EWN vs. XLE

Last updated Jun 24, 2026

EWN (iShares MSCI Netherlands ETF) and XLE (State Street Energy Select Sector SPDR ETF) are both exchange-traded funds - EWN is a Europe Equities fund tracking the MSCI Netherlands Investable Market Index, while XLE is a Energy Equities fund tracking the Energy Select Sector Index. Both are passively managed. Over the past 10 years, EWN returned 14.24%/yr vs 9.37%/yr for XLE. At a 0.44 correlation, their price movements are largely independent. EWN charges 0.50%/yr vs 0.08%/yr for XLE.

Performance

EWN vs. XLE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Netherlands ETF (EWN) 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, EWN achieves a 20.24% return, which is significantly lower than XLE's 23.49% return. Over the past 10 years, EWN has outperformed XLE with an annualized return of 14.24%, while XLE has yielded a comparatively lower 9.37% annualized return.

EWN

• 1D: -3.91%
• 1M: 2.60%
• YTD: 20.24%
• 6M: 20.65%
• 1Y: 34.25%
• 3Y*: 21.10%
• 5Y*: 9.47%
• 10Y*: 14.24%

XLE

• 1D: 0.74%
• 1M: -7.80%
• YTD: 23.49%
• 6M: 24.07%
• 1Y: 30.55%
• 3Y*: 15.73%
• 5Y*: 18.87%
• 10Y*: 9.37%

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

EWN vs. XLE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EWN iShares MSCI Netherlands ETF	20.24%	34.87%	1.67%	22.08%	-24.43%	22.74%	23.23%	32.45%	-15.37%	33.73%
XLE State Street Energy Select Sector SPDR ETF	23.49%	7.88%	5.56%	-0.63%	64.32%	53.28%	-32.67%	11.74%	-18.22%	-0.89%

Correlation

The correlation between EWN and XLE is -0.14, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.07
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 22, 1998	0.44

The correlation between EWN and XLE shifts across timeframes, from -0.14 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.

EWN vs. XLE - Sectors Allocation Comparison

Sectors	EWN	XLE
Technology	34.6%	-
Financial Services	17.9%	-
Industrials	11.4%	-
Consumer Defensive	10.1%	-
Communication Services	9.6%	-
Consumer Cyclical	5.9%	-
Basic Materials	5.1%	-
Healthcare	2.5%	-
Energy	2.0%	100.0%
Real Estate	0.7%	-
Utilities	-	-

Return for Risk

EWN vs. XLE — Risk / Return Rank

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

EWN

EWN Risk / Return Rank: 53
EWN Sharpe Ratio Rank: 50
EWN Sortino Ratio Rank: 50
EWN Omega Ratio Rank: 47
EWN Calmar Ratio Rank: 57
EWN Martin Ratio Rank: 59

XLE

XLE Risk / Return Rank: 42
XLE Sharpe Ratio Rank: 44
XLE Sortino Ratio Rank: 41
XLE Omega Ratio Rank: 39
XLE Calmar Ratio Rank: 45
XLE Martin Ratio Rank: 42

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.

EWN vs. XLE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Netherlands ETF (EWN) 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.

	EWN	XLE	Difference
Sharpe ratio: Return per unit of total volatility	1.64	1.48	+0.16
Sortino ratio: Return per unit of downside risk	2.33	2.00	+0.33
Omega ratio: Gain probability vs. loss probability	1.29	1.25	+0.04
Calmar ratio: Return relative to maximum drawdown	2.60	2.18	+0.42
Martin ratio: Return relative to average drawdown	9.83	6.53	+3.30

EWN vs. XLE - Sharpe Ratio Comparison

The current EWN Sharpe Ratio is 1.64, which is comparable to the XLE Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of EWN 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

EWN vs. XLE - Drawdown Comparison

The maximum EWN drawdown since its inception was -65.22%, smaller than the maximum XLE drawdown of -71.26%. Use the drawdown chart below to compare losses from any high point for EWN and XLE.

Drawdown Indicators

	EWN	XLE	Difference
Max Drawdown Largest peak-to-trough decline	-65.22%	-71.26%	+6.04%
Max Drawdown (1Y) Largest decline over 1 year	-13.24%	-14.05%	+0.81%
Max Drawdown (3Y) Largest decline over 3 years	-19.77%	-20.14%	+0.37%
Max Drawdown (5Y) Largest decline over 5 years	-43.57%	-26.04%	-17.53%
Max Drawdown (10Y) Largest decline over 10 years	-43.57%	-66.81%	+23.24%
Current Drawdown Current decline from peak	-4.14%	-12.32%	+8.18%
Average Drawdown Average peak-to-trough decline	-16.32%	-17.96%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.49%	4.69%	-1.20%

Volatility

EWN vs. XLE - Volatility Comparison

iShares MSCI Netherlands ETF (EWN) has a higher volatility of 8.69% compared to State Street Energy Select Sector SPDR ETF (XLE) at 7.12%. This indicates that EWN's price experiences larger fluctuations and is considered to be riskier than XLE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EWN	XLE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.69%	7.12%	+1.57%
Volatility (6M) Calculated over the trailing 6-month period	18.07%	16.82%	+1.25%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	20.93%	+0.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.14%	25.98%	-2.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.23%	29.60%	-8.37%

EWN vs. XLE - Expense Ratio Comparison

EWN has a 0.50% expense ratio, which is higher than XLE's 0.08% expense ratio.

Dividends

EWN vs. XLE - Dividend Comparison

EWN's dividend yield for the trailing twelve months is around 4.18%, more than XLE's 2.79% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWN iShares MSCI Netherlands ETF	4.18%	5.03%	2.18%	1.79%	1.98%	1.01%	0.78%	2.57%	2.40%	1.68%	2.71%	1.92%
XLE State Street Energy Select Sector SPDR ETF	2.79%	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 EWN and XLE in my portfolio?

EWN and XLE have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EWN or XLE?

EWN has higher volatility (8.69%) compared to XLE (7.12%). In terms of maximum drawdown, EWN dropped -65.22% vs XLE's -71.26%.

Which ETF is better, EWN or XLE?

On 10-year performance, EWN leads with 14.24% vs 9.37% for XLE. On fees, XLE is cheaper at 0.08% per year. On volatility, XLE has been the lower-risk option at 7.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWN or XLE?

Over the 10-year period, EWN has performed better with a 14.24% return vs 9.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWN or XLE?

XLE is cheaper with a 0.08% expense ratio, compared with 0.50% for EWN.

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

EWN has the higher dividend yield at 4.18%, compared with 2.79% for XLE.

What is the main difference between EWN and XLE?

EWN is categorized as Europe Equities, while XLE is Energy Equities. EWN tracks MSCI Netherlands Investable Market Index, while XLE tracks Energy Select Sector Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.50% for EWN and 0.08% for XLE.

Which has better risk-adjusted returns?

EWN currently has the higher Sharpe Ratio (1.64 vs 1.48), 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.