.

ENGW.L vs. XLES.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 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.

	ENGW.L	XLES.L	Difference
Sharpe ratio: Return per unit of total volatility	2.23	1.97	+0.26
Sortino ratio: Return per unit of downside risk	2.69	2.46	+0.23
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.06
Calmar ratio: Return relative to maximum drawdown	3.24	2.85	+0.39
Martin ratio: Return relative to average drawdown	10.79	8.91	+1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

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

The current ENGW.L Sharpe Ratio is 2.23, which is comparable to the XLES.L Sharpe Ratio of 1.97. The chart below compares the historical Sharpe Ratios of ENGW.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

	ENGW.L	XLES.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.23	1.97	+0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.81	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.37	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.34	+0.27

Drawdowns

ENGW.L vs. XLES.L - Drawdown Comparison

The maximum ENGW.L drawdown since its inception was -21.65%, smaller than the maximum XLES.L drawdown of -63.08%. Use the drawdown chart below to compare losses from any high point for ENGW.L and XLES.L.

Drawdown Indicators

	ENGW.L	XLES.L	Difference
Max Drawdown Largest peak-to-trough decline	-21.65%	-63.08%	+41.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.56%	-15.71%	+1.15%
Max Drawdown (3Y) Largest decline over 3 years	-21.40%	-24.42%	+3.02%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-63.08%	—
Current Drawdown Current decline from peak	-7.08%	-7.71%	+0.63%
Average Drawdown Average peak-to-trough decline	-8.76%	-15.44%	+6.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.38%	5.03%	-0.65%

Volatility

ENGW.L vs. XLES.L - Volatility Comparison

The current volatility for SPDR MSCI World Energy UCITS ETF (ENGW.L) is 8.13%, while Invesco Energy S&P US Select Sector UCITS ETF Acc (XLES.L) has a volatility of 8.75%. This indicates that ENGW.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

	ENGW.L	XLES.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.13%	8.75%	-0.62%
Volatility (6M) Calculated over the trailing 6-month period	18.03%	19.06%	-1.03%
Volatility (1Y) Calculated over the trailing 1-year period	21.27%	22.87%	-1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.80%	26.71%	-3.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.80%	28.56%	-5.76%

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

ENGW.L has a 0.30% expense ratio, which is higher than XLES.L's 0.14% expense ratio.

Dividends

ENGW.L vs. XLES.L - Dividend Comparison

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

Tickers have no history of dividend payments

Frequently Asked Questions

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

With a correlation of 0.95, ENGW.L and XLES.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.

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

XLES.L is cheaper with a 0.14% expense ratio, compared with 0.30% for ENGW.L.

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

ENGW.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: State Street and Invesco. Their fees differ too: 0.30% for ENGW.L and 0.14% for XLES.L.